Orbital Tracking Corp. Reports First Quarter 2015 Financial Results
Newly Combined Satellite Tracking Business Reports 20% Revenue Growth
WALNUT CREEK, CA -- (Marketwired) -- 05/26/15 -- Orbital Tracking Corp. (OTCQB: TRKK) (the "Company") announced today financial results for the first quarter ended March 31, 2015 which follows the recently completed share exchange agreement with Global Telesat Communications Limited, a privately held United Kingdom corporation.
In the March 2015 quarter, revenues increased by 20% to approximately $800,000 from approximately $660,000 reported in the first quarter of 2014. Net loss in March 2015 quarter was approximately $422,000, compared to a net profit of approximately $66,000 for the quarter ended March 31, 2014. The change in net loss is largely attributable to one-time expenses related to the Company's reverse acquisition of Global Telesat Communications completed in February and further development of the Company's operations.
Orbital Tracking Corp. provides a variety of satellite based communications and asset tracking solutions, including ground station construction, specialized engineering services and product design. Through two subsidiaries, Global Telesat Communications and Orbital Satcom Corp., the Company offers a wide range of mobile satellite-based MSS (Mobile Satellite Services) products which allow low cost communications and tracking from anywhere in the world.
"The first quarter of 2015 marked a pivotal milestone for the Company, highlighted by our successful reverse acquisition and re-capitalization, creating a truly global provider of MSS products for commercial, government and recreational customers," said David Phipps, Chief Executive Officer of Orbital Tracking Corp. "The Global Telesat transaction was the first of a number of key steps in our strategic plan to build the Orbital Tracking brand into one the leading manufacturers and resellers of satellite communications and asset tracking products through the introduction of new products and the addition of senior talent to our management team and Board of Directors. We're off to a promising start in 2015, and our team is looking forward to meeting the growing demand for global communications and asset tracking solutions."
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite based tracking, services as well as mobile voice and data communications services globally via satellite to the commercial and Government users. Orbital specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital, please visit www.OrbitalTracking.com
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of Orbital's new business and any of its products, services or solutions identified therein, the appeal of Orbital's website to potential customers, Orbital's ability to capture any portion of the global satellite retail market, the Company's or Orbital's ability to secure and/or satisfy government, commercial or other customers for any of their respective products, Orbital's ability to leverage its government-related experience, the Company's or Orbital's ability to execute on its strategies or to accomplish any of its goals or objectives, the Company's or Orbital's ability to generate new revenue streams, the ability of Orbital to get Globalstar certifications for its tracking devices, the further advancement, development or commercialization of any of the Company's or Orbital's products, the capabilities and advantages of, and costs related to, the Company's and Orbital's technology and products and services, and the suitability of any of Orbital's products or services for any particular application. The words "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Source: Orbital Tracking Corp.
Released May 26, 2015