PENNSAUKEN, NJ--(Marketwired - May 14, 2013) - Lattice Incorporated (OTCQB: LTTC) ("Lattice" or the "Company"), a provider of advanced information and communications technology solutions to customers globally, announced its financial results for the first quarter ended March 31, 2013.
First Quarter Financial Highlights:
- Revenue increased 4.8% to $2.2 million, compared to $2.1 million in the first quarter of 2012.
- Company reported positive EBITDA of $107,480 for the quarter
Additional information may be found in the Company's 10-Q filing with the U.S. Securities and Exchange Commission.
First quarter revenue increased 4.8% year-over-year to $2.2 million, compared to $2.1 million in the first quarter of 2012. Included in the overall increase was an increase in recurring service revenue of $0.2 million or 16.2% combined with a 13.4% decrease in wholesaled technology revenues of $0.1 million.
"Our communications business continues to grow, driven by new installations and the addition of recurring revenue streams," stated Paul Burgess, CEO of Lattice. "Due to accretion of revenues and continued growth in our communication services, we were EBITDA-positive for the quarter and anticipate turning a bottom-line profit in the current quarter."
Mr. Burgess continued, "The sale of certain Department of Defense assets will enable us to focus more strongly on our fast-growing communications business. We recently began implementing our new cloud-based communications technology, which will cause revenues to accelerate in the second half of the year. With our ongoing domestic and international expansion, we are well-positioned for substantial shareholder value improvement going forward."
Lattice will host a conference call today, Tuesday, May 14, with CEO Paul Burgess and CFO Joseph Noto at 2:00 p.m. Eastern time (11 a.m. Pacific time). To participate in the call, please dial (877) 941-8418, or (480) 629-9809 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.latticeincorporated.com, or alternately at http://ViaVid.net.
A replay of the call will be available for two weeks from 5:00 p.m. ET on May 14, 2013, until 11:59 p.m. ET on May 28, 2013. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4619793. In addition, a recording of the call will be available via the Company's website at http://www.latticeinc.com for one year.
About Lattice Incorporated
Lattice Incorporated provides advanced information and communications technology solutions to customers globally. The Company's innovative, cost-effective solutions leverage its proprietary Nexus platform, a real-time transaction processing engine, to develop and deliver customized cloud-based software applications with military-grade security for markets that require highly secure solutions. For more information, visit http://www.latticeinc.com.
Safe Harbor Statement
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the risk factors disclosed in the Company's periodic reports filed with the SEC. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the company's Forms 10-K previously filed with the SEC.