– DPW Holdings, Inc. (NYSE American: DPW) ("
DPW"
or the "
Company"), a diversified holding company,
has filed its annual Form 10-K for its fiscal year ended December
31, 2017 with the SEC. DPW today announced that it is re-issuing
its previous release that was made on April 17, 2018 to incorporate
certain disclosures that are required under the NYSE American
Company Guide Sections 401(h) and 610(b). Included below are these
additional disclosures along with the previously disclosed update
of corporate activities.
The financial results for the Company’s 2017 fiscal year are
summarized below:
- Sales for 2017 were $10,175,000, an increase of 33.95% from
2016;
- Comprehensive income increased from a loss in 2016 of $362,000
to a gain of over $5,323,000 in 2017;
- Gross margins for 2017 improved to 39.5% from 35.6% in
2016;
- Total assets increased in 2017 to over $30,510,000 from total
assets of $5,472,000 in 2016, an increase of 457%;
- Book value increased over 34.13% for the first time in the last
6 years while increasing significantly for the first time in 10
years;
- DPW Holdings lost $5,931,000 for 2017 versus $1,484,000 for
2016;
- The Company had non-cash charges of $6,333,000 for 2017 versus
$736,000 for 2016;
- The Company raised $13,224,000 for 2017 versus $1,279,000 for
2016;
- The Company used $8,674,000 for new investments in 2017 versus
$1,029,000 for 2016;
- DPW Holdings anticipates a reduction in its cost of capital for
2018 and beyond. As the asset base of the Company exceeds
$30,510,000 as of December 31, 2017, DPW Holdings noted it has
various methods in place to raise capital at lower rates and
overall cost.
The Company emphasizes that the limited information provided
above is insufficient to make an informed investment decision
regarding DPW’s securities or to fully and accurately evaluate the
Company’s 2017 performance. DPW urges investors and shareholders to
carefully read the Form 10-K, which is available at www.sec.gov and
has been posted at www.dpwholdings.com.
For 2018, DPW sees growth for the following subsidiaries:
- Super Crypto Mining, Inc will begin reporting sales as of the
first quarter of 2018;
- Digital Power Lending is now a California lending company
operating under a California finance lender’s license
(#60DBO-77905) and is building a lending platform to be rolled out
the second quarter of 2018;
- DPW will begin to recognize revenue in 2018 for fulfillment of
the March 15, 2017 purchase order from MTIX, Ltd. which will
increase our gross sales significantly.
"The lending business will be a large driver of growth for DPW
shareholders in 2018 and beyond. In 2017, we were successful in
increasing our asset base and adding value while raising capital,"
said Milton "Todd" Ault, III, the Company’s CEO & Chairman.
Ault continued, “For 2018, our mission remains the same; to achieve
meaningful topline growth while building the total value of the
Company.” The Company reiterated that driving growth and increasing
top-line revenues are critical goals and the Company’s core focus
in 2018 while starting in the fourth quarter, cash-flow and
profitability will become critical as DPW lays the foundation for
fiscal year 2019.
The Company stated it is adhering to its 2018 revenue guidance
that was previously issued estimating that gross revenues on a
consolidated basis will range from $44,000,000 (USD) to $49,000.000
(USD) based on the assumption the acquisition of Enertec is
completed in the second quarter of 2018 and that the market price
for Bitcoin will stabilize between $6,500 - $8,500.
The Company previously announced it will host an investor
conference call today an hour after the close of the U.S. financial
markets at 3:30 PM Pacific Daylight Time (PDT) via webcast to
review its financial results for the fiscal year ended December 31,
2017. Registration for the conference call is now closed.
The Company strongly suggests review of the Form 10-K report for
important details along with all other public filings available at
www.DPWHoldings.com under the “Investor Relations” section or at
www.sec.gov. Internet access to the conference call presentation
materials will be available on the Company’s website at
www.DPWHoldings.com, by selecting “Investor Relations” and then
“Upcoming and Past Events.” A webcast replay as well as a replay in
downloadable MP3 format will be accessible one business day after
the webcast on the Company’s website at www.DPWHoldings.com under
the “Investor Relations” section.
Receipt of Audit Opinion with Going Concern Qualification:As
previously disclosed in its Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, which was filed with the
Securities and Exchange Commission on April 17, 2018, the Company’s
audited financial statements contained a going concern explanatory
paragraph in the audit opinion from its independent registered
public accounting firm. This announcement does not represent any
change or amendment to the Company’s financial statements or to its
Annual Report on Form 10-K for the fiscal year ended December 31,
2017.
ABOUT DPW HOLDINGS, INC.Headquartered in
Newport Beach, CA, DPW Holdings, Inc. is a diversified holding
company that, through its wholly-owned subsidiary, Coolisys
Technologies, Inc., is dedicated to providing world-class
technology-based solutions where innovation is the main driver for
mission-critical applications and lifesaving services. Coolisys’
growth strategy targets core markets that are characterized by
“high barriers to entry” and include specialized products and
services not likely to be commoditized. Coolisys through its
portfolio companies develops and manufactures cutting-edge resonant
switching power topologies, specialized complex high-frequency
radio frequency (RF) and microwave detector-log video amplifiers,
very high-frequency filters and naval power conversion and
distribution equipment. Coolisys services the defense, aerospace,
medical and industrial sectors and manages four entities including
Digital Power Corporation, www.DigiPwr.com, a leading manufacturer
based in Northern California, 1-877-634-0982; Digital Power Limited
dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based
in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com with
its headquarters in Shelton, CT 1- 203-866-8000; and Power-Plus
Technical Distributors, www.Power-Plus.com, a wholesale distributor
based in Sonora, CA 1-800-963-0066.
Digital Power Lending, LLC, www.DigitalPowerLending.com, a
wholly owned subsidiary of the Company, is based in Fremont, CA,
and is a California private lending company operating under
Financial Lender’s License ##60DBO-77905 dedicated to strategically
providing capital to small and middle size businesses for an equity
interest in addition to loan fees and interest. Super Crypto
Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary
of the Company, is based in Fremont CA that leverages its
engineering expertise and existing locations to create crypto
currency mining facilities across the globe. Super Crypto Mining,
Inc. operates the branded division, Super Crypto Power,
www.SuperCryptoPower.com. Excelo, LLC, www.Excelo.com, a
wholly-owned subsidiary of the Company, is a national search firm
specializing in fulfilling strategic executive, professional and
hi-tech placements for businesses delivering world-class services.
DPW Holdings, Inc.’s headquarters is located at 48430 Lakeview
Blvd., Fremont, California, 94538; 1-877-634-0982;
www.DPWHoldings.com. For Investor inquiries: IR@DPWHoldings.com or
1-888-753-2235.
Forward-Looking StatementsThe foregoing release
contains “forward looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the acquisition and the
ability to consummate the acquisition. These forward-looking
statements generally include statements that are predictive in
nature and depend upon or refer to future events or conditions, and
include words such as “believes,” “plans,” “anticipates,”
“projects,” “estimates,” “expects,” “intends,” “strategy,”
“future,” “opportunity,” “may,” “will,” “should,” “could,”
“potential,” or similar expressions. Statements that are not
historical facts are forward-looking statements. Forward-looking
statements are based on current beliefs and assumptions that are
subject to risks and uncertainties. Forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update any of them publicly in light of new
information or future events. Actual results could differ
materially from those contained in any forward-looking statement as
a result of various factors. More information, including
potential risk factors, that could affect the Company’s business
and financial results are included in the Company’s filings with
the U.S. Securities and Exchange Commission, including, but not
limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are
available at www.sec.gov and on the Company’s website at
www.DPWHoldings.com.
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