COLUMBUS, OHIO, March 30, 2018 (GLOBE NEWSWIRE) -- HighCom Global Security, Inc. (OTC: HCGS), today reported its financial results for the quarter ended and year ended December 31, 2017.
Revenues for the fourth quarter were $2.2M compared to $3.1M reported in the fourth quarter of 2016. For the three months ended December 31, 2017, gross profit was $558K as compared to a gross profit of $1.2M for the comparable period of the prior year.
For the year ended December 31, 2017, we recognized revenues of $6.2M as compared to $7.9M for the comparable prior year. For the year ended December 31, 2017, gross profit was $2.1M as compared to $2.8M for the comparable prior year due to decreased sales. The Company also reported a net loss of $2.1M, mainly due to a tax law change which required the Company to report a $1.6M income tax provision. Prior year net income was $6.0M, which included a tax benefit of $5.1M.
“Although sales are lower than expected, mainly due to less sales closing in the current fiscal year than expected, 2017 was a good year for us. With our focus on the cash conversion cycle, a now debt free balance sheet and our growth strategy, we have really positioned ourselves to grow the business in 2018,” states HighCom Global CEO Francis Michaud.
About HighCom Global, Inc.
HighCom Global is a leading provider of equipment and services for the security and defense industries. We acquire, manage and build industry leading businesses which provide specialized, mission-critical solutions that address the needs of our customers. Our businesses continuously develop innovative solutions that address the needs of our customers to achieve their objectives. With an experienced team and a proven track record of solid growth, we’re establishing a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns. Its HighCom Armor division provides high performance and affordable body armor, personal protective equipment, and armor systems and related accessories, while its BlastGard division has patented BlastWrap® technology that acts as a “virtual tent” to effectively mitigate blast effects and suppress post-blast fires.