The leading technology company Root9b Technologies Inc (OTCMKTS:RTNB) has announced financial results for the previous quarter ended March 31, 2015. The primary highlight for the results was the hike in its revenues. As per the reports, its revenues in the first quarter rose 97.8% and touched $9.5 million on YOY basis.
Insights on Financial Results:
The primary reason behind this second to none growth in the revenues was the contribution given by IPSA International. Root9b acquired IPSA International in February 2015, which is why the revenues of the company rose from $4.8 million to $9.5 million. Even though, it managed to post increased revenues, the total loss from operations was calculated as $2.7 million as compared to $1.6 million during the same period in the previous year. IPSA International’s revenues increased the overall revenues of the company, but due to the money that Root9b had to spend for acquiring IPSA led to a loss in the operational activities.
Net income available to shareholders in the previous quarter was $0.0 per diluted share or $0.3 million in total as compared to 1Q2014’s net loss of $2.1 million. The net income of 1Q2015 comprised of one-time tax benefit of $2.3 million. If 1Q2014’s net income is taken into account, one can notice that the company didn’t include any such benefit. Net loss available to common stockholders in 2015 was close to $2 million in the previous quarter.
Even though, it suffered financially, but when it comes to operational growth, Root9b continued growing its innovative capabilities. The company also focused on minimizing its exposure to security and market risk. The senior management calls it a reasonably good three-month period. According to Joseph J. Grano, CEO and Junior Chairman, Root9b Technologies Inc (OTCMKTS:RTNB), due to one-time tax benefit and acquisition of IPSA International, Root9b managed to post better results as compared to the first quarter of 2014. He hoped that Root9b would fall into profitable position in the coming quarters.
