Revenue Performance - Revenues for the three months ended March 31, 2020, were approximately $39.6 million, an increase of approximately $17.7 million (or 81%) compared to $21.9 million in the same period in 2019[76] - Carrier services revenue increased to $28.1 million from $14.3 million, driven by contracts with the U.S. Department of Commerce for the 2020 Census and other federal agencies[76] Profitability - Gross profit for the three months ended March 31, 2020, was approximately $4.9 million (or 13% of revenues), compared to $4.3 million (or 19% of revenues) in 2019, reflecting a decrease in gross profit percentage[81] - Net income for the three months ended March 31, 2020, was approximately $483,888, compared to $384,100 in the same period last year[87] Cash Flow - Cash provided by operating activities was approximately $3.0 million for the three months ended March 31, 2020, compared to $2.4 million for the same period in 2019[93] Contractual Actions - The company recorded 39 contractual actions valued at approximately $20 million during the quarter, including new contract wins and extensions[78] Expenses - General and administrative expenses for the three months ended March 31, 2020, were approximately $3.5 million (or 9% of revenues), compared to $3.1 million (or 14% of revenues) in 2019[83] Strategic Plans - The company plans to pursue additional opportunities with key systems integrator partners and expand solution offerings into the commercial space[74] - The company aims to transition its data center and support infrastructure into a more cost-effective and federally approved cloud environment[74] Financial Resources - The company has access to a working capital credit facility with Atlantic Union Bank for up to $5.0 million[89]
WidePoint(WYY) - 2020 Q1 - Quarterly Report