Accelerize Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Second Half 2018
August 14, 2018 at 09:00 am EDT
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Accelerize Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenues of $5,397,678 against $5,994,154 a year ago. Operating loss was $1,027,219 against $339,622 million a year ago, primarily a result of a $700,000 decrease, or 19.3% decrease, in gross profit partially offset by a slight reduction in operating expenses. Net loss was $1,564,044 or $0.02) per share against $616,709 or $0.01 per share a year ago. LBITDA was $816,366 against $146,311 a year ago. Adjusted LBITDA was $712,234 against adjusted EBITDA of $67,394 a year ago.
For the six months, the company reported revenues of $11,390,426 against $11,950,878 a year ago. Operating loss was $1,681,324 against $114,094 a year ago. Net loss was $2,820,503 against $671,933 a year ago. LBITDA was $1,377,611 against EBITDA of $223,889 a year ago. Adjusted EBITDA was 1,174.126 adjusted EBITDA of $657.294 a year ago.
While moving away from certain customer relationships negatively impacted revenue in the short term, the company believes it has enabled to utilize those resources in an effort to drive higher margin revenue growth that will become more evident in the second half of 2018.
CFN Enterprises Inc. owns and operates its wholly owned subsidiary, CNP Operating, LLC (CNP Operating), a cannabidiol (CBD) manufacturer vertically integrated with a 360-degree approach to the processing of CBD products designed for growers, pharmaceutical, wellness providers, and retailers' needs, and a cannabis industry-focused sponsored content and marketing business (CFN Business). CNP Operating provides toll processing services, which include extraction, distillation, remediation, isolation and chromatography. The CFN Business operates several media platforms, including CannabisFN.com, the CannabisFN iOS app, the CFN Media YouTube channel, the CFN Media podcast, and other venues. These properties are designed to educate and inform investors interested in the cannabis industry, as well as provide a platform for the clients of the CFN Business to reach investors. It also provides an e-commerce network focused on the sale of general wellness CBD products.
Accelerize Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Second Half 2018