April 27, 2017 09:30 ET | Source: DynTek Services, Inc.
NEWPORT BEACH, Calif., April 27, 2017 (GLOBE NEWSWIRE) -- DynTek, Inc. (OTC:DYNE), a leading provider of professional technology services, today announced results for its fiscal year 2017 third quarter ended March 31, 2017.
DynTek reported revenues of $41,495,000 for the third fiscal quarter ended March 31, 2017, an increase of $2,486,000 or 6.4%, from $39,009,000 in the prior year third quarter ended March 31, 2016. Gross profit was $7,500,000 for the third fiscal quarter ended March 31, 2017, an increase of $1,673,000 or 28.7%, from $5,827,000 in the prior year third quarter ended March 31, 2016. This quarter over prior year quarter revenue and gross profit increase is primarily due to a few large scale transactions in the New York district.
Total operating expenses were $5,528,000 in the third fiscal quarter ended March 31, 2017, an increase of $628,000 or 12.8%, as compared to $4,900,000 in the prior year third quarter ended March 31, 2016. This quarter over prior year quarter increase is primarily due to increased selling expenses to support increased revenues.
DynTek reported EBITDA of $2,047,000 for the third fiscal quarter ended March 31, 2017, an increase of $1,021,000 or 99.5%, as compared to $1,026,000 in the prior year third quarter which is attributed to the increased sales in the current quarter. Net income was $941,000 for the third fiscal quarter of 2017, or $0.38 per diluted share, an increase of $549,000, 140.1% and $0.12 per diluted share, over the net income of $392,000 and $0.17 per diluted share in the third fiscal quarter of 2016.
DynTek reported revenues of $107,321,000 for the nine months ended March 31, 2017, a decrease of $19,100,000 or 15.1%, from $126,421,000 in the prior nine months ended March 31, 2016. Gross profit was $18,505,000 for the nine months ended March 31, 2017, a decrease of $936,000 or 4.8%, from $19,441,000 in the prior year nine months ended March 31, 2016.
Total operating expenses were $15,612,000 in the nine months ended March 31, 2017, a decrease of $272,000 or 1.7%, as compared to $15,884,000 in the prior year nine months ended March 31, 2016.
DynTek reported EBITDA of $3,156,000 for the nine months ended March 31, 2017, a decrease of $700,000 or 18.1%, as compared to $3,856,000 in the prior year nine months. Net income was $1,123,000 for the nine months ended March 31, 2017, or $0.46 per diluted share, a decrease of $450,000, 28.6% and $0.23 per diluted share, from the net income of $1,573,000 and $0.69 per diluted share in the prior nine months ended March 31, 2016.
"Our team drove a strong quarter bolstered by closing several large government pipeline deals we have been tracking over the fiscal year," said Ron Ben-Yishay, DynTek's chief executive officer. "As our clients continue to demand solutions tailored to their unique vertical - from hospitality to healthcare - we are focused on developing innovative solutions in areas such as Internet of Things, Cybersecurity and Cloud."