Icon Media Holdings, Inc. (OTCMKTS:ICNM) 3Q2016 Revenue At $63,000
Icon Media Holdings, Inc. (OTCMKTS:ICNM) posted that 3Q2016 revenue came at $63,000 compared to $69,000 in the comparable period, a year earlier. Net loss dropped by 17% to $86,000 as compared to $106,000 for 3Q2015. Revenue for the first three quarters of FY2016 jumped 10% to $216,000 versus $196,000 for the same period in the last year.
Moreover, following the financial audits results that have been closed so far, certain adjustments have been made to FY2013 and FY2014 expenses from previously posted numbers. The changes are shown in both improved shareholder equity and retained earnings for the completed period.
The management speaks
Rob Deakin, the CEO of Icon, reported that 3Q2016 was comparatively flat in the top line, but they continue to improve controlling their expenses in an attempt to achieve profitability. During the quarter they made a viable footprint to extend their sales measure which should have an influence on the future advancement. They also have commenced work on the FY2015 financial audit and FY2016 quarterly assessments required to submit the Form 10 to get fully reporting again.
Prior to this update, Icon Media released the letter to shareholders from the CEO stating that 2016 remains a transformative year for company. As previously reported, the firm established Spectrum Velocity with an objective of venturing into the extending Wireless Infrastructure services market. Because of this choice, they have discontinued investing any added resources towards the ecommerce segment and have liquidated legacy inventory.
The management is assured of this strategy and considers like they are on a way to robust growth. With the unresolved shift to 5G, there will be a greater requirement for wireless carriers to advance the current facilities and add new capacity and cells. They are placing the firm to seize this prospect.
A big fraction of plan is to get established, revenue making, profitable firms in the wireless infrastructure segment that provide complimentary services. They are currently in advanced deals with 2 such firms. With the emphasis completely on the Wireless Infrastructure services market, they have taken many additional measures to build the business.© Copyright 2016 OTC News Magazine. All rights reserved.