Monthly Archives

August 2018

Departamento de Correccion y Rehabilitacion de Puerto Rico Signs New Contract with Track Group, Inc.

By | News

NAPERVILLE, IL – Track Group, Inc. (OTCQX: TRCK), a global leader in providing criminal justice agencies with offender tracking and monitoring services, announced today that the Departamento de Correccion y Rehabilitacion de Puerto Rico signed a new agreement with the Company to provide GPS Tracking products and services commencing on July 9, 2018 thru June 30, 2019; renewable for two (2) additional years.

The previous agreement signed between the Departamento de Correccion y Rehabilitacion de Puerto Rico and the Company, was solely for the GPS tracking of domestic violence offenders. Under the new agreement, Track Group will continue to monitor this offender population, but will also provide GPS tracking for the pretrial and probation populations.

“Our commitment to the Departamento de Correccion y Rehabilitacion de Puerto Rico
is the same today as it was when we began our partnership over six (6) years ago,” said Derek Cassell, Track Group’s CEO. “Which is to provide them with the most effective GPS tracking technology for their specific program needs; combined with our unparalleled customer service to help ensure compliance among the offender populations.”

For more information about this contract award or any monitoring products and services offered by Track Group, contact Matt Swando at 877-260-2010.

About Track Group (trackgrp.com)
Track Group designs, manufactures, and markets location tracking devices and develops and sells a variety of related software, services, accessories, networking solutions, and monitoring applications for the criminal justice market. The Company’s products and services are designed to empower professionals in security, law enforcement, corrections and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.

Media Contact:
Matt Swando, Track Group
877-260-2010
matthew.swando@trackgrp.com

Track Group Reports 3rd Quarter Fiscal 2018 Financial Results

By | News, Quarterly Reports

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, 2018 (the “Third Quarter”). The Company posted gross profit of $4.2M, on total revenue of $7.7M, for a gross margin of 55%. In addition, the Third Quarter adjusted EBITDA came in at $1.16M.

“We’re thrilled to report record levels of active devices during our Third Quarter,” said Derek Cassell, Track Group’s CEO. “The implementation of a number of new customer opportunities combined with the record device levels positions us well for the remainder of the calendar year.”

BUSINESS AND FINANCIAL HIGHLIGHTS

  • Revenue for the Third Quarter ($7.7M) is up approximately 4% compared to the same period last year.
  • Gross Profit for the Third Quarter increased approximately 13% from last year ($4.2M vs. $3.7M) which led to Gross Profit for the 9 months ended June 30, 2018 being up 12% compared to the prior year ($12.7M vs $11.3M). As a result, gross margin for the Third Quarter and the 9 months ended June 30, 2018 was 55% and 56%, respectively, up considerably from the gross margin of 51% for both periods last year.
  • The quarterly operating loss of ($0.7M) is among the lowest in over three years, and allowed the Company to improve the 9 months ended June 30, 2018 operating loss to ($1.8M) down by 57% compared to the same period last year ($4.1M), due to a combination of a strong Gross Profit results and lower Operating Expenses.
  • Adjusted EBITDA in the Third Quarter finished at ($1.16M), which led to Adjusted EBITDA for the 9 months ended June 30, 2018 increasing 75% ($4.0M) compared to the same period last year ($2.3M).
  • Net loss, attributable to shareholders, for the 9 months ended June 30, 2018 was ($4.6M) compared to a loss of ($3.5M) for the same period last year due to a gain on settlement of a contingent liability of $3.2M in the same period last year. Without the gain on settlement of the contingent liability in 2017, loss attributable to shareholders would have been $6.7M for the 9 months ended June 30, 2017, compared to $4.6M in 2018.
  • Net Cash Provided by Operating Activities remained strong for the 9 months ended June 30, 2018 ($5.3M) compared to the same period of fiscal year 2017 ($2.9M), or up 81%.
  • On July 19, 2018, the Company and Conrent Invest S.A. (“Conrent”) agreed to extend the maturity date to the earlier of April 1, 2019 or the date upon which the principal and interest is repaid for the Amended and Restated Unsecured Facility Agreement dated June 30, 2015 between the Company and Conrent.
  • On July 23, 2018, the Company announced the introduction of BACtrack, a mobile alcohol monitoring system that integrates a smartphone app and a law enforcement-grade, handheld breathalyzer to provide breath alcohol content.

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