CHARLOTTE, N.C., May 14, 2020 /PRNewswire/ -- United Global Technologies (UGT) www.ugtechnologies.com reported net revenue for the first quarter of 2020 increased by 39.37% over the same period, first quarter of 2019. Elizabeth Bernstein, UGT CEO, said, "The revenue increase reflected higher earnings in our expanding security vertical coupled with impact changes on projects assisting customers with moving to distributed workforce environments." Net income increased by 74% from the prior-year period, primarily reflecting increased revenues and the benefit of overall lower costs in the wake of the COVID-19 pandemic. Jason Monastra, UGT COO, reflected on the matter: "We were able to manage our expenses with diligence given the foreseen economic impact of COVID-19 thus reducing our standardized costs in Q1 by 12.7%."
United Global Technologies, we are accomplished purveyors of IT and engineering services because of our dedicated focus on these specialties that meet the ever-increasing demand of our customers. UGT was founded in 2009 by two partners' vision that leverages more than 30 years of expertise. We know the terrain. We guide our clients through it with expediency and efficiency. Growth is only one factor that shows value but United Global Technologies has performed more than 1,000,000 hours of professional consulting across technical projects allowing us an insight possessed by few companies.
"I am extremely proud of the commitment and dedication shown by all of the people here at UGT throughout these changing and un-chartered times. Many of our employees are migrating to remote, working longer hours, and providing better service in an understanding of these economic conditions," said Elizabeth Bernstein, CEO of UGT.
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SOURCE United Global Technologies (UGT)