In the news release, WidePoint Corporation Reports Full Year 2016 Financial Results, issued 30-Mar-2017 by WidePoint Corporation over PR Newswire, we are advised by the company that a line has been added to the CONSOLIDATED BALANCE SHEETS table. A new row was added below the "Deposits and other liabilities" row. The new row is labeled "Deferred income taxes" with "447,811" added to 2016 column and "447,811" added to 2015 column. This is a new line to the table as originally issued inadvertently. The complete, corrected release follows:

WidePoint Corporation Reports Full Year 2016 Financial Results

MCLEAN, Va., March 30, 2017 /PRNewswire/ -- WidePoint Corporation (NYSE Mkt: WYY), a leading provider of Managed Mobility Services (MMS) specializing in Cybersecurity and Telecommunications Lifecycle Management (TLM) solutions, today announced financial results for the fourth quarter and full-year ended December 31, 2016.

Recent Business Highlights


    --  Board of Directors appointed Jeffrey O. Nyweide as the Chief Executive
        Officer and President and Director
    --  Added a major telecommunication consolidator as a new channel partner
        for TLM
    --  Added two major resellers as channel partners for credentialing
        solutions
    --  Realigned sales and marketing to improve lead generation activities
    --  Initiated consolidation of physical and logical infrastructure to
        eliminate redundant overheads and reduce costs

Full Year 2016 Financial Highlights


    --  Net revenue was approximately $78.4 million compared to $70.8 million in
        2015
    --  Gross profit was approximately $14.0 million compared to $13.2 million
        in 2015
    --  Net loss of approximately ($4.1 million) compared to ($5.5 million) in
        2015, or basic and diluted loss per share of $0.05 per share compared to
        $0.07 in 2015
    --  Adjusted EBITDA loss of approximately ($2.0 million) compared to
        approximately ($3.5 million in 2015

Fourth Quarter 2016 Financial Highlights


    --  Net revenue was approximately $18.3 million compared to $18.7 million in
        the fourth quarter of 2015
    --  Gross profit was approximately $2.4 million compared to $3.2 million in
        the fourth quarter of 2015
    --  Net loss was approximately ($2.4 million) compared to ($1.1 million) in
        the fourth quarter of 2015, or basic and diluted loss per share of $0.03
        per share compared to $0.01 in the fourth quarter of 2015.
    --  Adjusted EBITDA loss was approximately ($1.7 million) compared to
        approximately ($0.9 million) in fourth quarter of 2015. Included in our
        4(th) quarter 2016 expenses were also approximately $1.2 million in
        non-recurring charges.
    --  Cash and cash equivalents was approximately $9.1 million as of December
        31, 2016. Working capital was approximately $5.0 million.

"Over the past three months, I've conducted a strategic review of our business to gain a deep understanding of our products and services, our employees and management, our clients and partners. I see a lot of opportunities ahead for WidePoint," stated Jeffrey O. Nyweide, WidePoint's Chief Executive Officer and President. "As a company, we are committed to capitalizing on our foundation of core expertise and innovation to pursue high growth opportunities in both mobile telecommunications and cybersecurity. Throughout 2017, we will continue to streamline and consolidate our infrastructure to support an organization that can scale both revenues and profitability."

Non-GAAP Financial Measures

WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of Net loss to Adjusted EBITDA is included on the schedules attached hereto.

Conference Call Information

A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Thursday, March 30, 2017. Anyone interested in listening to our analyst call should call 1-888-791-4305 if calling within the United States or 1-913-312-1378 if calling internationally. There will be a playback available until April 13, 2017. To listen to the playback, please call 1 844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use PIN code 4711433 for the replay. The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=123277.

About WidePoint

WidePoint is a leading provider of secure, cloud-delivered, enterprise-wide information technology-based solutions that can enable enterprises and agencies to deploy fully compliant IT services in accordance with government mandated regulations and advanced system requirements. WidePoint has several major government and commercial contracts. For more information, visit www.widepoint.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; (iv) the Company's ability to achieve profitability and positive cash flows; (v) the Company's ability to raise additional capital on favorable terms or at all; (vii) the Company's ability to gain market acceptance for its products and (viii) the risk factors disclosed in the Company's periodic reports filed with the SEC. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 15, 2016.

-tables follow-



                                   WIDEPOINT CORPORATION

                                CONSOLIDATED BALANCE SHEETS


                                                                       DECEMBER 31,
                                                                       ------------

                                                                         2016                2015
                                                                         ----                ----


                                           ASSETS

    CURRENT ASSETS

    Cash and cash equivalents                                      $9,123,498          $7,930,303

    Accounts receivable, net of allowance for
     doubtful accounts of $344,411 and
     $73,378 in 2016 and 2015, respectively

                                                                    5,153,093          10,565,113

    Unbilled accounts
     receivable                                                     8,112,690           6,637,587

    Inventories                                                       123,287              28,400

    Prepaid expenses and other
     assets                                                           385,388             435,300

    Income taxes receivable                                            42,896                   -

    Deferred income taxes                                              48,826              30,889


    Total current assets                                           22,989,678          25,627,592


    NONCURRENT ASSETS

    Assets held for sale                                              594,376                   -

    Property and equipment, net                                       736,678           1,513,307

    Intangibles, net                                                4,298,902           5,101,523

    Goodwill                                                       18,555,578          18,555,578

    Deposits and other assets                                          52,456              60,471


    TOTAL ASSETS                                                  $47,227,668         $50,858,471
                                                                  ===========         ===========


                            LIABILITIES AND STOCKHOLDERS' EQUITY


    CURRENT LIABILITIES

    Short term note payable                                          $131,761            $131,953

    Accounts payable                                                8,665,449           7,812,226

    Accrued expenses                                                7,872,557           6,687,054

    Deferred revenue                                                1,190,558           2,007,970

    Income taxes payable                                                5,141              37,684

    Current portion of long-
     term debt                                                         94,868             893,706

    Current portion of deferred
     rent                                                              40,397              28,071

    Current portion of capital
     lease obligations                                                  4,097              28,752


    Total current liabilities                                      18,004,828          17,627,416


    NONCURRENT LIABILITIES

    Long-term debt related to
     assets held for sale, net
     of current portion                                               412,180                   -

    Long-term debt, net of
     current portion                                                        -            431,756

    Capital lease obligation,
     net of current portion                                                 -             11,962

    Deferred rent, net of
     current portion                                                   86,198             123,923

    Deferred revenue                                                        -             24,937

    Deposits and other
     liabilities                                                            -                  -

    Deferred income taxes                                             447,811             447,811


    Total liabilities                                              18,951,017          18,667,805


    STOCKHOLDERS' EQUITY

    Preferred stock, $0.001 par value; 10,000,000 shares
     authorized; 2,045,714 shares issued and none outstanding

                                                                            -                  -

    Common stock, $0.001 par value;
     110,000,000 shares authorized;
     82,730,134 and 82,520,696 shares issued
     and outstanding, respectively

                                                                       82,730              82,521

    Additional paid-in capital                                     93,920,095          93,661,178

    Accumulated other
     comprehensive loss                                             (309,369)          (270,140)

    Accumulated deficit                                          (65,416,805)       (61,282,893)


    Total stockholders' equity                                     28,276,651          32,190,666


    Total liabilities and
     stockholders' equity                                         $47,227,668         $50,858,471
                                                                  ===========         ===========



                                                                                        WIDEPOINT CORPORATION

                                                                                CONSOLIDATED STATEMENTS OF OPERATIONS


                                                                                                                                 YEAR ENDED                                   THREE MONTHS ENDED

                                                                                                                                DECEMBER 31,                                     DECEMBER 31,
                                                                                                                                ------------                                     ------------

                                                                                                                                   2016                           2015                           2016                         2015
                                                                                                                                   ----                           ----                           ----                         ----

                                                                                                                                             (Unaudited)

    REVENUES                                                                      $78,420,864                                   $70,838,017                    $18,257,719                    $18,714,846

    COST OF REVENUES (including amortization and depreciation of $1,204,858
     and $1,183,143, respectively)

                                                                                64,410,468                     57,605,357                    15,850,877                    15,477,768
                                                                                ----------                     ----------                    ----------                    ----------


    GROSS PROFIT                                                                                                             14,010,396                     13,232,660                      2,406,842                    3,237,078
                                                                                                                             ----------                     ----------                      ---------                    ---------


    OPERATING EXPENSES

                                                                             Sales and
                                                                             Marketing                            2,667,808                     3,030,249                       600,813                      697,210

                                                                            General and
                                                                             Administrative
                                                                             Expenses
                                                                             (including
                                                                             share-based
                                                                             compensation of
                                                                             $310,989 and
                                                                             $299,337,
                                                                             respectively)

                                                                                   14,448,270                                    14,608,014                      3,797,573                      3,100,705

                                                                             Product
                                                                             Development                            699,013                       673,093                       437,982                      673,093

                                                                             Depreciation and
                                                                             Amortization                           358,559                       383,265                        89,603                      100,054
                                                                                                                  -------


                                                                                                Total Operating Expenses        18,173,650                     18,694,621                      4,925,971                    4,571,062
                                                                                                                                ----------                     ----------                      ---------                    ---------


    LOSS FROM OPERATIONS                                                                                                    (4,163,254)                   (5,461,961)                   (2,519,129)                 (1,333,984)


    OTHER INCOME (EXPENSE)

                                                                            Interest Income                          14,591                        23,031                         3,973                        5,107

                                                                            Interest Expense                       (72,231)                    (142,497)                     (11,163)                    (31,244)

                                                                            Other Income                             13,536                        33,009                         2,412                      (4,814)
                                                                                                                   ------


                                                                                                 Total Other Income
                                                                                                 (Expense)                        (44,104)                      (86,457)                       (4,778)                    (30,951)
                                                                                                                                   -------                        -------                         ------                      -------


    LOSS BEFORE PROVISION FOR INCOME
     TAXES                                                                                                                  (4,207,358)                   (5,548,418)                   (2,523,907)                 (1,364,935)

    INCOME TAX BENEFIT                                                                                                         (73,446)                      (81,811)                      (94,475)                   (228,998)
                                                                                                                                -------                        -------                        -------                     --------


    NET LOSS                                                                     $(4,133,912)                                 $(5,466,607)                  $(2,429,432)                  $(1,135,937)
                                                                                  ===========                                   ===========                    ===========                    ===========


    BASIC EARNINGS PER SHARE                                                          $(0.05)                                      $(0.07)                       $(0.03)                       $(0.01)
                                                                                       ======                                        ======                         ======                         ======


    BASIC WEIGHTED-AVERAGE SHARES
     OUTSTANDING                                                                                                             82,687,789                     82,228,974                     82,730,134                   79,039,745
                                                                                                                             ==========                     ==========                     ==========                   ==========


    DILUTED EARNINGS PER SHARE                                                        $(0.05)                                      $(0.07)                       $(0.03)                       $(0.01)
                                                                                       ======                                        ======                         ======                         ======


    DILUTED WEIGHTED-AVERAGE SHARES
     OUTSTANDING                                                                                                             82,687,789                     82,228,974                     82,730,134                   79,039,745
                                                                                                                             ==========                     ==========                     ==========                   ==========



                                                                  WIDEPOINT CORPORATION

                                                        ADJUSTED EARNINGS BEFORE INTEREST, TAXES,

                                                              DEPRECIATION AND AMORTIZATION


                                                                           FISCAL YEAR ENDED                                   THREE MONTHS ENDED

                                                                              DECEMBER 31,                                        DECEMBER 31,
                                                                              ------------                                        ------------

                                                                                2016                             2015                            2016                         2015
                                                                                ----                             ----                            ----                         ----

                                                                                                    Unaudited)


    NET LOSS                                             $(4,133,900)                    $(5,466,607)                   $(2,429,400)                    $(1,135,900)

    Adjustments to GAAP net loss:

                                  Depreciation and amortization              1,563,400                        1,566,400                         406,600                      409,500

                                   Amortization of deferred financing
                                   costs                                             -                          10,300                               -                       1,600

                                  Income tax provision (benefit)              (73,400)                        (81,800)                       (94,400)                   (229,000)

                                  Interest income                             (14,600)                        (23,000)                        (4,000)                     (5,100)

                                  Interest expense                              72,200                          132,200                          11,100                       20,900

                                  Other (expense) income                      (13,500)                        (33,000)                        (2,400)                       4,800

                                  Provision for doubtful accounts              253,400                           18,100                         261,300                     (38,800)

                                  Stock-based compensation expense             311,000                          299,300                         106,600                       91,200
                                                                             -------


    Adjusted EBITDA                                      $(2,035,400)                    $(3,578,107)                   $(1,744,600)                      $(880,800)
                                                          ===========                      ===========                     ===========                        =========

For More Information:

Brett Maas or David Fore
Hayden IR
(646) 536-7331
brett@haydenir.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/widepoint-corporation-reports-full-year-2016-financial-results-300432026.html

SOURCE WidePoint Corporation