Snipp Interactive Inc. Reports 100% Growth in Revenue & Positive Net Income for Q1, 2014; Logs Its Ninth Consecutive Quarter ...
02 Junio 2014 - 9:11AM
Marketwired
Snipp Interactive Inc. Reports 100% Growth in Revenue and Positive
Net Income for Q1, 2014; Logs Its Ninth Consecutive Quarter of
Revenue Growth
BETHESDA, MARYLAND--(Marketwired - Jun 2, 2014) - Snipp
Interactive Inc. ("Snipp"), an international provider of mobile
marketing solutions listed on the TSX Venture Exchange
(TSX-VENTURE:SPN), is pleased to announce its financial results for
the quarter ended March 31, 2014. A copy of the complete unaudited
financial statements, management's discussion and analysis are
available on SEDAR (www.sedar.com).
The total sales revenues for Q1 2014 grew 100% from Q1 2013.
Revenue for the first quarter of 2014 was $349,082 compared to
$174,331 for the first quarter of 2013 and $262,551 for the
previous quarter (Q4 2013). The increase in revenue is largely
attributable to a slew of new customers and campaigns launched
utilizing Snipp's collection of mobile-based promotion marketing
solutions (including SnippCheck, its unique receipt-processing
solution and SnippWin, its contests and promotions platform).
Net income for Q1 2014 was $208,694 compared to net income of
$135,163 in Q1 2013.
The company reported a net loss before other non-operating items
of $186,305 for Q1 2014 compared to a net loss before other
non-operating items of $398,235 in Q1 2013. The decrease in net
loss (before other non-operating items) was mainly due to increased
sales revenue as a result of the continued acquisition of new
clients and expanded use of the company's mobile solutions by its
existing clients, aided by a focused paring down of operational
expenses. The company believes it has the infrastructure in place
to allow its revenues to scale without incurring significant
additional infrastructure costs and is focused on continuing to
increase revenue while maintaining a similar operating cost
structure. Where opportunities arise, the company intends to
re-invest revenues in rapidly growing its business in North America
to further capture market share, increase awareness of the company
and target specific acquisitions that would add to its portfolio of
solutions in the promotion marketing space.
At the end of Q1 2014, current assets were $950,116 and current
liabilities $367,200.
Q1 2014 Highlights
include:
- Launch of multiple campaigns with new clients in the
Healthcare, Alcohol Beverages, Sports Marketing, Food Products and
Fashion industries
- Further penetration into member agencies within the Omnicom
group (the second largest agency holding company in the world by
revenue)
- New relationships with two agencies within the WPP group of
companies (the largest advertising company in the world by
revenue)
- Multiple articles featuring Snipp in industry-leading journals
and trade publications
- 200% record quarterly revenue growth and increased cost
reductions
Atul Sabharwal, CEO and Founder of Snipp commented, "We are very
pleased to announce our ninth consecutive quarter of revenue
growth. We have built a solid foundation across every part of the
organization and are well poised for continued and sustained
growth. In the past few months we have successfully launched
multiple national campaigns for category-defining brands and in
association with national grocery chains, other big box retailers
and even a major sports league."
"We have a solid pipeline of new business and high-profile
campaigns," he continued. "In fact just today we launched five new
national campaigns for a diverse set of brands. For confidentiality
reasons and the highly competitive nature of the work we do, we are
not at liberty to talk about our clients and their campaigns, but
we encourage everyone to check our website frequently to learn
about how we are continuing to build our relationships with Fortune
500 brands and leading global marketing agencies."
Outlook:
The information in this section is forward-looking and
should be read in conjunction with the section below entitled
"CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS".
Management is focused on achieving cash-based profitability in
2014 after sustaining nine consecutive quarters of growth since the
public offering and believes it is well on track to do so. In fact,
in the first five months of 2014, the Company has already booked
the equivalent of 110+% of its 2013 audited revenues.
Management believes that the company can maintain its record of
continued quarterly growth with the prudent reinvestment of its
cash flows to support the growth. Management also believes that
with the continued development of the platform and its components,
the company is in a strong position to further penetrate the
promotions marketing industry not only in the United States of
America but also globally. Management believes the best strategy
for the company is to continue focusing on the promotions marketing
industry, estimated to be an $80 billion in North America alone,
and which remains relatively under-penetrated with regards to
mobile solutions.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to
differ materially from the statements made. When used in this
document, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future
events and are subject to such risks and uncertainties. Many
factors could cause our actual results to differ materially from
the statements made, including those factors discussed in filings
made by us with the Canadian securities regulatory authorities.
Should one or more of these risks and uncertainties, such as
changes in demand for and prices for the products of the company or
the materials required to produce those products, labour relations
problems, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. We do not
intend and do not assume any obligation to update these
forward-looking statements, except as required by law. The reader
is cautioned not to put undue reliance on such forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other
trademarks and trade names are the property of their respective
owners.
Press Enquiries: Snipp Interactive Inc.Atul
SabharwalCEO415-595-7151atul@snipp.comInvestor Relations: Snipp
Interactive Inc.Jaisun
GarchaCFO1-888-99-SNIPPinvestors@snipp.com
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