Wi2Wi Corporation Announces 2020 Year End Results
Wi2wi at-the-Ready for Key Industries Reopening Following Pandemic
TORONTO, ON / ACCESSWIRE / April 16, 2021 / Wi2Wi Corporation today announced its audited consolidated financial results for the fiscal year ended December 31, 2020. Amid the pandemic, the company remained operational and is well positioned to fulfill an anticipated rise in product demands as customers come back online.
Key Financial Highlights
In FY20, Wi2Wi was designated a part of the Critical Infrastructure Sector by the U.S. Department of Homeland Security. The company was able to maintain operational capacity and upheld COVID-19-related safety measures to prevent any large-scale outbreaks within the workforce.
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Fourth quarter revenue decreased 3.6% versus prior year primarily due to divestitures and COVID-related impacts, mainly for commercial-related sales. Organic revenue was flat for the quarter as 3.7% growth in core U.S. and international businesses, excluding commercial aviation and Public Safety, was offset by the anticipated COVID-related decline. At the segment level, revenue growth was driven by Space and Airborne Systems and Communication Systems, offset by a decline in Aviation Systems primarily due to COVID-related impacts. Funded book-to-bill was 0.93 for the quarter.
Fourth quarter GAAP EPS decreased 48% versus prior year primarily due to charges for the impairment of intangibles, goodwill and other assets related to the commercial aviation business and other COVID-related impacts. These charges and other impacts were partially offset by operational excellence, integration benefits, cost management, a decrease in integration costs and a lower share count. Non-GAAP EPS in