BETHESDA, MARYLAND--(Marketwired - Dec 2, 2013) - 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 September 30, 2013. A copy of the complete unaudited financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
The total sales revenues for the third quarter of 2013 grew 60% from the prior year. For the first 9 months of Fiscal 2013, revenues were 77% higher than the same period in 2012.
Revenue for the quarter ended September 30, 2103 was $226,342 compared to $141,459 from the prior year quarter. The increase in revenue is attributable to a multitude of factors including the creation of new sales channels, additional sales contracts from existing customers, the acquisition of new customers and the launch of innovative new products as part of Snipp's Mobilize Me platform.
Net loss for the period was $275,590 compared to a net loss of $878,287 for the same period last year. The net loss before other non-operating items was $156,804 in Q3 compared with $606,051 the year prior.
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 new mobile solutions within Snipp's portfolio (e.g. SnippAR, SnippCheck, SnippWine, SnippShip and other similar products) coupled with a focused paring down of operational expenses. The company now has the infrastructure in place to allow its revenues to scale without incurring any significant additional costs or investment.
During the nine months ended September 30, 2013, the Company reduced its operating cash outflows by 45% compared to the nine months ended September 30, 2012 while at the same time increasing revenue by 77% as noted above. The company is focused on continuing to increase revenue while maintaining a similar operating cost structure.
At the end of the period, current assets were $453,433 and current liabilities $181,755.
Atul Sabharwal, CEO and Founder of Snipp commented, "We are pleased to announce our seventh consecutive quarter of revenue growth. This quarter was an inflection point for our mobile solutions with cutting edge campaigns carried out in leading retail stores such as Walmart and leading publications like Conde Nast's Self Magazine. Many of the marquee brands we are working with in a variety of industries do not allow us to publicly mention their name due to confidentiality restrictions. Furthermore, the success of campaigns we have run is attracting new clients and continues to strengthen our pre-existing relationships with leading promotion marketing agencies and brands. We continue to enhance our suite of mobile solutions and are working closely with clients and potential clients to define and deliver truly innovative mobile-based promotions on the Snipp platform in 2014. Given that the promotions industry is an $80 billion market in the US, we are confident that we will continue to grow our business as we penetrate deeper into the space with our portfolio of solutions."
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) builds mobile solutions for brands to engage and interact with their customers. Snipp provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with three main solution sets:
- Response: Mobile activations that make offline campaigns more interactive.
- Infrastructure: Tools to create scalable mobile destinations and experiences.
- Validation: Mobile workflows to validate purchases and other customer actions.
Snipp generates revenue by designing, constructing, implementing and managing these mobile solutions for its customers. Snipp is headquartered in Bethesda, MD with international operations in Canada, Mexico and India.
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.
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