Orbital Tracking Reports Its Strongest Quarter
Orbital Tracking has reported financial results for the three months ended March 31, showing the company’s wholly owned subsidiaries, Global Telesat Communications and Orbital Satcom, having achieved combined revenue growth of 20.7 percent. Comparable revenue for Global Telesat Communications increased 7.5 percent. Comparable revenue for Orbital Satcom was $531,222, an increase of $90,571 or 20.6 percent.
Orbital Tracking reported a decrease in total operating expenses inclusive of selling, general and administrative expenses, professional fees, salaries, wages and payroll taxes, depreciation and amortization.
The company recorded a net loss before income tax of approximately $145,458, as compared to a loss of $219,262 for the three months ended March 31, 2017. The decrease in the loss is primarily attributable to an increase in gross profit of $64,518 or 20.5 percent and a decrease in professional fees of $39,667 or 26.6 percent, offset by an increase in wages of $27,769 or 18.2 percent. As a percentage of sales, wages decreased from 11.1 percent to 10.8 percent.