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The Orders Represent Part of a $13 Million Backlog, a 42% YOY Increase
HACKETTSTOWN, NJ, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (NASDAQ: VISL) announces that the Company has received $3 million in new orders in its live production, military-government and satcom markets. The new orders represent part of an order backlog that currently stands at approximately $13 million, which represents a 42% year-over-year increase.
The live production orders were received from clients operating in the broadcast, sports and entertainment sectors, primarily for wireless camera systems and related components. The military- government orders were for transmitter and receiver components for use by the US Navy and the US Army (which is above and beyond the $2.8 million order previously announced in July 2019), and airborne downlink systems equipment from a law enforcement agency. The satcom equipment orders were received from international customers.
“After going through a necessary restructuring and turnaround that included over $10 million in cost reductions, the Company ended Q3 with a completely de-levered balanced sheet,” said Roger Branton, CEO of Vislink Technologies. “Now that the Company is debt-free, we are 100% focused on fulfilling our backlog to our customers, strengthening our supply chain and realizing stable, profitable revenue growth.”
"We are gratified to see organic growth in our key verticals and a strong increase in our order backlog,” said John Payne, President and COO of Vislink. “I am especially pleased to see increasing numbers of new opportunities for us to pursue in other growth areas, such as onboard communications and live streaming.”
About Vislink Technologies, Inc.
Vislink Technologies is a global leader in the development and distribution of advanced communication solutions. Driven by technical excellence that has led the industry for over 50 years, our innovative products and turnkey solutions provide reliable connectivity in the toughest environments across the global live production, military and government sectors. Our solutions include high-definition communication links that reliably capture, transmit and manage live event footage, as well as secure video systems that support mission-critical applications. Vislink Technologies shares are publicly traded on the NASDAQ exchange under the ticker symbol VISL. For more information, visit www.vislink.com.
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