VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2012) - 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 second quarter ended June 30, 2012. A copy of the complete second quarter unaudited financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
Snipp reported Q2 revenue of $106,321 compared with $ 89,660, a 19% increase over the year prior. The net loss in Q2 before other items was $330,380 compared with $2,283 the year prior. The increase in revenue is the result of a growing sales channel. The increase in net loss is mainly related to hiring and implementing broader sales and administration abilities. In Q2, current assets were $1,643,995 and current liabilities $190,954.
"Since the beginning of 2012 Snipp was mainly focused on closing financing and then implementing a sales strategy," said Atul Sabharwal, Chief Executive Officer of Snipp. "We are beginning to see return from our new sales efforts and are enthusiastic about our sales pipeline and sales prospects globally."
Second Quarter Highlights:
- Backlog (the dollar value of signed contracts including deferred revenue and unbilled revenue) totaled $262,274.
- Added 2 full-time sales resources and 2 outside salespeople, a new COO and Major Ad Agency Executive to the Board
- Announced strategic partnership in Mexico to make Snipp seamless across North America
- Launched QR in the Cloud, a unique way to allow cell phones to get responses from QR Codes without having a smartphone or to download a QR Code reader
- Launched Face In The Hole Beta Tests, a unique photo sharing idea that can generate revenue
- Laid the foundation for future sales expansion and global delivery capability.
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with a full suite of mobile marketing services in North America, and generates revenue by designing, constructing, implementing and managing these mobile marketing services for its customers. Snipp Interactive Inc. is headquartered in Washington, D.C. with international operations in Canada, Mexico and India.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Snipp Interactive Inc.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward- looking statements and information. The forward-looking statements and information in this press release include information relating to the closing of the Qualifying Transaction. Such statements and information reflect the current view of Snipp Interactive Inc. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Snipp Interactive Inc. undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Snipp Interactive Inc. cautions that the foregoing list of material factors is not exhaustive. When relying on Snipp Interactive Inc.'s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Snipp Interactive Inc. has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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