Root9b Technologies Inc (OTCMKTS:RTNB), a leading technology company announces the financial results for the first quarter ending March 31, 2015. As per the reports, the revenues of Root9b surged 97.8% over the last 12 months to touch $9.5 million mark.
Financial Insights of 1Q2015:
The strategic managerial acquisitions performed by the company helped it enhancing revenues during the previous quarter. The clear evidence of this fact is the acquisition of IPSA International that Root9b executed in February month. As per the reports, total revenues enhanced as much as 97.5% due to this acquisition, something Root9b never expected.
The operational activities have not benefitted the company lately. It suffered from $1.6 million loss from operations in 1Q2014, which increased to $2.7 million in 1Q2015. The increased loss amount comprised of $0.6 million acquisition cost that the company had to bear while acquiring IPSA International.
In terms of net income available to shareholders, it reported $0.00 per diluted share or $0.3 million compared to net loss of $0.08 per diluted share or $2.1 million in 1Q2014. Net income of March quarter a one-time tax benefit of $2.3 million, which made a real difference compared to last year.
Operational Highlights of 1Q2015:
Root9b Technologies Inc (OTCMKTS:RTNB) continued focusing on the development of innovative capabilities of its cybersecurity subsidiary named root9b. At the same time, it narrowed down its operating focus on regulatory and cybersecurity risk mitigation. The company somehow completed an aggregate financing of $11.3 million during 1Q2015, which intensified its support growth initiatives, financial position and helped it finish the acquisition of IPSA without any hassle.
The primary focus of the company is to keep the costing part limited while executing all the operational activities. The senior management is delighted to see this performance and hopes to continue the same in the coming quarters as well.