Dallas-based RMG Networks has released its latest quarterly financials, which suggest the company’s turnaround efforts are starting to make a difference and getting the corporate-focused signage software and solutions company closer to running in the black.
For Q2, total reported revenue from continuing operations for the quarter ended June 30, 2015 was $9.3 million, compared to total reported revenue from continuing operations of $8.2 million for the same quarter last year. Operating loss from continuing operations for Q2 was $2.4 million, compared $10.5 million loss of a year earlier.
“Over the past year, we have made tremendous operational progress in executing our turnaround strategy at RMG Networks. While we are not yet satisfied with the financial results, we believe the foundation we have laid and continue to strengthen each quarter has put us back on the right track to delivering revenue growth and generating positive adjusted EBITDA over the intermediate- and long-term,” says CEO Bob Michelson in a news release. “Although we continue to make progress, the exact timing of the financial impact of these initiatives is still not clear. As such, it continues to remain premature to provide specific, near-term guidance.”
“Our focus on innovative solutions that help organizations increase productivity and save money via intelligent visual communication tools continues to drive our strategy and is the key to achieving sustainable top-line growth,” Michelson continues. “The launch of our software platform upgrade last month represents the most significant technological advancement our company has achieved in over five years and provides our customers with greater functionality, enhanced security and enriched visualization. With a strong foundation laid in several key areas over the last year, and a refined focus as a result of the strategic divestiture of our Airline Media Network business, we are shifting our efforts in the second half of 2015 to focus on improving sales effectiveness. I firmly believe that today we have the right sales leadership in place and a comprehensive, process-driven plan to improve sales execution.”
“I am proud to say that Q2 represented some of the first positive top-line results of these sales efforts. Continuing progress in improving sales effectiveness is evidenced by the signing of a multimillion dollar, transformational retail solution contract that we announced subsequent to the end of the quarter. This represents one of the largest project wins in RMG Networks’ history,” Michelson adds. “As we execute on our sales enhancement programs, we believe the effect of our work will be evident in improving financial results going forward.”
The company, as noted previously here, has essentially reverted to what used to be known as Symon Communications – focused on business communications and pretty much out of the Digital OOH media business, which was the core focus of RMG before the two companies were blended in a merger/IPO thingie in 2013.
If you like scouring SEC filings, and can actually make sense of them, here’s the link …