NAPLES, Fla.--(BUSINESS WIRE)-- FTE Networks, Inc. (OTCQX:FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider in the technology and communications industries, today announced that its unaudited fourth quarter 2016 revenue was $5.1 million with positive net income of $7,456. The Company’s unaudited fourth quarter financial results indicated a 68% increase in revenue, a significant increase in gross margins and reduced operating expenses versus the comparable fourth quarter of 2015. The Company also drove a sequential increase in revenue of 34%.
2017 Strategy
The 2017 strategy is centered around strong revenue growth, coupled with controlled operating expenses and favorable margins. The Company has expanded its core network infrastructure business organically through geographic growth and the addition of key revenue generating personnel including associates and managers to its sales team. As a result, it expects significant growth from this segment through 2017 and beyond. In addition, the Company expects to launch in the 1st quarter, its innovative, new compute-to-the-edge technology, a first of its kind, which will bring wireless solutions to a new level of speed and efficiency. Finally, the Company is planning on pursuing accretive acquisitions that will expand not only the depth, but the breadth of the scope of infrastructure services provided by the Company.
“Achieving strong revenue growth quarter over quarter, while maintaining controlled operating expenses, is an important milestone for the Company and we expect to continue our strong double digit revenue growth in the first quarter of 2017,” said Michael Palleschi, Chairman and Chief Executive Officer of FTE Networks. “In 2017 we are hopeful that executing on our strategy to significantly grow revenue, control expenses and maximize margins will enable us to become an industry leader in network infrastructure and edge computing solutions.”
About FTE Networks, Inc.
FTE Networks is on the leading edge of network transformation helping communications service providers, government and enterprise customers evolve their networks to meet advancing technology requirements via network infrastructure, and edge computing solutions to quickly enhance service innovation and deliver new revenue streams. With a focus on smart design, open architectures, and consistent standards, along with expertise in building, operating, and maintaining networks, FTE solves complex network and system challenges that reduce costs and deployment time to accelerate delivery and optimize performance of network infrastructure. Operating five (5) industry segments; Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, and Compute to the Edge, FTE Networks is headquartered in Naples, Florida, with offices throughout the United States and Europe. For more information, please visit: www.ftenet.com.
Forward Looking Statements
This release may contain forward-looking statements relating to the business of FTE. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on FTE's current expectations and beliefs concerning future developments and their potential effects on FTE. There is no assurance that future developments affecting FTE will be those anticipated by FTE. FTE undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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FTE Networks, Inc.
877-850-4308
ir@ftenet.com
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Source: FTE Networks, Inc.
Released January 25, 2017
