Costar Technologies has announced the Q1 2020 financial results of the company ended March 31, 2020. According to the details released by the company, the company has collected a total revenue of $17,028, which is 18.3% more than the previous quarter. The overall operating expenses of the company slashed to 16.5 to $6,616, which was less than the previous quarter figure of $7,922.
The company has recorded the GAAP net loss of $193 per diluted share as compared to $2,632 in the first quarter of 2019. The company recorded the adjusted EBTIDA of $500 as compared to $2,699 for the previous quarter.
Chief Executive Officer of Costar Technologies, Sarah Rider said, “While our first quarter is historically soft, our financial performance for the first quarter of 2020 benefited from the release of previously delayed projects in the traffic and critical infrastructure markets. These projects combined with shipments of $1.2M on a large international order, drove CohuHD’s sizeable contribution to first quarter revenue.”
“The uncertainty of the current economic environment presents challenges for our business, but increased demand in the traffic, critical infrastructure and education markets helped offset some of the softness experienced in parts of our retail vertical. We made aggressive cost reduction efforts heading into the second quarter to mitigate the impact of demand decreases in certain segments. I’m very pleased with our first quarter results and our strong start to a challenging year,” Ryder further added.
Interim Chief Executive Officer, Scott Switzer said, “Our facilities have remained in full operation under the Essential Service Business Exception of the Shelter in Place orders. Our employees are our greatest asset and we take their safety very seriously. Office personnel are working from home and we have implemented measures to help ensure the safety of our production workers. While the COVID-19 pandemic has negatively impacted our business, we were able to take advantage of the Small Business Association’s (SBA) Payroll Protection Program (PPP) and obtained a $3M loan in April 2020.”