Fireswirl Announces 2015 Q3 Financial Results

VANCOUVER, Nov. 26, 2015 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the third quarter ended September 30, 2015.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights:

  • Total operating revenue decreased to $12,894,188 and $34,893,298 for the three and nine months ended September 30, 2015, respectively, compared to $15,735,735 and $38,303,960 for the same periods in 2014, representing a decrease of 18.06% and 8.9%. Merchandise revenue decreased by 17% and 8.72% during the three and nine months ended September 30, 2015 respectively compared to the same periods in 2014.  Service revenue decreased by 27.69% and 10.39% respectively during the three and nine months ended September 30, 2015 compared to the same period in 2014.

  • Total operating expense was $13,036,548 and $35,769,105 for the three and nine months ended September 30, 2015, respectively, compared to $16,040,340 and $39,004,064 for the same periods in 2014, representing a decrease of 18.73% and 8.29% respectively.  The decrease was mainly due to the decrease in purchases partly offset by an increase in technical service fee.  The overall decrease in operating expenses is consistent with the decrease in operating revenue.

  • The Company reported a net income on common shares of $2,930,943, or $0.05 per share and a net income on common shares $4,819,799, or $0.09 per share for the three and nine months ended September 30, 2015, respectively, compared to a net loss on common share of $238,087, or $0.01 loss per share and $833,059 or $0.02 loss per share for the same periods of 2014.  Included in the net income, there is a gain recognized as a result of disposition of Business Assets in the amount of $3,250,000, or $0.06 per share and $6,200,385, or $0.12 per share for the three and nine months ended September 30, 2015, respectively. 

  • As at September 30, 2015, the Company had cash and cash equivalents of $263,626 compared to $549,112 as at December 31, 2014, representing a decrease of 52%. As at September 30, 2015, the Company had working capital of $4,802,355 compared to working capital deficiency of $109,798 as at December 31, 2014.

"Our total revenues decreased during the quarter driven primarily by the slowdown of China's economy," states Lawrence Ng, Interim CEO. "Management is monitoring the macroeconomic trends very closely and will implement appropriate cost control measures in order to reduce overhead expenses while exploring our strategic growth opportunities."

About Fireswirl

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 applications.

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., Ji Yoon, Interim CFO, Telephone: 604.540-8805 Ext. 214, Fax: 604.677-6613, Email: jyoon@fireswirl.com, Website: www.fireswirl.com


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