WILLIAMSBURG, Va., Aug. 25, 2017 /PRNewswire/ -- Tempus Applied Solutions Holdings, Inc. (OTCQB: TMPS) reported its first quarterly operating profit as part of the Company's financial results for the second quarter of 2017 (01 April – 30 June). Tempus delivered in excess of $300,000, or $0.03 per share (average weighted number of shares), in operating profit versus $1.10 million loss and negative $0.12 per share from the same period in 2016.
Tempus CEO Scott Terry stated, "The Company is confirming its ability to achieve profitable operations due to the combination of quality revenue and rightsizing the organization to manage the existing revenue. We are looking forward to more opportunities during 2017 as evidenced by the recent agreement to acquire the L-1011 aerial refueling aircraft."
During the second quarter, the Company's share price rose from $0.10 per share in March 2017 to $0.49 by 30 June 2017, with significantly higher trading volumes, and is currently trading at just under $0.30 per share. As a consequence of the increased share price, the Company's warrant liability increased in Q2 2017, resulting in a non cash expense of approximately $700,000, which led to a net loss for the quarter of $(0.05) per share compared to $(0.07) per share for Q2 2016.
Mr. Terry added that the Company "will continue to explore opportunities to add shareholder value through organic growth and potential acquisitions as the Company's market value increases and operating profitability is demonstrated."
Katherine Terry, public relations manager
Kterry@tempus-as.com | +1 864.901.8114
ABOUT TEMPUS APPLIED SOLUTIONS HOLDINGS INC. (OTC: TMPS): Tempus provides design, engineering, systems integration and flight operations solutions that support critical aviation mission requirements for a variety of customers including the United States Department of Defense, other U.S. government agencies, foreign governments and select corporations and individuals in the private sector. Our experienced team of professionals provides efficient, economical and flexible service that responds to the most challenging demands facing the aviation industry today. Our commitment to safety and security has earned us a reputation as one of the most forward-thinking aviation companies worldwide. We are headquartered in Williamsburg, Virginia.
Cautionary comment regarding forward-looking statements
This press release includes forward-looking statements regarding (i) potential business opportunities in connection with aerial refueling and (ii) adding shareholder value through organic growth and potential acquisitions. These forward-looking statements reflect management's current outlook and beliefs, but actual results may differ due to various risks and uncertainties. In particular, the Company must (i) complete a satisfactory technical inspection of the refueling aircraft, and successfully negotiate service agreements from clients in a competitive environment, and (ii) achieve sufficient business development and/or financial strength to pursue the internal and external growth it seeks. For further information on the risks facing the Company, see the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission, as well as its quarterly reports on Form 10-Q.
TEMPUS APPLIED SOLUTIONS HOLDINGS INC.
471 McLaws Circle| Williamsburg, VA 23185 | +1 757.865.7779
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SOURCE Tempus Applied Solutions Holdings Inc.