VANCOUVER, WA / ACCESSWIRE / August 18, 2020 / Adaptive Ad Systems, Inc. (OTC PINK:AATV), today releases the Company’s report of its financial performance for the quarter ending on June 30, 2020, reporting a profitable quarter for the 23rd time in a row. Adaptive provides Dynamic Digital Ad Insertion (DDAI) via its streaming media hardware and proprietary processing software for all U.S. cable TV markets.
The Company reports that, despite the nation-wide temporary business closures beginning in March following CDC guidelines to stem the COVID 19 pandemic, Adaptive was able to continue deployment of scheduled ad insertions throughout its network, as well as continue installations of new proprietary Adaptive hardware systems to keep expanding its network and revenue potential.
Sales for the three months ending June 30, 2020 were slightly lower than sales in the comparative period in 2019, amounting to $1,179,608, a decrease of $150,463, or about 11%. Results for the second quarter were clearly hampered by the negative impact the pandemic had on the entire industry. Nevertheless, Adaptive was able to produce another profitable quarter for the 23rd time in a row, with its revenue already recovering in the last month of the second quarter. Results are summarized as follows:
Total sales for the second quarter were $1,179,608
Six months sales increased to $2,494,644
Net Profit before taxes amounted to $161,474.
Net assets increased by $646,106 to $9,211,278
Current assets exceed liabilities by $7,995,522.
Current cash balance is $2,148,595
CEO J. Michael Heil states: “While some people had originally expected a more significant negative impact on our financial performance during the second quarter of 2020, due to the lack of consumer confidence during the ongoing pandemic, we were able to respond effectively by continuing the installation of new systems to expand our existing network and maintain deployment of our scheduled ad insertions. We offer advanced technological management and a desirable revenue sharing model to our clients, thus creating a solid foundation for our clients to expand their advertising reach, even during difficult economic times. This was further supported by advertisers regaining confidence in the latter part of the quarter. All of the foregoing is reflected in our financial performance, which produced yet another profitable quarter for the 23rd time in a row. Furthermore, we expect at least a 20% increase in third quarter 2020 revenue over the current quarter.”
Adaptive Ad Systems Inc. is a digital media and video communications company that, together with its subsidiaries and manufactures, develops and deploys Dynamic Digital Ad Insertion (DDAI) and video streaming media hardware and proprietary processing software for the Cable TV, Satellite and IPTV markets. The Company initially targeted the often-over-looked 2nd and 3rd tier US markets and now additionally serves many Tier 1 markets. Adaptive exclusively sells all available advertising space in each market it has contracted, while maintaining complete technology ownership. Currently, the Company’s technology and business model allows it to dynamically serve over 75 designated marketing areas in over 40 states. Adaptive also provides broadband and cable TV services in some niche major markets. For additional information, please visit: www.aatv.co.
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company’s products, or any of the Company’s proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company’s development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s general failure to effectively implement the Company’s business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
Adaptive Ad Systems, Inc.
4400 NE 77th Avenue Suite 275
Vancouver, Washington 98662
San Diego, California
SOURCE: Adaptive Ad Systems, Inc.
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