Category

Quarterly Reports

Track Group, Inc. Partners with Socrates Software LLC

By News, Quarterly Reports

NAPERVILLE, IL – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, announced today it has entered an exclusive partnership with Socrates Software LLC to deploy Socrates 360, a multipurpose app designed to better prepare justice-involved individuals for success in the community after incarceration.

The United States has the largest prison population in the world, with over 2 million Americans incarcerated. Roughly 600,000 of them return to communities each year with limited access to tools that support their reintegration. Track Group and Socrates aim to change that by providing education, life skills, and vocational training to prisoners, parolees, and probationers, both during and after their sentences.

“With Socrates 360, we are combining technology and skills training to help participants succeed after being released from custody,” said Derek Cassell, Track Group’s CEO. “I believe by providing tailored education, employment, and life skills courses, we can better assist government agencies tasked with helping people get back on their feet.”

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Track Group Reports 1st Quarter Fiscal 2022 Financial Results

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Total Revenue up 2%, Operating Income Declines 58% and Net Income Reversal

NAPERVILLE, ILLINOIS – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal quarter ended December 31, 2021 (“Q1 FY22”). In Q1 FY22, the Company posted (i) total revenue of $9.6M, an increase of approximately 2% over total revenue of $9.4M for the quarter ended December 31, 2020 (“Q1 FY21”); (ii) Q1 FY22 operating income of $0.6M, representing a decline of 58% compared to Q1 FY21 operating income of $1.4M, and (iii) a net loss attributable to common shareholders of $0.3M in Q1 FY22 compared to net income attributable to common shareholders of $1.3M in Q1 FY21.

“The conditions under which we operate today remain challenging as we adjust to supply chain constraints and the telecommunication carrier’s transition from 3G to 5G, despite setbacks created for a number of industries. As a result, our financial results for the first quarter ended December 31, 2021, were adversely impacted. Notwithstanding, we will continue to adapt to these challenges, add new products, and customers, who remain in need of and are confident in our ability to innovate solutions,” said Derek Cassell, Track Group’s CEO.

 

Financial Highlights

  • Total revenue of $9.6M for Q1 FY22, up 2% compared to Q1 FY21 revenue of $9.4M.
  • Gross profit of $4.8M in the Q1 FY22, down approximately 8% compared to gross profit of $5.2M for Q1 FY21, due to increases in certain costs of revenue, including, the amortization expense for the new software platform.
  • Operating income in Q1 FY22 of $0.6M, down approximately 58% compared to operating income of $1.4M for Q1 FY21, due to the higher cost of revenue and the increase in certain operating expenses.
  • Adjusted EBITDA for Q1 FY22 of $2.2M, down 17% compared to adjusted EBITDA of $2.7M for Q1 FY21. Adjusted EBITDA in Q1 FY22 as a percentage of revenue also decreased to 22.9%, compared to 28.2% for Q1 FY21. The reduction in adjusted EBITDA is due to the decline in operating income offset by the increase in total depreciation and amortization.
  • Cash balance for Q1 FY22 of $8.6M, up 47% compared to a cash balance of $5.9M for Q1 FY21, and up 2% compared to a cash balance of $8.4M for the quarter ended September 30, 2021.
  • Net loss attributable to shareholders for the Q1 FY22 was ($0.3M), compared to net income attributable to shareholders of $1.3M in Q1 FY21, a change principally attributable to the decline in the Company’s operating income and a swing from a currency exchange gain to a loss.

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Track Group Reports Fiscal 2021 Financial Results

By News, Quarterly Reports

Total Revenue up 17%, Record Operating Income Improves 70.8%, Adjusted EBITDA Increases 25.7%, Net Loss Turnaround

NAPERVILLE, ILLINOIS – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal year ended September 30, 2021 (“FY21”). In FY21, the Company posted (i) record total revenue of $39.7M, an increase of approximately 17% over total revenue of $33.9M for the year ended September 30, 2020 (“FY20”); (ii) FY21 operating income of $4.7M, representing an increase of 70.8% compared to FY20 operating income of $2.8M; (iii) adjusted EBITDA of $10.3M in FY21, up approximately 26% compared to $8.2M for FY20; and (iv) net income attributable to common shareholders of $3.4M in FY21 compared to a net loss of $0.1M in FY20.

“Our employees worked closely with both our customers and service partners to meet increased demand during extremely difficult circumstances in FY21. Our ability to adapt resulted in record financial results including revenue, operating income and net income for common shareholders.” said Derek Cassell, Track Group’s CEO.

 

Financial Highlights

  • Total FY21 record revenue of $39.7M was up 17% compared to FY20 revenue of $33.9M.
  • Gross profit of $21.1M in FY21 was up over 13% compared to FY20 gross profit of $18.6M due to the growth in revenue offset primarily by the increase in amortization expense associated with implementation of the new software platform.
  • Operating income in FY21 of $4.7M compared to operating income of $2.8M for FY20, representing an improvement of over 70% despite the global pandemic.
  • Adjusted EBITDA for FY21 of $10.3M, up nearly 26%, compared to $8.2M for FY20. Adjusted EBITDA in FY21 as a percentage of revenue also increased to 25.9%, compared to 24.2% for FY20.
  • Cash balance of $8.4M for FY21, up nearly 25% compared to $6.8M for FY20.
  • Net income attributable to shareholders in FY21 was $3.4M compared to a net loss of $0.1M in FY20, a change principally attributable to the Company’s strong operating performance.

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Track Group Reports 3rd Quarter Fiscal 2021 Financial Results

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Total Revenue up 21%, Operating Income up 28%, Adjusted EBITDA up 23%, Continued Net Loss Turnaround

NAPERVILLE, ILLINOIS – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its third quarter ended June 30, 2021 (“Q3 FY21”). In Q3 FY21, the Company posted (i) total revenue of $10.3 million, an increase of approximately 21% over total revenue for the same period last year (“Q3 FY20”); (ii) operating income of $1.3 million, representing an increase of 28% compared to Q3 FY20 operating income of $1.0M; (iii) adjusted EBITDA of $2.8 million in Q3 FY21, up 23% compared to $2.3 million for Q3 FY20; and (iv) net income attributable to common shareholders of $1.2M in Q3 FY21 compared to a net income of $0.4 million in Q3 FY20.

“I am extremely proud of all our employees and partners who have continued to remain motivated and productive during such a challenging and unprecedented time; resulting in another outstanding company performance for the quarter ended June 2021,” said Derek Cassell, Track Group’s CEO.

 

Financial Highlights

  • Strong quarterly total revenue of $10.3 million in Q3 FY21, up 21% compared to Q3 FY20 total revenue of $8.5 million and total revenue for the 9 months ended June 30, 2021 (“9M FY21”) of $29.6 million was up approximately 18% compared to revenue of $25.0 million for the 9 months ended June 30, 2020 (“9M FY20”).
  • Gross profit of $5.6 million in Q3 FY21 was up 22% compared to Q3 FY20 gross profit of $4.6 million. Gross profit for the 9M FY21 was $16.3 million, or up 19% compared to gross profit of $13.7 million for 9M FY20.
  • Total operating expense for Q3 FY21 of $4.3 million was up 20% versus Q3 FY20’s total operating expense of $3.6 million. The favorable increase in quarterly gross profit more than offset the rise in operating expense which led to operating income in Q3 FY21 of $1.3 million compared to operating income of $1.0 million for Q3 FY20, representing an improvement of 28%. Similarly, for the 9M FY21, operating income was $4.4 million compared to operating income of $1.6 million, representing an increase of 182%.
  • Adjusted EBITDA for the Q3 FY21 was $2.8 million, an increase of nearly 23%, compared to $2.3 million for Q3 FY20. Adjusted EBITDA in Q3 FY21 as a percentage of revenue remained flat at 27%, compared to Q3 FY20. Adjusted EBITDA for the 9M FY21 was $8.3 million compared to the Adjusted EBITDA for 9M FY20 of $5.7 million, representing an improvement of approximately 47%. Similarly, Adjusted EBITDA for the 9M FY21 as a percentage of revenue also increased to 28%, compared to 23% for the 9M FY20.
  • The cash balance of $8.3 million at June 30, 2021 was up 22% compared to $6.8 million at September 30, 2020 and up 24% compared to $6.7 million at March 31, 2021 notwithstanding significant capital investments made by the Company of approximately $3.8 million in the 9M FY21 and $1.1 million in Q3 FY21 to build additional monitoring devices and software to accommodate increased customer demand. Capital investments for the 9M FY21 were up 92% compared to the same period last year.
  • Net income attributable to common shareholders in Q3 FY21 was $1.2 million compared to net income of $0.4 million in Q3 FY20, a change principally attributable to the Company’s strong operating performance and the increase in other income. Net income attributable to common shareholders for the 9M FY21 was $4.8 million, up significantly compared to the net loss of approximately $1.5 million for the 9M FY20.

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Track Group Reports 2nd Quarter Fiscal 2021 Financial Results

By News, Quarterly Reports

NAPERVILLE, ILLINOIS, May 11, 2021 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2021 (“Q2 FY21”). In Q2 FY21, the Company posted (i) total revenue of $9.9 million, an increase of approximately 21% over total revenue for the same period last year (“Q2 FY20”); (ii) operating income of $1.7 million, representing an increase of 601% compared to Q2 FY20 operating income of $0.2M; (iii) adjusted EBITDA of $2.9 million in Q2 FY21, up 77% compared to $1.6 million for Q2 FY20; and (iv) net income attributable to common shareholders of $2.2M in Q2 FY21 compared to a net loss of $1.7 million in Q2 FY20.

“Again, we were able to continue the Company’s strong performance over the past twelve months with a record performance for the quarter ended March 31, 2021. So far, we have managed to successfully navigate the challenges brought on by the Coronavirus by working closely with our customers and partners. We are excited about the future and the continued evolution of our technologies to support our customers’ programs in the years ahead.” said Derek Cassell, Track Group’s CEO.


Financial Highlights

  • Strong quarterly total revenue of $9.9 million in Q2 FY21, up 21% compared to Q2 FY20 total revenue of $8.1 million as the significant increase in monitoring revenue of approximately 22% was offset by a nominal decline in product sales. Revenue for the 6 months ended March 31, 2021 (“6M FY21”) of $19.3 million was up approximately 16% compared to revenue of $16.6 million for the 6 months ended March 31, 2020 (“6M FY20”).
  • Gross profit of $5.4 million in Q2 FY21 was up 23% compared to Q2 FY20 gross profit of $4.4 million. Gross profit for the 6M FY21 was $10.6 million, or up 17% compared to gross profit of $9.1 million for 6M FY20.
  • Total operating expense for Q2 FY21 of $3.8 million was down 10% versus Q2 FY20’s total operating expense of $4.2 million. The decline in quarterly operating expense when combined with the favorable increase in gross profit led to operating income in Q2 FY21 of $1.7 million compared to operating income of $0.2 million for Q2 FY20, representing an improvement of 601%. Similarly, for 6M FY21, operating income was $3.1 million compared to operating income of $0.5 million, representing an increase of 473%.
  • Adjusted EBITDA for the Q2 FY21 was $2.9 million, an increase of nearly 77%, compared to $1.6 million for Q2 FY20. Adjusted EBITDA in Q2 FY21 as a percentage of revenue also increased to 29.1%, compared to 19.9% for Q2 FY20. Adjusted EBITDA for 6M FY21 was $5.5 million compared to the Adjusted EBITDA for 6M FY20 of $3.4 million, representing an improvement of approximately 63%. Similarly, Adjusted EBITDA for the 6M FY21 as a percentage of revenue also increased to 28.7%, compared to 20.5% for the 6M FY20.
  • The cash balance of $6.7 million at March 31, 2021 was down only 1% compared to $6.8 million at September 30, 2020 reflecting significant capital investments made by the Company of approximately $2.7 million in the 6M FY21 to build additional monitoring devices and software to accommodate increased customer demand. Capital investments for the 6M FY21 were up 78% compared to the same period last year.
  • Net income attributable to common shareholders in Q2 FY21 was $2.2 million compared to a net loss of $1.7 million in Q2 FY20, a change principally attributable to the Company’s strong operating performance and the increase in other Income. Net income attributable to common shareholders for the 6M FY21 was $3.5 million, up significantly compared to the net loss of nearly $2.0 million for the 6M FY20.

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Track Group Reports 1st Quarter Fiscal 2021 Financial Results

By News, Quarterly Reports

NAPERVILLE, ILLINOIS, February 10, 2021 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its first quarter ended December 31, 2020 (“Q1 FY21”). The Company posted (i) total revenue of $9.4 million, an increase of approximately 12% over total revenue for the same period last year (“Q1 FY20”); (ii) operating income of $1.4 million, representing an increase of 373% compared to Q1 FY20 operating income of $0.3M; (iii) adjusted EBITDA of $2.7 million in Q1 FY21, up 50% compared to $1.8 million for Q1 FY20; and (iv) net income attributable to common shareholders of $1.3M in Q1 FY21 compared to a net loss of $0.2 million in Q1 FY20.

“The strong performance of the Company during the second half of the prior fiscal year (April to September 2020) carried over into the first quarter of fiscal year 2021 (October – December 2020). As our employees continue to work closely with customers and supply partners alike, we collectively work through the challenges brought on by the Coronavirus,” said Derek Cassell, Track Group’s CEO.


Financial Highlights

  • Strong quarterly total revenue of $9.4 million in Q1 FY21, up 12% compared to Q1 FY20 total revenue of $8.4 million as the increase in monitoring revenue of approximately 12% was offset by a nominal decline in product sales.
  • Gross profit of $5.2 million in Q1 FY21 was up 12% compared to Q1 FY20 gross profit of $4.7 million.
  • Total operating expense for Q1 FY21 of $3.8 million was down 13% versus Q1 FY20’s operating expense of $4.4 million. The decline in quarterly operating expense when combined with the favorable increase in gross profit led to operating income in Q1 FY21 of $1.4 million compared to operating income of $0.3 million for Q1 FY20, representing an improvement of 373%.
  • Adjusted EBITDA in the Q1 FY21 was $2.7 million, an increase of nearly 50%, compared to $1.8 million for Q1 FY20. Adjusted EBITDA in Q1 FY21 as a percentage of revenue also increased to 28.2%, compared to 21.1% for Q1 FY20.
  • The cash balance of $5.9 million at December 31, 2020 was down 13% compared to $6.8 million at September 30, 2020 as the Company made significant investments in additional monitoring devices and software to accommodate increased customer demand.
  • Net income attributable to common shareholders in Q1 FY21 was $1.3 million compared to a net loss of $0.2M in Q1 FY20, a change principally attributable to the Company’s strong operating performance and the increase in other Income associated with a foreign currency exchange gain.

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Track Group Reports Fiscal 2020 Financial Results

By News, Quarterly Reports

NAPERVILLE, ILLINOIS, December 23, 2020 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal year ended September 30, 2020 (“FY20”). In FY20, the Company posted (i) monitoring revenue of $33.2M, an increase of approximately 3% over monitoring revenue of $32.1M for the year ended September 30, 2019 (“FY19”); (ii) FY20 operating income of $2.8M representing an increase of 137% compared to FY19 operating income of $1.2M; (iii) adjusted EBITDA of $8.2M in FY20, up 10% compared to $7.4M for FY19; and (iv) net loss attributable to common shareholders of $0.1M in FY20 compared to a net loss of $2.6M in FY19.

“Our employees, our customers, and our supply partners came together and worked extremely hard to drive the major financial metrics of our business to higher levels in the 2nd half of our fiscal year as compared to the 1st half (October – March period) despite challenges brought on by the Coronavirus,” said Derek Cassell, Track Group’s CEO.


Financial Highlights

  • Total FY20 revenue of $33.9M was down less than 0.5% compared to FY19 revenue of $34.0M as the increase in monitoring revenue of approximately 3% was offset by a decline in product sales.
  • Gross profit of $18.6M in FY20 was down 2% compared to FY19 gross profit of $19.0M principally due to the adverse impact of COVID-19 but up over 8% compared to FY18 gross profit of $17.2M.
  • Operating income in FY20 of $2.8M compared to operating income of $1.2M for FY19, representing an improvement of 137% despite the global pandemic.
  • Adjusted EBITDA for FY20 of $8.2M, up nearly 10%, compared to $7.4M for FY19. Adjusted EBITDA in FY20 as a percentage of revenue also increased to 24.2%, compared to 21.9% for FY19.
  • Cash balance of $6.8M for FY20, down 2% compared to $6.9M for FY19 and down 25% compared to the June 30, 2020 cash balance of $9.0M due to the repayment of $2.7 million to settle certain indebtedness at a discount on September 30, 2020.
  • Net loss attributable to shareholders in FY20 was $0.1M compared to a net loss of $2.6M in FY19, a change principally attributable to the Company’s strong operating performance and the increase in Other Income associated with the gain on settling the repayment of certain indebtedness at a discount.

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Track Group Reports 3rd Quarter Fiscal 2020 Financial Results

By News, Quarterly Reports

NAPERVILLE, ILLINOIS, August 6, 2020 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its third quarter ended June 30, 2020 (the “Q3 FY20”). In Q3 FY20, the Company posted (i) total revenue of $8.5M, down 5% from $9.0M in the third quarter last year due to device sales used to establish a large Latin American reseller in 2019; however, monitoring revenue which comprises the substantial majority of total revenue was $8.3M in Q3 FY20, an increase of approximately 5% over the same period last year , (ii) operating income of $1.0M representing an increase of 59% compared to operating income of $0.6M for the quarter ended June 30, 2019 (“Q3 FY19”), (ii) adjusted EBITDA of $2.3M, up 17% compared to $1.9M for Q3 FY19, and (iv) a net income attributable to common shareholders of $0.4M compared to a net loss of $0.1M for the same period last year.


Financial Highlights

  • Total revenue of $8.5M for the Q3 FY20 and $25.0M for the nine months ended June 30, 2020 (“9M FY20”), are down 5% and 1%, respectively, compared to Q3 FY19 and the nine months ended June 30, 2019 (“9M FY19”) due to a decline in device sales. Quarterly monitoring revenue which comprises the substantial majority of total revenue was $8.33M in Q3 FY20, up 5% over Q3 FY19 monitoring revenue of $7.90M. Monitoring revenue for the 9M FY20 was $24.6M, up approximately 3% compared to monitoring revenue of $23.8M for the 9M FY19.
  • Quarterly gross profit of $4.6M in Q3 FY20 was down 4% vs. Q3 FY19 gross profit of $4.8M but up 4% over Q2 FY20 gross profit of $4.4M. Gross profit for the 9M FY20 was $13.7 million, or down 1% compared to gross profit of $13.9 million for the 9M FY19.
  • Total operating expense for Q3 FY20 of $3.6M is down 13% versus Q3 FY19’s $4.2M of total operating expense. The reduction in quarterly operating expense when combined with Q3 FY20 gross profit of $4.6M led to Q3 FY20 quarterly operating income of $1.0M, which is an improvement of 59% compared to the $0.6M operating profit for Q3 FY19. For the 9M FY20, operating income was $1.6M compared to operating income of $0.3M for the nine-month period in FY19, representing an improvement of over 400%.
  • Adjusted EBITDA for the Q3 FY20 finished at $2.3M, up 17%, compared to $1.9M for Q3 FY19. Adjusted EBITDA for the 9M FY20 was $5.7M, up approximately 7% vs $5.3M for the nine-month period in FY19.
  • Cash balance of $9.0M for Q3 FY20, up 31% compared to $6.9M for Q3 FY19 and up 17% over the March 31, 2020 cash balance of $7.7M.
  • Net income attributable to shareholders in Q3 FY20 was $0.4M compared to a net loss of $0.1M in Q3 FY19, a change principally attributable to the Company’s strong operating performance and exchange rate gains as the US dollar strengthened against the Chilean peso. The net loss attributable to shareholders for the 9M FY20 was $1.5 million compared to a net loss of $2.1 million in the nine-month period in FY19.

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Track Group Reports 2nd Quarter Fiscal 2020 Financial Results

By News, Quarterly Reports

NAPERVILLE, ILLINOIS, May 7, 2020 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2020 (the “Q2 FY20”). In Q2 FY20, the Company posted (i) revenue of $8.1 million (“M”), an increase of approximately 1% over the same period last year, (ii) operating income of $0.2M representing an increase of 186% compared to an operating loss of $0.3M for the quarter ended March 31, 2019 (“Q2 FY19”), which also led to a cash balance of $7.7M, up 36% compared to $5.7M for the same period one year ago, (iii) adjusted EBITDA of $1.6M, flat to Q2 FY19, and (iv) a net loss attributable to common shareholders of $1.7M compared to a net loss of $0.3M for the same period last year, largely due to non-cash foreign exchange fluctuations.

“Our Company, our customers, our supply partners and our employees have all performed extremely well despite facing unprecedented challenges over the past 2 1⁄2 months brought on by the Coronavirus,” said Derek Cassell, Track Group’s CEO. “I am proud to work with all of these people and remain confident that together, if we continue to work hard and communicate effectively, we have the opportunity to record even stronger results in the second half of our fiscal year.”


Financial Highlights

  • Quarterly revenue of $8.13M in Q2 FY20, up 1% over Q2 FY19 revenue of $8.09M. Revenue for the 6 months ended March 31, 2020 (“6M FY20”) of $16.6M was up approximately 2% compared to revenue of $16.3M for the 6 months ended March 31, 2019 (“6M FY19”). Revenue in Q2 FY20 and 6M FY20 was $0.4M and $0.6M lower than the same periods in FY19 due to the strengthening of the U.S. dollar against the Chilean peso.
  • Quarterly gross profit of $4.4M in Q2 FY20, down 1% over Q2 FY19 gross profit of $4.5M. Gross Profit for 6M FY20 was $9.1million, or flat compared to gross profit of $9.1 million for 6M FY19.
  • Total operating expense for Q2 FY20 of $4.2M is down 12% versus Q2 FY19’s $4.8M of operating expense. The reduction in quarterly operating expense when combined with Q2 FY20 gross profit of $4.4M led to a quarterly operating income of $237K, which is an improvement of 186% compared to the $276K operating loss for Q2 FY19. For 6M FY20, operating income was $38K compared to the operating loss for 6M FY19 of $333K, representing an improvement of approximately 261%.
  • Adjusted EBITDA for the Q2 FY20 finished at $1.6M, flat compared to $1.6M for Q2 FY19. Adjusted EBITDA for 6M FY20 of $3.4M, up approximately 2% vs $3.3M for 6M FY19.
  • Cash balance of $7.7M for Q2 FY20, up 36% compared to $5.7M for Q2 FY19 and down 10% over the December 31, 2019 cash balance of $8.5M.
  • Net loss attributable to shareholders in the Q2 FY20 was $1.7M compared to a net loss of $0.3M in Q2 FY19, a change principally attributable to the non-cash impact of the volatility of the US dollar as compared to the Chilean peso. The net loss attributable to shareholders for the 6M FY20 was $2.0 million compared to a net loss of $2.0 million in 6M FY19.

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Track Group Reports 1st Quarter Fiscal 2020 Financial Results

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NAPERVILLE, ILLINOIS, February 13, 2020 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its first quarter ended December 31, 2019 (the “First Quarter FY20”). The Company posted (i) revenue of $8.4M, an increase of 3% over the same period last year, (ii) operating income of $0.3M compared to an operating loss of $0.1M in First Quarter FY19, (iii) Adjusted EBITDA of $1.8M, up 3% compared to First Quarter FY19, and (iv) a cash balance at December 31, 2019 of $8.5M, representing an increase of 23% over September 30, 2019.

“We are pleased to kick off our new fiscal year with a strong first quarter that ended December 31, 2019 with revenue growth of nearly 3%, which is commendable given the impact of the strengthening of the US dollar and the subsequent reduction in revenue caused by the translation of our significant Chilean peso revenue into US dollars”, said Derek Cassell, Track Group’s CEO.

Financial Highlights

  • Strong quarterly revenue of $8.4M in First Quarter FY20, up 3% over First Quarter FY19 of $8.2M.
  • Favorable quarterly gross profit of $4.7M in First Quarter FY20, up 1% over First Quarter FY19 of $4.6M.
  • Total operating expense for the First Quarter FY20 of $4.4M is down 7 % versus First Quarter FY19’s
    $4.7M of operating expense. The decline in quarterly operating expense when combined with a favorable quarterly gross profit led to Operating Income of $301K, which is a dramatic improvement of over 600% compared to a quarterly loss of $57K in the First Quarter FY19.
  • Adjusted EBITDA in the First Quarter FY20 finished at $1.8M, up 3% compared to $1.7M for First Quarter FY2019.
  • Cash balance of $8.5M for First Quarter FY20, up 23% compared to $6.9M at September 30, 2019.
  • Net loss attributable to shareholders for First Quarter FY20 of ($0.2M) compared to a net loss attributable to shareholders in the First Quarter FY2019 of ($1.7M), representing an improvement of 87%.

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