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CHARLOTTE, N.C., May 6, 2021 /PRNewswire/ NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the first quarter ended March 31, 2021.
GAAP Results
Net sales for the first quarter of 2021 increased $10.6 million, or 9.1%, to $126.8 million, compared to $116.2 million for the first quarter of 2020, led by strong sales from Mobile Solutions, which increased 11.3%.
On a GAAP basis, income from operations for the first quarter of 2021 was $1.0 million, compared to loss from operations of $103.9 million for the same period in 2020. In the first quarter of 2021, the income from operations was primarily driven by an increase in sales volume and cost reduction initiatives. Income from operations for the first quarter of 2020 was impacted by a non-cash goodwill impairment of $92.9 million in the Power Solutions segment.
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Machine Learning to Revolutionize Retail Execution Business and Act as a Trend for Retail Execution Software Market during 2020-2027
Retail Execution Software Market was valued at US$ 198.39 million in 2019 and is projected to reach US$ 303.26 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027.
In the retail industry, several challenges occur due to imbalance between demand and resource availability, as well as inadequate area mapping. Machine learning, an application of artificial intelligence, is the foundation of the next-gen of technologies. It offers systems the ability to learn from recorded data and experiences with the use of algorithms, patterns, and predictive insights.
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Time the service begins and ends
This feature is available in the mobile app to enable providers to meet the 21st Century Cures Act requirements. The mobile app is designed to capture time and date stamp during the entry and every view or further update access thereafter. Geolocation and timestamp features of the app ensure that services are captured accurately from the point of service delivery which streamline the service delivery authentication process and data is collected by the person directly providing those services. Other features include electronic signature verification and a secure photo upload feature for HIPAA compliance which prevents the photos taken within the app from being saved to the device and instead being directly uploaded to the individual s documentation within Therap.