Ackroo Revenues up 37% from 2014
OTTAWA, April 27, 2016 /CNW/ - Ackroo Inc. (TSXV: AKR) (OTC: AKRFF) ("Ackroo" or the "Company"), a gift card, loyalty and rewards technology and services provider, has filed its financial results for the year ended December 31, 2015.
The results for the year ended December 31, 2015 reflect year over year revenue growth of 37%, subscription and service revenue growth of 52% and operating loss reduction of 47% as compared to the previous year.
"2015 was a transformational year for Ackroo." said Steve Levely, chief executive officer at Ackroo. "We started the year with the closing of a $1.2 million financing to allow the Company to continue to execute our growth plans. That capital helped fund our operations to support our organic growth which focused on product development and optimizing our operations to better support our channels. The funds also allowed us to leverage that capital to complete our first 2 acquisitions in 2015. A big transformational step for Ackroo was our move to strategic acquisitions which these funds enabled us to begin. The first acquisition was a complimentary company in PhotoGIFTCARD which added product functionality we plan to continue to further develop and also a merchant base that we are transitioning into our core product offering. The second was a direct competitor in Dealer Rewards Canada where we not only were able to remove a competitor from the marketplace we gained great customers, product ideas and operational talent for the Company. We continued our cost reductions in the business both from an HR and operating cost perspective and combined with both our organic and inorganic growth we delivered our best year in Company history. We are very proud of the progress the business has made and we believe we have positioned the Company for even bigger success in 2016 so we look forward to a very exciting year ahead."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Revenue of $1,822,224 for the year ended December 31, 2015 as compared to $1,328,166 for the year ended December 31, 2014 (37% growth);
- Revenue of $601,758 for the quarter ended December 31st, 2015 as compared to $350,260 for the quarter ended December 31, 2014 (72% growth);
- Subscription and service revenue of $1,497,813 for the year ended December 31, 2015 as compared to $986,511 for the year ended December 31, 2014 (52% growth);
- Loss from operations before depreciation, amortization, and stock based compensation was $853,021 ($753,021 for 2015 + $100,000 accrued for previous years potential SRED reversal) for the year ended December 31, 2015, as compared to $1,608,162 for the year ended December 31, 2014 (47% reduction); and
- Comprehensive loss of $1,597,682 for the year ended December 31, 2015 as compared to a comprehensive loss of $2,810,292 for the year ended December 31, 2014 (43% 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
This release contains forecasts and forward-looking statements that 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: firstname.lastname@example.org