Digiliti Money Announces Preliminary Second Quarter 2017 Results
DIGILITI MONEY GROUP INC (DGLT)
US:NASDAQ Investor Relations:
digilitimoney.com/investors/investors2
Company Research
Source: GlobeNewswire
MINNEAPOLIS, Aug. 04, 2017 (GLOBE NEWSWIRE) -- Digiliti Money, Inc. (NASDAQ:DGLT), a leading mobile FinTech provider, reported preliminary financial results for the second quarter ended June 30, 2017. Digiliti Money expects total revenue for the second quarter to be between $1.1 million and $1.3 million, compared to $2.0 million for the second quarter of 2016. The Company also expects an accounts receivable reserve in the amount of $1.8 million, due to the unilateral noncontractual termination, shortly after the end of the second quarter of 2017, of a series of contracts by one customer. Digiliti Money is currently investigating its rights with respect to those customer contracts. “Our topline for the quarter was lower than expected because our sales pipeline of potential customers at the start of the quarter did not result in new contracts and product implementations, such that expected revenue could be recognized in our Q2 results,” said Digiliti Money’s CFO Bryan Meier. “While
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