WidePoint Corporation Reports Third Quarter 2017 Financial Results

WidePoint Corporation (NYSE: WYY), a leading provider of Trusted Mobility Management (TM2) specializing in Telecommunication Lifecycle Management (TLM) and Cybersecurity solutions, today announced financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Appointed Kito Mussa Interim Chief Financial Officer
  • FEMA Task Order awarded under DHS CWMS BPA to deliver TLM services
  • Coast Guard Pilot Task Order award for TLM services
  • Secured new contracts and expanded scope of services with several existing customers
  • Restructured credentialing service team which reduced operating expenses by 12%

Jin Kang, WidePoint’s CEO stated, “I’m pleased with the progress we made on our business initiatives to grow our pipeline of new business, the numerous contract awards announced, and reduction of our operating costs since the end of the prior quarter.  Additionally, the launch of our TM2 framework and solutions were well received, and we were able to continue building our business pipeline during the third quarter. As we exit the fourth quarter of 2017, we want to ensure that we have the right mixture of clients and services to drive higher margin revenue growth, a solid pipeline of internal and external revenue growth opportunities and an effective strategy to close on these opportunities in 2018.  The entire WidePoint team is committed to continue progress towards our 2018 goals of top line growth and improving profitability.”

Kito Mussa, WidePoint’s Interim Chief Financial Officer, added, “Our revenues declined in the third quarter due to a combination of fewer task orders for carrier services, carrier service optimizations implemented that lowered the amount of carrier services required by our customers, and timing related delays that pushed recognition of mobile accessory and reselling orders into the fourth quarter. We took additional action during the third quarter to improve our financial model by restructuring our credentialing service team, which we anticipate will reduce our annual costs significantly and help WidePoint to achieve our goal of returning to profitability.”

For more detail please visit www.widepoint.com

Conference Call Information

A conference call and live webcast will take place at 4:30 p.m. Eastern Standard Time today, Tuesday, November 14, 2017. Interested parties can join the live call from the United States by dialing 1-877-451-6152, or 1-201-389-0879 for international. There will be a playback available until November 28, 2017. To listen to the playback, please call 1‑844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use PIN code 13673221 for the replay.

The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=127197.

About WidePoint

WidePoint Corporation (NYSE: WYY) is a leading provider of technology-based management solutions. For more information, visit www.widepoint.com

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