SAN FRANCISCO, CALIFORNIA--(Marketwire - May 16, 2012) - Bitzio, Inc. ("Bitzio" or "the Company") (BTZO.OB - News) a leader in media, mobile games, and the gamification of mobile apps, today announced financial results for the first quarter ended March 31, 2012.
For the quarter ended March 31, 2012, the Company had revenues of $539,413 compared to zero revenues for the corresponding quarter in 2011. Revenues are a result of the acquisitions of Digispace, Inc., mobile apps from Thinking Drone, Free The Apps and Bitzio and the continued success of the EveryoneApps and "The App Code" products.
During the first quarter of 2012, the Company raised $200,000 from financing activities, which yielded net cash available to operations of $110,190. As of March 31, 2012 the Company had cash and cash equivalents of $12,830 and total assets of $1,394,375 through acquisitions. Adjusted EBITDA to net income from continuing operations for the quarter ending March 31, 2012 shows adjusted EBITDA of ($624,937) compared to zero from the same quarter in 2011.
The Company has closed three acquisitions and recently announced signed Letters of Intent to acquire three more companies in the media and animation, mobile app and mobile gaming spaces. All three are expected to close during the second quarter of 2012.
William Schonbrun, President and CEO of Bitzio commented, "The first quarter of 2012 was exciting for the Bitzio team. We finalized the acquisition of Digispace, which brings core behavioral analytics technology into our arsenal of IP."
Schonbrun continued, "This represents our second operating quarter in which we continued to operate on solid footing and remained focused on key acquisitions to round out our strategy. That said, as a company, we didn't take our eye off revenue. We continued to have stable earnings numbers from our in-market products. Additionally, our acquisitions continue to be completed using only restricted stock from the Company and revenue generated from the acquisitions is being used as operating capital to drive the business forward."
"Our core business focus is shifting from information products and serving the needs of developers to becoming a behavioral analytics company. We deliver mobile games, apps and media for the existing communities of fans built around sports and entertainment properties. This refined strategy and focus, along with the six acquisitions we've made or announced, makes our ability to execute on this plan stronger then it's ever been."
About Bitzio, Inc.
Bitzio's mission is to help mobile app developers get the full potential of their mobile apps by increasing consumer reach, conversion rates and bottom line profitability. Bitzio's strategic arsenal of methodologies and technologies allows mobile app developers to quickly develop, market and monetize their apps. The company aims to be responsible for the download of 1 Billion apps by 2014. For more information, visit www.bitzio.com. To learn more about Bitzio, watch their video or connect with Bitzio on Twitter and Facebook.
"Bitzio", "EveryoneApps", "The App Code", "Thinking Drone", "Free the Apps" and "Digispace" are trademarks of Bitzio, Inc. or its subsidiaries. All other companies and products listed herein are trademarks or registered trademarks of their respective holders.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to expectations the 2012 fiscal year; The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Bitzio in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Bitzio believes are appropriate in the circumstances, including but not limited to general economic conditions, Bitzio's expectations regarding its business, strategy and prospects, and Bitzio's confidence in the cash flow generation of its business. Many factors could cause Bitzio's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; Bitzio's reliance on key personnel; Bitzio's ability to maintain and enhance its brand; and difficulties in forecasting Bitzio's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry, Bitzio's ability to complete acquisitions and to integrate those acquisitions into it overall business and the effect of foreign acquisitions. These risk factors and others relating to Bitzio that may cause actual results to differ are set forth Bitzio's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Bitzio's forward-looking statements. Bitzio has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.