Welcome!

News Feed Item

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) -- 06/02/14 -- 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.

Contacts:
Press Enquiries: Snipp Interactive Inc.
Atul Sabharwal
CEO
415-595-7151
[email protected]

Investor Relations: Snipp Interactive Inc.
Jaisun Garcha
CFO
1-888-99-SNIPP
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...