DSG Global Inc. Announces Q3 2018 Results; Revenues Grow 134%
- Company Achieves Operation Profitability
Surrey, British Columbia, Dec. 18, 2018 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTC: DSGT), the world’s leading provider of the patented GPS Golf TAG Management System and on-course media system, announces its Q3 2018 results for the quarter ended September 30, 2018.
Third Quarter Financial Results:
- Revenues Increased to $708,693 compared to $303,151 during Q3 2017, a 134% increase. Revenue also jumped 199% from $237,046 during Q2 2018. Sales Increased as a result of aggressive marketing and installation of the new INFINITY suite of products.
- Gross Profit Improved to $682,872 from $182,079 during Q3 2017, a 275 % increase. This was primarily from cost of sales decreases as a result of manufacturing and supply efficiencies and better negotiated rates with suppliers, especially our new worldwide wireless carrier T-MOBILE.
- Income from operations increased to $114,885 from a loss of $317,484 during the comparable period of 2017 - Net loss, primarily due the non-cash events associated with restructuring and elimination of debt, was $5,247,876 or .00 compared to a net loss of $809,264 or (.02) during Q3 2017. - Net cash increased to $55,166 from $15,999 at the end of the previous quarter - Total Assets increased 187% since June 30, 2018. - Total Liabilities decreased 18% from the quarter ended June 30, 2018.
Results for the nine months, ending September 30, 2018 included:
- Sales increased to $1,056,905 from $975,623 during the nine months ending September 30, 2017, an 8% increase
- Gross Profit increased 44% to $932,933 from $649,106 in 2017
- Loss from operations decreased to $772,528 from $1,256,796, a 39% decrease
Third Quarter Highlights Included:
- The launch and installation of the first INFINITY XL suite of products
- Began Delivery of the Fairway Rider G3 Golf Carts (“Raptor”)
- Considerable debt remediation thus improving the balance sheet
- Entered into an arrangement with one of the world’s largest electronics company that is a global provider of products, services and solutions to manufacturing, industrial and commercial users of electronic components and enterprise computing solutions. Our new INFINITY XL product line up will be shipping from their warehouse in order to properly and adequately place our products into the stream of commerce. This new process will eliminate delivery delays, enhance install procedures, reduce costs substantially and provide a meaningful warranty to the industry.
- Received Initial Purchase Order from the US Government for Delivery of twelve (12) RAPTOR Single Rider Golf Carts
- Finalized Installations at Multiple Municipal Golf Courses for the Patented GPS Management System
Since the close of the third quarter the company also announced the signing of a joint venture agreement to offer all golf course clients of GPS SYSTEMS INTERNATIONAL PTY LTD (GPSI) in Australia and New Zealand, the ability to replace their present Golf Pilot in-cart GPS with our new DSG Tag INFINITY system.
“We are pleased, but not satisfied, by these results. We see these growth trends continuing and are working diligently to accelerate our growth and profitability. Numerous new installations are occurring on a monthly basis and we expect our sales to grow multiple fold next year now that we have the availability to inventory. While we are currently concentrating on the golf industry, where we are widely known, we continue to generate interest from other industries including agriculture, fleet management, advertising and golf vehicle opportunities. We will take advantage of these other areas for growth during 2019. We have overcome many obstacles and the future appears bright for the company,” stated Bob Silzer, CEO DSG Global.
For additional information about these financials, please visit www.sec.gov
About DSG Global/VANTAGE TAG SYSTEMS Inc. (DSGT) provides patented electronic tracking systems and fleet management solutions to golf courses that allow for remote management of the course’s fleet of golf carts, turf equipment and utility vehicles. Their clients use VTS unique technology to significantly reduce operational costs, increase safety, and enhance customer satisfaction. DSGT has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over 8,000 vehicles on more than 250 courses worldwide. VANTAGE TAG SYSTEMS is now aggressively branching into several new streams of revenue, through programmatic advertising, licensing and distribution. VANTAGE TAG SYSTEMS is also expanding into Commercial Fleet Management, and Agricultural applications.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements in this press release include statements relating to the Company’s corporate finance and other strategic initiatives, and the Company’s expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in these new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2015. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.
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