Ackroo Files Financial Results for the Three Months Ending June 30th, 2014
OTTAWA, Aug. 12, 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 June 30th, 2014.
The results for the three months ended June 30th, 2014 reflect operating cost reduction of 32% 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 gift card and 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.
"Reducing our operating costs has been a large focus for Ackroo this year," said Steve Levely, chief executive officer at Ackroo. "In order to achieve our goal of business breakeven we put great focus in Q2 on cost reduction in all aspects of the business. While making these changes we continued to advance our product and win several key new clients like Air North and Mr. Gas helping to bring our merchant base to over 800 locations across North America. This combination of cost reduction and merchant growth this quarter really does help position us for a strong Q3 and beyond."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Sales of $285,673 for the three month period ended June 30, 2014 as compared to $290,259 for the three month period ended June 30, 2013;
- Gross Profit of $196,073 for the three month period ended June 30, 2014 as compared to $189,572 for the three month period ended June 30, 2013;
- Loss from operations before depreciation, amortization, and stock based compensation was $368,926 for the three month period ended June 30, 2014 as compared to $701,608 for the three month period ended June, 2013;
- Comprehensive loss of $561,422 for the three month period ended June 30, 2014 as compared to $949,370 for the three month period ended June 30, 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: 613-791-9076, Email: email@example.com