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.

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
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...