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DirectView Holdings Reports Financial Results for Q2 2014
NEW YORK, Aug. 20, 2014 /PRNewswire/ -- DirectView Holdings, Inc. (OTC: DIRV) (the "Company" or "DirectView"), a company focused on ownership and management of leading video and security technology companies, today announced the Company's financial results for the second quarter of 2014 ended June 30, 2014.
Q2 consolidated net income of $0.06 per basic and diluted share
Q2 repurchase of debt extinguishes $11.0 million in derivative liabilities
Q2 operating loss narrows sequentially by 18%
Roger Ralston, CEO and Chairman of DirectView, commented: "Our top line performance improved significantly in the second quarter when compared to Q2 2013 as we continue to position for the future. During the quarter we repurchased debt that carried a significant potential for dilution which we believe will help provide us with significant future financial flexibility. We also were able to secure $338,000 in financing in the quarter to help fuel future growth.We have worked to further establish our presence in several key verticals as we look to build on our revenue momentum in the first half of 2014.We continue to believe we are in the right place at the right time to attain our goal of sustained revenue growth and eventual profitability."
Consolidated revenues for Q2 2014 were $112,000, a 49% increase compared to last year's second quarter consolidated revenues of $75,000. The increase was primarily due to new business and customers in our security and surveillance operations.
The Company recorded an operating loss of ($427,000), an 18% sequential improvement from a loss of ($523,000) recorded in Q1 2014.We recorded an operating loss of ($137,000) in Q2 2013.
For the second quarter of 2014, the Company recorded net income attributable to common stockholders of $25.3 million or net income of $0.06 per diluted share on 352.0 million weighted average shares outstanding. This compares to a loss of ($0.15) million or ($0.00) per diluted share on 167.5 million weighted average shares outstanding in the second quarter of 2013.The increase in net income in Q2 2014 was mainly attributable to a decrease of $11 million in derivative liabilities due to the extinguishment of certain convertible debt and a $14.8 million change in the fair value of other derivative liabilities.
Additional information can be found in the Company's Form 10-Q filed with the United States Securities and Exchange Commission on August 19, 2014.
About DirectView: DirectView Holdings, Inc., together with its subsidiaries, provides teleconferencing and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its Websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our website at www.DirectView.com.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the possibility of unknown factors, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statement. An investment in our common stock involves a significant degree of risk. You should not invest in our common stock unless you can afford to lose your entire investment. You should consider carefully all risk factors and other information in our annual report and quarterly filings before deciding to invest in our common stock. If any of the following risks and uncertainties develops into actual events, our business, financial condition or results of operations could be materially adversely affected and you could lose your entire investment in our company.
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE DirectView Holdings, Inc.
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