The total sales revenues for Q1 2014 grew 100% from Q1 2013.
Revenue for the first quarter of 2014 was
Net income for Q1 2014 was
The company reported a net loss before other non-operating items of
At the end of Q1 2014, current assets were
$950,116and 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
"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."
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
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Press Enquiries: Snipp Interactive Inc. Atul SabharwalCEO 415-595-7151 email@example.com Investor Relations: Snipp Interactive Inc. Jaisun GarchaCFO 1-888-99-SNIPP firstname.lastname@example.org Source: Snipp Interactive, Inc.