LONGWOOD, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (the "Company"), reported financial results for the fiscal period ended September 30, 2018.

Roger Ponder, CEO of the Company stated, “Revenue was just under $10 million which reflects consistent growth in our AW Solutions and ADEX subsidiaries.  We also reported net income of over $400,000 for the period and earnings per share of .04 on a fully diluted basis.

Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions and ADEX subsidiaries, that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”

Financial Highlights:

Revenue was $9,671,990 compared to $2,336,376 for the same period in 2017.  Gross profit was $1,604,763 attributable to the subsidiaries acquired in April 2017 and February 2018. The Company had net  income attributable to common stockholders of $414,485 during the period ended September 30, 2018 compared to net income of $214,910 for the comparable period of 2017.  The decrease in net income loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended September 30, 2018 and 2017 are summarized as follows:

  Three Months Ended 
September 30, 2018
 Three Months Ended 
September 30,2017
Statement of Operations Data:        
Revenues $9,671,990  $2,336,376 
Gross profit  1,604,763   113,871 
Operating expenses  1,912,215   891,222 
Loss from operations  (307,452)  (777,351)
Total other income (expense)   721,937   904,408 
Net Income (loss) attributable to common stockholders  414,485   214,910 
Balance sheet data for period ended June 30, 2018:        
Cash $301,080     
Accounts receivable, net  8,022,749     
Total current assets  8,339,955     
Goodwill and intangible assets, net  3,854,971     
Total assets  12,257,326     
Total current liabilities  13,007,666     
Derivative liabilities  5,932,5214     
Stockholders' (deficit) equity  (6,682,861)    

About Spectrum Global Solutions, Inc.:

Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

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Spectrum Global Solutions, Inc.