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I-ON Communications Announces March Results, Business Development Updates, and Reaffirms 2018-2019 Business Outlook
I-ON Communications Announces March Results, Business Development Updates, and Reaffirms 2018-2019 Business OutlookPR NewswireSEOUL, South Korea, June 19, 2018SEOUL, South Korea, June 19, 2018 /PRNewswire/ -- I-ON Communications, Ltd. ("I-ON") (OTCQB:ALES), www.i-on.net, a Seoul, South Korea based global enterprise software company focused on delivering leading web CMS and unstructured data management products and solutions to mid and large-scale enterprises, reported a new contract win, as well as financial results for the quarter ended March 31, 2018 reflected in I-ON's current report on Form 10-Q filed with the SEC on June 19, 2018. Revenue during the March quarter came in at $1.3 million versus $2.3 million in the same period last year and was composed of royalties, licensing, customized solutions and services. The double-digit decline year-over-year (y/y) was anticipated partly due to seasonality and more so owing to a renewed focus and investments toward new product launches. Several new implementations were also delayed and carried over into the June 30, 2018 period, which the company believes was exacerbated by the geopolitical climate at that time. Key customers in the March quarter included Samsung SDS, KBS, POSCO ICT and AXA. Gross and operating margins came in at losses primarily due to timing of revenue recognition on projects commenced and services provided, which as previously noted, ultimately carried over into the current June 30, 2018 period. I-ON, during the first quarter, also ramped up marketing for new product launches while continuing to spend on R&D and professional services related to the Company's public listing. The Company's balance sheet continues to remain healthy with total cash and equivalents of over $3.0 million, $5.6 million in working capital, total assets of $8.6 million, negligible long-term debt, and shareholders' equity of approximately $6.9 million. In addition, I-ON had available lines of credit with financial institutions for up to $3.7 million, of which there were no outstanding balances as of the end of the period. Business UpdateI-ON is pleased to announce that it has recently forged a long-term agreement with South Korea's Ministry of Culture, Sports, and Tourism (Full story available on Benzinga.com