Execution of Acquisition Pipeline Focus Will Drive Significant Revenue and Earnings Growth During 2019 and Beyond
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- DirectView Holdings, Inc., (OTC:DIRV) ("DirectView" or the "Company"), a company focused on ownership and management of leading video and security technology companies, announced today that the Company achieved record sales and gross profit during its 2018 fiscal year.
DirectView's record results reflect a continued increase in number of large new and existing customer projects whereby DirectView and its subsidiaries were awarded the related contracts.
41% sales growth to a record $4.1 million
39% growth in product sales to a record $3.3 million
51% growth in services sales to a record $0.8 million
27% gross profit growth to a record $1.6 million
46% growth in product gross profit to a record $1.7 million
436 basis point gross profit margin decrease to 39.1%
111% increase in SG&A
Sales and gross profit trends continued to expand during 2018 and reflect strong product and services demand, while SG&A continues to reflect on-going committed investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO stated: "DirectView's record 2018 performance is a reflection of our strategy to be the best in the industry across all facets of the customer experience, from system design, to installation, to post installation support. Our team's customer first focus has generated the highest sales and profits of any year in our history. Additionally, our focus on delivering a world class customer experience is fueled by the investments we continue making in our team as we continue to grow the company within the areas of people, process, and technology."
Recent Business Highlights Drive Future Growth:
- DirectView's Virtual Surveillance Signs Master Agreement With Integrity General Contractors - Announced March 28, 2019, DirectView's Virtual Surveillance Becomes Authorized Contractor And Receives First Contract From Texas General Contractor
- DirectView Wins New Contract with LBU Lighting - Announced March 21, 2019, DirectView's wholly-owned subsidiary, DirectView Security Systems, Inc., has received a new contract with LBU Lighting and has been reselected to provide and install surveillance equipment for the retailer's multiple new locations in Central Florida
- DirectView Enters Smart Home Market with Google Home, Nest, & Amazon Ring Products - Announced March 11, 2019, DirectView's online e-commerce site ApexCCTV.com Records Increase In Orders And Revenue of 172% And 185%, Respectively
- DirectView's Virtual Surveillance Completes Surveillance Equipment Installation for Texas School - Announced February 25, 2019, Wholly-Owned Subsidiary Virtual Surveillance Enhances School Safety With Access Control And Surveillance Technology
- DirectView to Be Interviewed at NASDAQ - Announced January 22, 2019, DirectView Providing Updates, Discussing LOI And Corporate Progress At NASDAQ Interview
- DirectView Proceeds with Next Phase of Acquisition - Announced January 16, 2019, DirectView is working diligently on the next stages of the previously announced letter of intent to acquire 100% of the business assets of a nationwide, New York based, security, surveillance and low voltage supply company
- DirectView to Attend NASDAQ Interview to Provide Update on LOI and Corporate Progress, and to Present At 2019 Cannabis Conference - Announced January 9, 2019, DirectView Management Books Ahead Public Events In First Quarter Of 2019 And NASDAQ Interview In January
- DirectView Signs Letter of Intent to Acquire a Privately Held Nationwide New York-Based Security, Surveillance and Low Voltage Supply Company - Announced December 17, 2018, DirectView entered into a nonbinding letter of intent to acquire 100% of the business assets of a nationwide New York based security, surveillance and low voltage supply company with 2018 unaudited revenues of approximately $45 million
- DirectView Enters Contract with Acquisition Firm Murphy Business Sales to Acquire Additional Subsidiaries in the Security and Surveillance Industry - Announced on November 28, 2018, DirectView Enters Buyer's Agreement Contract With Business Brokerage Firm To Acquire And Locate Profitable Surveillance Subsidiaries
About DirectView Holdings, Inc.
DirectView Holdings, Inc., (DIRV) together with its subsidiaries, provides video surveillance solutions and teleconferencing products 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 websites at http://www.DirectView.com, http://www.ApexCCTV.com, http://www.VS-US.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
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.
DirectView Holdings, Inc.
1-212-858-9100 EXT. 111
Source: DirectView Holdings, Inc.