Ackroo Revenues up 77% year over year
OTTAWA, July 29, 2016 /CNW/ - Ackroo Inc. (TSXV: AKR)
(OTC: AKRFF) ("Ackroo" or the "Company"), a gift card, loyalty and
rewards technology and services provider, today announced that it
has filed financial results for the three and six months ended
June 30th, 2016.
The results for the three months ended June 30th, 2016 reflect revenue growth
of 77% and operating cost reduction of 71% over the same period the
previous year. The results were driven by the Company's focus
on organic growth and the addition of additional channel
partners. Highlights include:
- Revenue of $559,223 for the
three month period ended June
30th, 2016 as compared to $315,562 for the three month period ended
June 30th, 2015 (77%
growth);
- Revenue of $1,107,523 for the
six month period ended June
30th, 2016 as compared to $700,700 for the six month period ended
June 30th, 2015 (58%
growth);
- Subscription and service revenue of $486,510 for the three month period ended
June 30th, 2016 as
compared to $272,715 for the three
month period ended June
30th, 2015 (78% growth);
- Loss from operations before depreciation, amortization, and
stock based compensation was $84,396
for the three month period ended June
30th, 2016 as compared to $290,246 for the three month period ended
June 30th, 2015 (71%
reduction);
"We are very happy with the large growth we delivered in Q2"
said Steve Levely, chief executive
officer at Ackroo. "The second quarter is traditionally a slower
revenue quarter for the Company from a seasonality perspective so
to see us deliver one of our best year over year growth quarters is
an exciting accomplishment. We put great focus on cross
selling products and services to our customer base while also
working with our current and new channel partners to add more
merchants onto our platform. These two initiatives drove
significant organic growth for the Company which we plan to keep
leveraging into future quarters. The Company also made significant
advancements in our product by developing key mobile functions from
the knowledge gained from the recent acquisition of D1 Mobile's
Appetite platform. These enhancements not only will assist
Ackroo in further differentiating and staying relevant in the ever
changing payment ecosystem, they will also drive increased revenues
for the Company by adding additional products and services we can
sell to our growing customer base. We are very happy with our
accomplishments during the quarter and we look forward to a very
exciting second half of the year."
The complete financial results for Ackroo are available
at www.sedar.com.
About Ackroo
Ackroo provides gift card and loyalty processing solutions to
help small to medium sized businesses attract, retain and grow
their customers and their revenues. Through a SaaS based business
model Ackroo provides an in-store and online automated solution to
help merchants process gift card & loyalty transactions at the
point of sale, provide key administrative and marketing data, and
to allow customers to access and manage their gift card and loyalty
accounts. Ackroo also provides important marketing services to
assist their merchants with utilizing Ackroo's technology solution.
Ackroo is headquartered in Ottawa,
Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward Looking Statements
These forecasts and forward-looking statements are not
guarantees of future performance and activities and are subject to
risks and uncertainties. The company has based these
forward-looking statements on assumptions and assessments made by
its management in light of their experience and their perception of
historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors
that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements include, but are not limited to: the
company's ability to raise enough capital to support the company's
go forward plans; the overall global economic environment; the
impact of competition and new technologies; general market,
political and economic conditions in the countries in which the
company operates; projected capital expenditures and liquidity;
changes in the company's strategy; government regulations and
approvals; changes in customers' budgeting priorities; plus other
factors that may arise. Any forward-looking statements in this
press release are made as of the date hereof, and the company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Ackroo Inc.