SNIPP INTERACTIVE INC. REPORTS SEVENTH CONSECUTIVE QUARTER OVER QUARTER REVENUE INCREASE AND RECORD THIRD QUARTER REVENUE GROWTH
Snipp Interactive Inc. has released its financial results for the quarter ended Sept. 30, 2013. A copy of the complete unaudited financial statements and management's discussion and analysis are available on SEDAR.
The total sales revenues for the third quarter of 2013 grew 60 per cent from the prior year. For the first nine months of fiscal 2013, revenues were 77 per cent higher than the same period in 2012.
Revenue for the quarter ended Sept. 30, 2013, was $226,342 compared with $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 with a net loss of $878,287 for the same period last year. The net loss before other non-operating items was $156,804 in the third quarter 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 (for example, 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 Sept. 30, 2013, the company reduced its operating cash outflows by 45 per cent compared with the nine months ended Sept. 30, 2012, while at the same time increasing revenue by 77 per cent 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, chief executive officer 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'sSelf 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 U.S., we are confident that we will continue to grow our business as we penetrate deeper into the space with our portfolio of solutions."
For the full story visit http//www.321Gostocks.com