Warwick’s ICOA Inc., a provider of broadband Internet access solutions in public locations, reported record financial results for its second quarter, as the company continues to act on its growth strategy. The company generated revenues of $338,389 during the quarter and reported its first positive gross margin of $17,457.
The second quarter revenue represents an increase of 242% over first quarter revenue, and year-to-date revenue of $478,429 represents a 607 percent increase over the first half of last year. With the revenue growth, the net loss for the second quarter, increased to $711,142 from $429,647 for the comparable prior year period.
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“I am extremely pleased to report our strongest financial and execution results to date,” said George Strouthopoulos, CEO, in a release. “We expanded our network operations into over 410 locations, closed another key acquisition, continued cleaning up our balance sheet, reduced old debt, built the foundation of our emerging new management team and recorded a significant increase in operating revenue and a positive gross margin.”
ICOA is a provider of neutral host wireless and wired broadband Internet networks in public locations. The company currently operates or manages over 410 installations, including 325 Panera Bread locations, and several airport and marina networks.
