Orbital Tracking Corp. Reports Second Quarter 2015 Financial Results
Quarterly Revenue Grows 94% Driven by Strong International Sales
AVENTURA, FL -- (Marketwired) -- 08/13/15 -- Orbital Tracking Corp., (OTC PINK: TRKK) (the "Company"), announced today financial results for the second quarter and six months ended June 30, 2015.
Revenues increased by 94% to approximately $1,188,867 from approximately $613,072 for the quarter ended June 30, 2015, as compared to the quarter ended June 30, 2014. For the six months ended June 2015, revenues increased 54% to $1,972,677 as compared to $1,279,993 reported in the comparable period in 2014. Comprehensive net loss for the quarter ended June 30, 2015 was approximately $208,808, compared to a net loss of approximately $38,414 for the quarter ended June 30, 2014. The growth in revenue during the most recent quarter was as a result of continued efforts to expand international e-commerce sales, and was driven by strong online sales growth throughout the US, Canada and Europe, specifically, up 325% in France, 113% in Germany, 73% in Spain and up 40% in Italy.
"We are very pleased with our financial performance during the first half of 2015, which provides evidence of continued global demand for Mobile Satellite Solutions, including satellite based communications and asset tracking products, across both commercial and government sectors. Furthermore, thanks to the significant value generation capability of our business model, we were able to successfully make significant investments in the business, covering overhead from new employees, new website development costs, and other one-time expenses, while creating a strong foundation for future growth," said David Phipps, Chief Executive Officer of Orbital Tracking Corp.
During the second half of 2015, the Company intends to execute on a number of additional growth initiatives, including:
- Launching a number of new mobile-friendly and advanced multi-lingual websites for consumers in the U.S. and Canada through our Orbital Satcom subsidiary and in the EU and other global markets through our Global Telesat Communications subsidiary.
- Driving increased business in the U.S. Government sector through the application for a CAGE Code (Commercial and Government Entity) through the Defense Logistics Agency (DLA) and its listing in the U.S. General Services Administration (GSA) Schedule which allows government customers to directly negotiate and acquire products and services from commercially-listed and approved suppliers.
- Continuing to meet world-wide demand for reliable and cost effective Mobile Satellite Solutions (MSS) services means expanding the Company's global operations into key geographic markets in Asia, starting with Japan where there is a strong demand for Mobile Satellite Solutions and a potential customer base that already is very accustomed with purchasing through e-commerce sites. In North America, the Company intends to expand its Orbital Satcom operations and sales channels to include potential online partnerships with a number of leading, well-known consumer products and electronics retailers.
"Management's plan for 2015 was to begin creating a robust global platform for Orbital Tracking Corp. that would leverage our strength and experience in MSS products and services while positioning the Company for additional growth, and our performance in the first half of the year confirms our ability to execute on this plan. We intend to capitalize on our sales momentum throughout the remainder of 2015 and are looking forward to further building upon our successful global platform," Mr. Phipps added.
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite based tracking, services as well as mobile voice and data communications services globally via satellite to the commercial and Government users. Orbital specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital, please visit www.OrbitalTracking.com.
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions identified therein, the appeal of the Company's website to potential customers, the Company's ability to capture any portion of the global satellite retail market, the Company's ability to secure and/or satisfy government, commercial or other customers for any of their respective products, the Company's ability to leverage its government-related experience, the Company's ability to execute on its strategies or to accomplish any of its goals or objectives, the Company's ability to generate new revenue streams, the Company's ability to obtain Globalstar certifications for its tracking devices, the further advancement, development or commercialization of any of the Company's products, the capabilities and advantages of, and costs related to, the Company's technology and products and services, and the suitability of any of the Company's products or services for any particular application. The words "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, without limitation, the risks, uncertainties and other factors set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Source: Orbital Tracking Corp.
Released August 13, 2015