Boxlight Corporation (NASDAQ:BOXL) Q2 2020 Earnings Conference Call - Final Transcript
Aug 14, 2020 • 09:30 am ET
Thank you and welcome to the Boxlight Second Quarter 2020 Earnings Conference Call. By now, everyone should have access to the second quarter 2020 press release issued this morning. This call is being webcast and is available for replay.
The remarks today will include statements that are considered forward-looking, within the meaning of securities laws, including forward-looking statements about future results of operations, business strategies and plans, customer relationships, market trends and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today, and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward-looking statements. A detailed discussion of such risks and uncertainties are contained in the company's most recent Form 10-Q, Form 10-K and other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements.
On this call, management will refer to non-GAAP measures, that when used in combination with GAAP results, provide additional analytical tools, to understand the company's operations. The company has provided reconciliations to the most directly comparable GAAP financial measures in the earnings press releases, which will be posted on the Investor Relations section of the company's website at investors.boxlight.com.
And with that, I'll hand the call over to Boxlight's Chief Executive Officer, Michael Pope. Sir, the floor is yours.
Good morning, everyone, and thank you for joining the call. We made significant progress as a company during the second quarter, including closing an $11.5 million secondary offering, launching our MimioConnect software platform for virtual and blended learning environments, expanding our sales channel in the U.S. and internationally, and acquiring Robo3D and MyStemKits, a complete 3D printing solution for education.
For the second quarter, we reported revenues of $7.8 million, gross profit of 34%, adjusted EBITDA of negative $300,00 --or $0.3 million, excuse me; and adjusted EPS of negative $0.01. Our improvement in adjusted EBITDA and adjusted EPS over the same period last year, was a direct result of our substantial operating expense reductions during Q1 and a 670 basis point improvement in gross profit over the same period last year. Additionally, we ended the quarter with working capital of $3.8 million and stockholders' equity of $10.7 million. Our CFO, Takesha Brown will provide more financial details shortly.
During the quarter, we had several new wins, including; Hartford County in Maryland; Middleton Town township in New Jersey; and Orangefield ISD in Texas. We also continued to deliver on several key contracts such as; Anderson County and Beaufort County in South Carolina; Huntington Beach City schools in California; San Diego Unified in California; Montgomery County Public Schools in Maryland; and Atlanta Public Schools in Georgia.
Our services division successfully renewed and expanded our professional development contracts during the quarter in both Clayton County Public Schools in Georgia, and Phoenix Union High School District in Arizona.
Outside the U.S., our Latin America business continued to grow