Ackroo achieves 3rd straight quarter over quarter of revenue growth
OTTAWA, April 30, 2015 /CNW/ - Ackroo Inc. (TSXV: AKR), a gift card, 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, 2015.
The results for the three months ended March 31st, 2015 reflect the Company's 3rd straight quarter over quarter of revenue growth as well as 4% revenue growth and 65% operating cost reduction over the same period the previous year. The results were fueled by the Company's continued efforts to reduce costs and increase revenues while continuing to enhance their market leading gift card and loyalty solution offering.
"Our results further validate our corporate strategy with our 3rd straight revenue growth quarter and our significant operating loss reduction" said Steve Levely, chief executive officer at Ackroo. "This quarter represents our first quarter under our new cost and operating structure and to see us deliver both quarter over quarter and year over year growth under this structure is very exciting. During this quarter we also completed our first acquisition through the purchase of PhotoGIFTCARD and have already been able to not only begin to optimize and integrate their operations into Ackroo we have also already been able to grow revenues from them. We secured our first PhotoGIFTCARD customer to begin processing and ordering their gift cards through Ackroo plus we saw corporate orders increase for the PhotoGIFTCARD merchants and in doing so we significantly increased PhotoGIFTCARD's year over year revenue during this period. Since taking ownership and operations effective February 1st 2015 PhotoGIFTCARD related revenues increased from $5,653 in February/March 2014 to $24,826 in February/March 2015 representing a 457% increase. The Company also secured our newest reseller in West Technology Group who will be focused on driving results for Ackroo across the Caribbean. We are excited about this new partnership and expect revenue contribution from this new channel to begin at the end of Q2/beginning of Q3 2015. I am thrilled with the accomplishments the Company has made this quarter as we not only accomplished all of the items mentioned we also were on budget for the quarter so that we are very much on track for a very successful 2015."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Sales of $385,138 for the three month period ended March 31st, 2015 as compared to $350,260 for the three month period ended December 31st, 2014 (10% growth);
- Sales of $385,138 for the three month period ended March 31st, 2015 as compared to $370,261 for the three month period ended March 31st, 2014 (4% growth);
- Loss from operations before depreciation, amortization, and stock based compensation was $199,259 for the three month period ended March 31st, 2015 as compared to $565,628 for the three month period ended March 31st, 2014 (65% reduction);
- Comprehensive loss of $414,203 for the three month period ended March 31st, 2015 as compared to $790,613 for the three month period ended March 31st, 2014 (48% reduction);
Ackroo provides gift card and loyalty solutions into the $160 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 gift card & 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 neither 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.
Forward Looking Statements
These forecasts and forward-looking statements are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company's ability to raise enough capital to support the company's go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company's strategy; government regulations and approvals; changes in customers' budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Ackroo Inc.
For further information: Steve Levely, Chief Executive Officer, Ackroo, Tel: 613-599-2396 x730, Email: email@example.com