SOURCE: ProntoForms Corporation

ProntoForms Corporation

November 25, 2015 07:00 ET

ProntoForms Reports Q3 2015 Financial Results

Achieves 72% Year Over Year Recurring Revenue Growth

OTTAWA, ON--(Marketwired - November 25, 2015) - ProntoForms Corporation (TSX VENTURE: PFM), a leading provider of mobile data collection and analytics platforms for enterprises, and small to medium sized businesses, today announced its third quarter (Q3) financial results for the three and nine-month period ended September 30, 2015.

"In our third quarter, recurring revenue grew by 72% over the comparable 2014 third quarter, representing 19 quarters of consecutive growth," said Alvaro Pombo, CEO of ProntoForms. "This revenue growth demonstrates the success of our strategy of investment in direct and channel sales which is delivering balanced and predictable results. Strong relationships with Apple, AT&T and others continue to contribute to a leading position in our ecosystem."

Financial Highlights

  • Recurring revenue for Q3 2015 increased by 72% to $2,184,696, compared to $1,270,790 in Q3 2014, and grew by 18% compared to $1,848,881 in Q2 2015. Approximately 90% of the recurring revenue base is in US dollars and the strengthening of the US dollar against the Canadian dollar had a positive impact on our recurring revenue growth and results.
  • Total revenue for Q3 2015 increased by 42% to $2,416,162, compared to $1,698,458 in Q3 2014, and grew by 12% compared to $2,149,367 in Q2 2015.
  • Operating loss for Q3 2015 was $630,735, up from a loss of $339,369 in Q3 2014, and up from a loss of $571,908 in Q2 2015. The increase in operating loss is attributed to a conscious approach to invest more in operational and sales productivity to leverage the market leadership of the Company.
  • Net loss for Q3 2015 was $560,737, up from a net loss of $313,260 in Q3 2014 and down from a net loss of $709,293 in Q2 2015.
  • As at September 30, 2015, the Company's cash and net working capital balances were $4,774,369 and $4,666,061 respectively.

Operational Highlights

  • During the quarter:
    • The Company earned the Frost & Sullivan North American Mobile Forms Competitive Strategy Innovation and Leadership Award.
    • The Company' technology was integrated with Google for Work.
    • ProntoForms announced the selection of its platform by a leading utilities provider to improve quality of service and operational compliance.
    • The Company completed a private placement providing gross proceeds of $3,450,000.
  • Subsequent to the quarter:
    • Philip Deck joined the Company's board of directors.
    • Mark Almeida joined the sales team of ProntoForms as the VP of Carrier and Partner Sales.
    • The Company was granted a U.S. Business Processes Patent.
    • ProntoForms announced Dwayne Williams, HSSE Supervisor, Shell Canada, the winner of the Inaugural Mobile Visionary Award.

About ProntoForms Corporation

ProntoForms is a mobile workflow platform used by more than 3,500 businesses to collect and analyze field data with smartphones and tablets. Our product delivers an intuitive, secure and scalable solution for mobilizing business processes, with a low total cost of ownership. Our customers harness the solution to increase productivity and reduce cost, improve quality of service and mitigate risks.

ProntoForms is the winner of the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.

The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.

Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.

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.

Contact Information

  • For additional information, please contact:
    Alvaro Pombo
    Chief Executive Officer
    ProntoForms Corporation
    613.599.8288 ext. 1111
    apombo@prontoforms.com

    Babak Pedram
    Investor Relations
    Virtus Advisory Group Inc.
    416-644-5081
    bpedram@virtusadvisory.com