Pivot Technology Solutions, Inc. announced unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $369,266,000 against $322,423,000 a year ago. Loss before the following: depreciation and amortization, finance expense, change in fair value of liabilities and other expense, net was $99,000 against profit of $784,000 a year ago. Loss before income taxes was $2,605,000 against $6,120,000 a year ago. Loss for the period attributable to shareholders was $2,469,000 or $0.06 basic and diluted share against $4,136,000 or $0.10 basic and diluted share a year ago. Adjusted EBITDA was $1.5 million, up $3.1 million from a loss of $1.6 million in the first quarter of 2017 reflecting revenue growth and effective cost management. Cash provided by operating activities was $16.2 million was $35.8 million lower than the prior year quarter. The decrease is primarily due to the timing of noncash working capital items, specifically, accounts receivable, inventory and accounts payable. The company spent $370,000 on CapEx, which is in keeping with plan.

CapEx plan for 2018 is to spend approximately $3 million.