I-ON Digital Reports September Financial Results; Revenue up 18% YTD; Operating cash-flow positive; Pipeline Remains Healthy; Guidance Reaffirmed

SEOUL, South Korea, Nov. 13, 2019 /PRNewswire/ --A I-ON Digital Corp. (OTCQB:IONI) ("I-ON" or the "Company"),A, a Seoul, South Korea based global enterprise software company focused on delivering leading unstructured data management solutions including digital experience (DXP), CMS, and digital marketing offerings, is pleased to announce financial results for the quarter ended September 30, 2019 reflected in I-ON's current report on Form 10-Q filed with the SEC on November 13, 2019. SummaryDuring the September quarter, total revenue came in at $1.82 million, flat sequentially and year over year, but which followed high double-digit top line growth in both the March and June 2019 quarters due partially to easier year over year comparisons. Similar to most recent periods, revenue mix remained healthy and virtually unchanged, composed primarily of customized solutions, services and licensing associated with existing DXP implementation and migration backlog, and slightly more royalty and subscription contribution out of Korea, Japan and South East Asia versus a year ago. As a result, gross margin improved slightly to 41.1% versus last year. New and ongoing client engagements included Samsung Card, LG CNS, Seoul Broadcasting System, CJ Entertainment, Jeju Tourism and a major cosmetics company (CMS/DXP), the KLPGA and Korea's 3x3 Basketball League (sports data management/TAMM), ASPN and SK D&D (eForm), as well as Seoul City and Malaysia-based utility Tenaga for smart energy initiatives.A Top ten customer concentration in the period remained stable and consistent with prior periods at approximately 50%. CMS and DXP reflected over 80% of total revenue.The Company invested 21% more versus last year on G&A and marketing to drive sales- partly public company costs and product launches- while R&D declined as a percentage of revenue, resulting in total operating expenses to decline 9% to $0.6 million during the quarter. This generated operating income of $0.15 million, a 33% increase over last year and reversal from the seasonal operating loss typically generated in the June quarter. Excluding FX, GAAP net income grew 7% year over year to $0.2 million, translating to earnings per share (EPS) of $0.01. Year to Date Assessment
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