Pivot Technology Solutions, Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides CapEx and Tax Rate Guidance for the Year 2018
For the year, revenue was $1.5 billion, up 6.5% from $1.4 billion in 2016. Adjusted EBITDA was $24.1 million, down 4.0% from $25.1 million in 2016. Income before income taxes was $2.8 million compared to loss in the prior year of $4.17 million in 2016. Loss was $5.6 million compared to a loss of $4.3 million in 2016. Loss per share was $0.15 compared to a loss per share of $0.12 in 2016. Loss attributable to shareholders was $6.057 million compared to $4.937 million in 2016.CapEx for the year was just under $2 million
For the year 2018, the company expects to spend $3 million or less on CapEx. For the U.S.,the company expects tax rate will be down 14% from what it was. So the company's federal rate goes from 35% to 21%.