FTE Networks Announces $50.7 Million of Revenue for Second Quarter 2017

FTE Networks (OTCQX:FTNW) has announced its financial results for the period ended June 30, 2017.
As quoted in the press release:

2^nd Quarter Highlights:

• Closed Acquisition of Benchmark Builders, Inc. (“Benchmark”)
• $50.7M in Revenues
• $8.3M in Gross Profit
• $2.3M in Adjusted Operating Income
• $12M in Shareholder Equity
• Combined Backlog of approximately $347M

Three Months Ended June 30, 2017
FTE reported $50.7 in consolidated revenues for the three months ended June 30, 2017, compared to $3.2M reported for the same period in 2016. The Company reported a gross profit of $8.3M, and a gross margin of 16 percent, compared to $1.2M and 39 percent for the same period in 2016. The Company recorded an operating loss of ($2.3M) and a net loss of ($5.1) or ($0.04) per share for the three months ended June 30, 2017, compared to an operating loss of ($435,000) and a net loss of ($1.1M) or ($0.02) for the same period in 2016. Adjusted operating income for the three-months ended June 30, 2017 was $2.3M which takes into account a total of $4.6M in one time cash and non-cash costs relating to the Benchmark acquisition. Benchmark generated revenue of $43.1M for the period April 21, 2017 through June 30, 2017.
Benchmark is a leading construction management company. The acquisition of Benchmark, when combined with other existing FTE network services, results in a new technology, network, and infrastructure solutions platform previously unavailable to the market. FTE now provides end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings.

Click here to read the full press release.