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GlassBridge Reports First Quarter 2018 Financial Results
Nexsan Business Returned to Profit
Oakdale, Minnesota - (PR Newswire) - May 15, 2018 - GlassBridge Enterprises, Inc. (OTCQX: GLAE) (“GlassBridge”, the “Company” or “we”) today announced its financial results for the first quarter of 2018.
In the last earnings release, we discussed the issues related to our partially owned Nexsan business and our strategy to turn the business around. We are pleased to announce that our strategy was successfully implemented and that Nexsan has returned to profitability in the first quarter of 2018. “I am extremely proud of our Nexsan team. Despite all the challenges, this resilient team has executed on every aspect of our plan. Not only did we significantly reduce operating cost, we also grew revenue and improved gross margin from Q4 2017. Just as importantly, we have begun to execute on our innovative approach to managing and protecting cloud storage, a tremendous growth opportunity. Utilizing Nexsan’s proven proprietary technology is an integral component of this plan,” said Danny Zheng, GlassBridge Interim CEO and Nexsan CEO. “While a return to profitability is the first milestone in our journey, we are fully aware of the competitive landscape and the many challenges still ahead. We will continue to leverage Nexsan’s competitive advantages across all of our product lines to generate cash, invest in the business and grow. This will allow GlassBridge to preserve cash and focus on its core asset management business.”
Over the past year, we have repositioned the resources of the Company to develop and grow our asset management business. In addition to our technology-focused alternative asset management business driven by quantitative trading strategies, we have also focused on venture capital and investment opportunities, including through our strategic partnership called “ARRIVE” with Primary Venture Partners and Roc Nation, a global sports and entertainment management organization. In our asset management business, we seeded the first investment vehicle managed by our investment adviser subsidiary GlassBridge Asset Management, LLC (“GBAM”). We believe that ongoing improvements within the quantitative trading space - and the growing sophistication related to processing large quantities of market data - allow us to remain well-positioned to capture assets looking to benefit from our investment strategy. GlassBridge continues to engage in discussions with a number of strategic investors regarding our product offerings, and we have had some success curating our multiple sub-strategies into a product designed to match an investor’s needs. We continue to endeavor to work towards examining other distribution platforms, including liquid alternatives in the U.S. and abroad. We will continue to grow the asset management business in a measured way moving forward. In addition, “ARRIVE” has led to a number of proprietary business opportunities and transactions that have already added value to GlassBridge, and we will continue to evaluate and pursue opportunities arising out of this partnership.
The following information was filed by Glassbridge Enterprises, Inc. (GLAE) on Tuesday, May 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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