LONDON, ONTARIO--(Marketwired - April 24, 2014) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company" or "ILA") announced today that its Audited Consolidated Financial Statements for the years ended December 31, 2013 and 2012, and the related Management's Discussion and Analysis are available at www.sedar.com and on the Company's website at http://www.ilookabout.com/financial_releases.aspx. Shareholders may request a hard copy of this material by directing their request to: iLOOKABOUT Corp., Office of CFO, 408-383 Richmond Street, London ON, N6A 3C4.
Financial highlights for the year end December 31, 2013 include:
- Revenue increased from approximately $3,271,000 to $3,562,000 for the years ended December 31, 2012 and 2013, respectively. This increase was primarily attributable to growth in recurring revenue in the property assessment vertical in both Canada and the United States. This increase was offset somewhat by a decrease in non-recurring custom development revenue in 2013 as compared to 2012.
- Comprehensive loss increased from approximately $786,000 to $1,040,000 for the years ended December 31, 2012 and 2013, respectively. While revenue on a year over year basis increased, this increase was more than offset by increases in share-based compensation expense, professional fees related to a proposed business combination, finance costs, as well as sales and business development related costs.
- In 2013 the Company generated approximately $51,000 from operating activities as compared to using approximately $400,000 for operating activities in 2012. Cash provided by financing activities decreased by approximately $1,200,000 in 2013 compared to 2012, as a result of debt and equity financing proceeds in 2012 of approximately $1,700,000 as compared to equity financing proceeds of $500,000 generated in 2013. Cash used in investing activities remained relatively stable on a year over year basis.
The Company also announced that it has scheduled its Annual and Special Meeting of Shareholders for June 26, 2014 and has set a record date for this meeting of May 20, 2014.
Neither 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.