Surrey, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- DSG GLOBAL INC. (OTC: DSGT) DSG, the world's leading provider of the patented GPS Golf TAG Management System and on-course media system, today provided a business update and reported financial results for the three and six months ended June 30, 2019.
Q2 Financial Results for the three months ended June 30, 2019:
- Revenue increased 20.1% to $284,646 compared to $237,046 during Q2 2018. Sales increased as a result of installation of the new infinity suite of products.
- Gross profit increased to $251,760 from $157,494 in the comparable period of 2018.
- Gross profit margins increased to 88.4% from 66.4% during Q2 2018.
- Loss from operations decreased to $104,461 versus a loss of $377,752 in the second quarter of 2018.
- Net income increased to $6,893,187 primarily as a result of a one-time change in fair value of derivative instruments as a result of the restructure.
Financial results for the six months ended 2019:
- Revenue increased 125.9% to $786,070 from $347,942.
- Gross profit increased to $447,116 versus $250,061.
- Gross profit decreased to 56.9% compared to 71.9$ during H1 2018.
- Loss from operations decreased to $283,289 from a loss of $887,413 during the first half of 2018.
- Net loss decreased to $279,786 from a net loss of $4,321,407
Bob Silzer, CEO of DSG Global, noted, “I am pleased to report revenue increases for the three and six months ended June 30, 2018. We attribute this success to the strong interest in our new INFINITY XL suite of products from potential customers around the world. At the same time we continue to carefully manage expenses. Even with the increased revenues, our operating expenses decreased by 33% and 36% for the three and six month periods, respectively. We have also made significant progress simplifying our capital structure and decreasing the amounts due under our convertible notes, while strengthening our internal financial operations to ensure the timely reporting of our financial results going forward.”
“With improved financial strength, we also continue to enhance our technology platform. Vantage Tag, a DSG Global subsidiary, is releasing the new 3G Tag into the market, which will provide better wireless coverage for users of the Infinity series, an all-in-one platform system with electronic tracking and fleet management features. Vantage Tag will also be introducing the new 10.2” Infinity Roof Mount in the third quarter of 2019. The new 10.2” Infinity Roof Mount will be an advanced model of our current 12” Infinity XL, currently on the market.”
“We are expanding our sales and distribution capabilities. Specifically, we are increasing our sales force in the North America to cover all states with the purpose of introducing the new Infinity series and the Raptor, a technology enhanced single rider golf scooter that assists in increasing the bottom line for golf courses, into key markets and significantly increasing the PACE OF PLAY. With our planned market expansion in the United States, we are also expanding our senior sales team, and look forward to announcing additional hires shortly. At the same time, we continue to expand our distributor program around the world. The distributor program provides the opportunity for operators to own specific territory rights for the Infinity series and Raptor in their respective markets. Overall, we are extremely pleased with the progress of Vantage Tag and the additional products introduced to the market. We look forward to providing further updates in the weeks and months ahead as we continue to execute on our strategy. We expect continued growth for the remainder of the year and for 2020 as many additional opportunities are now available to the company”
About VANTAGE TAG SYSTEMS INC (VTS)
Vantage Tag Systems provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Their clients use VTS's unique technology to significantly reduce operational costs, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over 15,000 vehicles worldwide. VTS is now aggressively branching into several new streams of revenue, through programmatic advertising, licensing and distribution, as well as expanding into Commercial Fleet Management, and Agricultural applications. DSGT is also expanding into commercial fleet management with the RAPTOR, a single rider golf car. Additional information is available at http://www.vantage-tag.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements in this press release include statements relating to the Company's corporate finance and other strategic initiatives, and the Company's expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in these new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2015. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.
Contact:
Investor Relations
Crescendo Communications, LLC
Tel: 212-671-1021
Email: dsgt@crescendo-ir.com
Chesapeake Group
Tel: 410-825-3930