SHENZHEN, China, Nov. 21, 2018 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ:TAOP), a leading provider of internet-based advertisement distribution and display terminal sharing systems and online retail platform, today announced its unaudited financial results for the nine months ended September 30, 2018.
Financial Highlights for the Nine Months Ended September 30, 2018
Revenue was $16.5 million, an increase of 34.8%, compared to $12.2 million for the same period last year.
Net income attributable to the Company was $1.9 million, compared to $1.1 million for the same period last year. Earnings per share (diluted) was $0.04 per share, compared to $0.03 per share for the same period of 2017.
Gross profit as a percentage of revenue was 46.1% for the nine months of 2018, increased from 45.4% for the same period last year.
Excluding non-cash items, adjusted net income was $5.6 million, compared to $3.9 million for the same period last year. Adjusted earnings per share (diluted) was $0.13 per share, compared to $0.10 per share for the same period of 2017.
In the nine months ended September 30, 2018, revenue generated from related parties was $8.5 million, representing 51.6% of total revenue.
Operational Highlights for Recent 2018
Taoping Alliance, a nationwide new-media sharing network jointly founded by the Company and Shenzhen Taoping New-Media Limited, has penetrated into the county-level market nationwide. Since its establishment in May 2017, members of Taoping Alliance have increased to 70, with the coverage of twenty-six provinces out of thirty-four provincial level administrative units in China.
In September 2018, the Company officially launched “Taoping Promotion”, a WeChat applet as part of Taoping E-store. Taoping E-store enables interaction between advertiser and consumers, and helps convert Taoping terminal audience into online consumers.
On November 13, 2018, the Company announced that it has entered into a strategic cooperation agreement with Canada-based Capital Green Tech & Trade Corp. (CG) to formally enter the overseas market. According to the agreement, as the local partner of TAOP, CG will operate TAOP sharing new media in Toronto, Canada.
“After about two years of business transformation and development, our “Smart IoT Terminal – Taoping Net/App – Taoping E-store” lifestyle media ecosystem has been fully developed and is currently used by advertisers in 26 provinces over the country. We are glad to see a growing number of small business owners and famous brands start to distribute ads on our Cloud-based ads display terminals,” said Mr. Jianghuai Lin, CEO and Chairman of TAOP.
