Waukesha-based Telkonet Inc. today reported second quarter net income of $523,511 or 0 cents per share, up from $219,085, or 0 cents per share, in the second quarter of 2014.
Operating income at the intelligent automation solution provider was $589,297, up from $278,007 in the same period a year ago.
Quarterly revenue totaled $4.8 million, up 9 percent from $4.4 million in the second quarter of 2014.
The company reduced its cost of sales in the quarter from $2.2 million to $1.9 million, and also increased total sales.
Telkonet makes smart products that are part of the Internet of Things, including the EcoSmart platform of in-room automation solutions, which are used to optimize energy efficiency, comfort and operational analytics.
“The earnings power in our business model was evident in the second quarter as our profits grew and margins expanded,” said Jason Tienor, chief executive officer of Telkonet. “We also executed a number of key strategic agreements in Q2, including a partnership with Samsung to release and deploy the fully integrated Smart Hospitality Room. Additionally, we entered into an agreement with Trane, a world leader in air conditioning systems, services and solutions and a subsidiary of Ingersoll Rand, to market and promote our EcoSmart platform throughout their hospitality sales channel. Finally, we launched the evolutionary new EcoTouch, a beautifully simple touchscreen wireless thermostat, at HITEC 2015. The EcoTouch offers innovative new features and essential aesthetic attributes that successfully position us to participate in high-end hospitality, international and consumer markets. Looking forward, we’ll utilize this financial and strategic momentum to enable our continued year-over-year topline growth, while driving profitability for full year 2015 as we continue ahead into our seasonably strong third and fourth quarters.”
