NWKI Announces 1st Half Revenues of $11.7 Million
Network Installation Corp. (OTCBB: NWKI) announced long awaited secord quarter results on Tuesday, and the numbers were well worth the wait. The first half of 2006 was the company's highest performing period of its existance with second gross margins coming in at 22% up 7% from Q1.
NWKI is shaving off debt by the millions and also liquidating subsidiaries that do not directly contribute to the company's core business. This company has the potential to make a killing in the new MDU craze in Las Vegas and around the world.
Here is NWKI's most recent press release:
Press Release
Source: Network Installation Corp.
Network Installation Corporation Announces Second Quarter ResultsTuesday August 22, 1:50 pm ET
LAS VEGAS, Aug. 22 /PRNewswire-FirstCall/ -- Network Installation Corp. (OTC Bulletin Board: NWKI - News) announces second quarter revenues of $4.9 million and revenues of $11.7 million for the first half of 2006, the best first half revenue performance in company history. In addition, gross margins for the second quarter came in at 22%, which is a 7% increase from the previous quarter. More importantly, during the quarter NWKI completed a sweeping restructuring of its debt, reducing it from more than $9 million to approximately $7.5 million.
"Robust revenue growth, primarily from sales of our proprietary, patent pending Race & Sports Book technologies, combined with our efforts to increase gross margins are now showing in our financial results," says CEO Jeff Hultman. "Now with our debt restructuring completed, we anticipate our interest expense dropping from $1 million for the quarter ended June 30 to below $200,000 next quarter and going forward."
Hultman also announced that two subsidiary companies of NWKI have now been classified as Discontinued Operations in the Company's financial statements, due to management's decision to wind down those businesses. As a result, NWKI does not expect to experience any further losses from these two subsidiaries going forward.
"These entities were not part of our core business, and as a result, it was time to wind down their operations," says Hultman. "I'm proud of the continued turnaround at NWKI and the execution of our strategies to unlock shareholder value, position us to secure future financing and meet the various growth opportunities for our proprietary technologies."
About Network Installation Corp.
Network Installation Corp., through its wholly-owned subsidiary Kelley Technologies, is a technology company which specializes in the design, development and integration of communication technology and system networks for the resort and gaming industry as well as luxury high-rise condo developments (MDUs).
Kelley Technologies has also developed a patent-pending, proprietary next generation Race & Sports Book platform designed for the gaming industry and remains committed to developing the most advanced technology solutions to meet the desires of its clients.
To find out more about Network Installation Corp. or Kelley Technologies, please visit http://www.networkinstallationcorp.net or http://www.kelleytechnologies.com . The Company's public financial information and filings can be viewed at http://www.sec.gov .
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of wireless networks or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings.
Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Source: Network Installation Corp.
NWKI is shaving off debt by the millions and also liquidating subsidiaries that do not directly contribute to the company's core business. This company has the potential to make a killing in the new MDU craze in Las Vegas and around the world.
Here is NWKI's most recent press release:
Press Release
Source: Network Installation Corp.
Network Installation Corporation Announces Second Quarter ResultsTuesday August 22, 1:50 pm ET
LAS VEGAS, Aug. 22 /PRNewswire-FirstCall/ -- Network Installation Corp. (OTC Bulletin Board: NWKI - News) announces second quarter revenues of $4.9 million and revenues of $11.7 million for the first half of 2006, the best first half revenue performance in company history. In addition, gross margins for the second quarter came in at 22%, which is a 7% increase from the previous quarter. More importantly, during the quarter NWKI completed a sweeping restructuring of its debt, reducing it from more than $9 million to approximately $7.5 million.
"Robust revenue growth, primarily from sales of our proprietary, patent pending Race & Sports Book technologies, combined with our efforts to increase gross margins are now showing in our financial results," says CEO Jeff Hultman. "Now with our debt restructuring completed, we anticipate our interest expense dropping from $1 million for the quarter ended June 30 to below $200,000 next quarter and going forward."
Hultman also announced that two subsidiary companies of NWKI have now been classified as Discontinued Operations in the Company's financial statements, due to management's decision to wind down those businesses. As a result, NWKI does not expect to experience any further losses from these two subsidiaries going forward.
"These entities were not part of our core business, and as a result, it was time to wind down their operations," says Hultman. "I'm proud of the continued turnaround at NWKI and the execution of our strategies to unlock shareholder value, position us to secure future financing and meet the various growth opportunities for our proprietary technologies."
About Network Installation Corp.
Network Installation Corp., through its wholly-owned subsidiary Kelley Technologies, is a technology company which specializes in the design, development and integration of communication technology and system networks for the resort and gaming industry as well as luxury high-rise condo developments (MDUs).
Kelley Technologies has also developed a patent-pending, proprietary next generation Race & Sports Book platform designed for the gaming industry and remains committed to developing the most advanced technology solutions to meet the desires of its clients.
To find out more about Network Installation Corp. or Kelley Technologies, please visit http://www.networkinstallationcorp.net or http://www.kelleytechnologies.com . The Company's public financial information and filings can be viewed at http://www.sec.gov .
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of wireless networks or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings.
Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Source: Network Installation Corp.
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