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DecisionPoint Q4'13 revenues descend 16%
01
Apr '14
DecisionPointSystems, Inc., a leading provider and integrator of Enterprise Mobility, Wireless Applications and RFID solutions, reported financial results for the fourth quarter and year ended December 31, 2013. 
 
Corporate and Financial Highlights of Fourth Quarter Ended December 31, 2013:
-With the end of three earn-outs in the second half of 2013, we have eliminated redundancies and fully integrated recent acquisitions, resulting in expense reduction for 2014 
-Margin for professional services increased to over 31%
-APEXWare for Apple iOS7 launched
-Preferred D Stock Quoted for Trading on OTCQB under symbol DPSID
-Debt service for 2014 reduced by $250,000 per quarter; total indebtedness reduction in 2013 of $2.1 million.
 
2013 Results
Revenues for the quarter ended December 31, 2013 were $14.6 million, compared to $17.4 million in the comparable quarter in 2012. We reported a net loss of $1.8 million in the quarter ended December 31, 2013, compared to a net loss of $1.3 million in the comparable quarter in 2012. Net loss attributable to common shareholders was $3.8 million in the quarter ended December 31, 2013, or $0.32 loss per share.  
 
That loss includes $2.0 million in non-cash dividends and imputed costs on preferred stock.  Net loss attributable to common shareholders was $1.6 million in the quarter ended December 31, 2012, or $0.19 loss per share.  The imputed preferred stock dividends in 2012 were $244,000.
 
Revenues for 2013 were $60.7 million, compared to $71.5 million in 2012.  The drop is almost entirely due to lower hardware sales, which dropped from $48.5 million in 2012 to $38.0 million in 2013.  Other than the sharp drop in relatively low-margin hardware sales, our professional services and software revenues were stable.   
 
Our revenue is booked largely at the end of each quarter, upon shipment.  In the fourth quarter of 2013 one of our most important vendors delayed some end-of-quarter shipments to us.  The shipments were received and were shipped out to our customers beginning in January, which will have the effect of moving some revenues from 2013 to 2014, spread out over the first and subsequent quarters as installation dates are re-set for customer convenience. 
 
We reported a net loss of $5.2 million in the year ended 2013, compared to a net loss of $3.9 million in the year ended 2012. Net loss attributable to common shareholders was $7.8 million for the year ended 2013, or $0.80 loss per share.  
 
That loss includes $2.6 million in non-cash dividends and imputed costs on preferred stock.  Net loss attributable to common shareholders was $4.8 million for the year ended 2012, or $0.61 loss per share. The imputed preferred stock dividends in 2012 were $954,000.
 
Click here to view full results.
 

DecisionPoint Systems

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