VANCOUVER, Nov. 15, 2013 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the third
quarter ended September 30, 2013. All figures are quoted in Canadian
dollars. Financial statements and accompanying MD&A are available on
Financial Highlights for 2013 Q3:
Total operating revenue increased to $14,617,639 and $33,761,388 for the
three and nine months ended September 30, 2013 respectively compared to
$6,419,773 and $15,737,792 during the same periods in 2012,
representing an increase of 127.7% and 114.5%. Merchandise revenue
increased by 128.6% and 110.2% during the three and nine months ended
September 30, 2013 respectively compared to the same periods in 2012.
Service revenue increased by 119.2% and 168.9% respectively during the
three and nine months ended September 30, 2013 compared to the same
period in 2012.
Total operating expense was $14,641,265 and $33,954,488 for the three
and nine months ended September 30, 2013 compared to $6,430,026 and
$15,950,877 for the same periods of 2012, representing an increase of
127.7% and 112.9% respectively. The increase was primarily driven by
higher purchases and technical service fees as a result of higher sales
volumes coupled with increases in salaries and benefits.
The Company reported a comprehensive loss on common shares of $186,464
and $520,822 for the three and nine month periods ended September 30,
2013 compared to a comprehensive loss on common share of $191,228 and
$735,783 for the same periods of 2012, representing a decrease in loss
of 2.5% and 29.2%, respectively.
Fully diluted loss per share was $0.00 and $0.01 for the three and nine
month periods ended September 30, 2013 compared to fully diluted loss
of $0.00 and $0.01 for the same periods of 2012.
As at September 30, 2013, the Company had cash and cash equivalents
(including restricted cash) of $1,466,193 compared to $914,321 as at
December 31, 2012, representing an increase of 60.4%. As at September
30, 2013, the Company had working capital of $1,058,193 compared to
$752,558 as at December 31, 2012, representing an increase of 40.6%.
The Company had long term debt of $nil as at September 30, 2013
compared to $nil as at December 31, 2012.
"The company has achieved an important milestone and experienced a
substantial increase in operating revenue during this quarter, which
reflects the rapid growth of e-commerce market in China and the ability
of the company to execute on its growth plan," states Tony Lau, CEO.
"Although gross profit in reselling products was compressed in the
quarter, our service revenue has increased substantially by 119%
compared with the same period in 2012. The management team is excited
about achieving this success and will continue to execute on our
various strategic initiatives in continuing to grow the business. Our
strong growth in sales is a testament to our strategy of providing
e-commerce service to international brands and collecting a
revenue-share service fee is increasingly gaining momentum and accepted
as a proven business model in the market."
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment solutions
involving a wide base of users through internet or wireless
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release. This
news release contains certain forward-looking statements that reflect
the current views and/or expectations of Fireswirl Technologies Inc.
with respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to changes
in the market, potential downturns in economic conditions, foreign
exchange fluctuations, general demand, competition and our ability to
implement our business plans and strategies in a timely manner or at
all. These risks, as well as others, could cause actual results and
events to vary significantly. Fireswirl Technologies Inc. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
SOURCE: Fireswirl Technologies Inc.
For further information:
Further information can be found on the company at: www.fireswirl.com or contact:
Fireswirl Technologies Inc.
Telephone: 604.540-8805 Ext. 214