Ackroo Files Financial Results for the Three Months Ending March 31st, 2014
OTTAWA, May 8, 2014 /CNW/ - Ackroo Inc. (TSXV: AKR) (the "Company"), a loyalty and rewards technology and services provider, today announced that it has filed financial results for Ackroo Inc. for the three months ended March 31st, 2014.
The results for the three months ended March 31st, 2014 reflect revenue growth of 60% and operating cost reduction of 30% over the same period last year. During this period, Ackroo continued to modify and improve its operations and focus on increasing market penetration of its web-based loyalty platform, which enables merchants, franchises and business networks to increase profitability and build long-term customer relationships through customized loyalty and stored value programs.
"The results for this quarter show we continue to execute our plan with 60% revenue growth year-over-year," said Eamonn Garry, chief executive officer at Ackroo. "One of our key focuses this quarter was to increase the number of verticals we service coupled with the integrations required for deployment in these verticals. We have achieved this by deploying both our first fuel retail fleet card solution coupled with our first independent gas station rewards program while also announcing the completion of a key integration required for expansion in the independent cinema vertical. These achievements coupled with the launch of our market leading Ackroo3 platform enables us to continue to increase our market penetration and further assists our 2014 growth plans."
"In addition to this we increased the expertise and experience on our management team and Board of Directors with the appointment to the board of Jay Malowney, Senior Vice President of Partner Relationships at Points, one of the premier loyalty program companies in the world and formerly Vice President at LoyaltyOne - a leading global loyalty marketing provider that is best known for the Air Miles Reward Program in Canada".
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Sales of $370,261 for the three month period ended March 31, 2014 as compared to $230,992 for the three month period ended March 31, 2013;
- Gross Profit of $280,685 for the three month period ended March 31, 2014 as compared to $158,614 for the three month period ended March 31, 2013;
- Loss from operations before depreciation, amortization, and stock based compensation was $565,628 for the three month period ended March 31, 2014 as compared to $822,850 for the three month period ended March 31, 2013;
- Comprehensive loss of $790,613 for the three month period ended March 31, 2014 as compared to $1,559,900 for the three month period ended March 31, 2013.
Ackroo provides gift card and loyalty solutions into the $145 billion North American gift card and loyalty market. Their solutions enable businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty programs. Ackroo's web-based solutions provide the power of a massively scalable software platform in a lightweight online tool that works with existing point-of-sale equipment, making it easy and affordable for businesses to launch loyalty programs that deliver immediate return on investment. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has in no way approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Ackroo Inc. and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Ackroo will derive there-from.
SOURCE Ackroo Inc.For further information: John Chapman, Chief Financial Officer | Ackroo, Tel: 613-599-2396 x714, Email: firstname.lastname@example.org