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
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
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.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Cybersecurity is a critical component of software development in many industries including medical devices. However, code is not always written to be robust or secure from the unknown or the unexpected. This gap can make medical devices susceptible to cybersecurity attacks ranging from compromised personal health information to life-sustaining treatment. In his session at @ThingsExpo, Clark Fortney, Software Engineer at Battelle, will discuss how programming oversight using key methods can incre...