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    FTE Networks Reports Fourth Quarter and Full Year 2017 Results

    Bala Yogesh
    Apr. 18, 2018 08:40AM PST
    Data Investing

    FTE Networks (NYSE:FTNW), a leading provider of innovative technology-oriented solutions for smart platforms and network infrastructure announced its financial results for the three-month period and year ended December 31, 2017. The company had a total revenue of $243.4 million in 2017 with its gross margin up by 15 per cent. For the fourth quarter, the company …

    FTE Networks (NYSE:FTNW), a leading provider of innovative technology-oriented solutions for smart platforms and network infrastructure announced its financial results for the three-month period and year ended December 31, 2017.

    The company had a total revenue of $243.4 million in 2017 with its gross margin up by 15 per cent. For the fourth quarter, the company had a revenue of $110.5 million up by 40 per cent as compared to previous quarter.

    As quoted in the press release:

    “During 2017, FTE laid the foundation for dynamic growth, by expanding its product and service portfolio and positioning itself as a provider of a complementary suite of technology and general contracting solutions that spans multiple high-growth market segments,” commented Michael Palleschi, FTE’s Chief Executive Officer. “We are highly confident in our ability to maximize the synergies between our Benchmark Builders, CrossLayer and Jus-Com units to drive robust top-and-bottom line growth, and sustainable shareholder value.”

    Operating profit was approximately $(4.1) million in fourth quarter of 2017, which included approximately $7.0 million in one-time expenses, compared to the prior quarter gain of $4.8 million which included approximately $1.8 million in one-time expenses.

    Net income was approximately $(13.5) million for the three months ended December 31, 2017, compared to a gain of $2.5 million for the period ending September 30, 2017.

    Adjusted EBITDA was approximately $7.5 million for the three months ended December 31, 2017.*

    At the end of 2017, combined backlog totaled approximately $434 million.

    “We have already begun to see the benefits of this operating model, as evidenced by our record fourth quarter revenue, a nearly 40% sequential increase from our third quarter results,” Palleschi said. “While we expect some near-term variability in expenses as we integrate CrossLayer as the foundation of our leading technology and infrastructure service suite to Fortune 100/500 companies and top-ranking REITs, we believe that the robust revenue growth and strong backlog of $434 million, and projected pipeline at year-end are a testament to the underlying strength of this model.”

    Operational Highlights

    • Achieved a combined backlog of approximately $434 million as of December 31, 2017
    • Announced new infrastructure and technology expansion projects valued at approximately $133 million year-to-date, as of April 11, 2018
    • Successfully uplisted to the New York Stock Exchange (American) in December 2017

    “As we near the one year anniversary of the acquisition of Benchmark Builders on April 20th, I am proud of the tremendous progress we have made over the past year. We have successfully integrated a $300 million revenue generating business into a GAAP compliant, public entity, launched an innovative technology platform into Benchmark’s installed sales channel, and uplisted to a prominent stock exchange, the NYSE American. These accomplishments fuel our optimism as to our ability to capitalize on the growth opportunity that lies before us,” Palleschi said.

    Click here for the full text release.

    financial resultsthird quarter resultsnew yorkoperational highlights
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