Ackroo achieves record quarter by delivering the highest revenue quarter in Company history
OTTAWA, Oct. 28, 2015 /CNW/ - Ackroo Inc. (TSX-V: AKR) (OTC: AKRFF), a gift card, loyalty and rewards technology and services provider, today announced that it has filed financial results for the three months ended September 30th, 2015.
The results for the three months ended September 30th, 2015 reflect revenue growth of 61% and operating cost reduction of 79% over the same period the previous year. The results also include quarter over quarter revenue growth of 65%. The record results were driven by the Company's continued focus on growth while continuing to execute on their current operational and go to market strategies.
"We are thrilled with the results the Company delivered in Q3" said Steve Levely, chief executive officer at Ackroo. "Not only did the Company see substantial year over year and quarter over quarter revenue growth this also represents our highest revenue quarter in Company history. An exciting accomplishment for all of us. During the period the Company also accomplished several key operational initiatives to position us for continued growth. We operationally integrated the Dealer Rewards team and their customers which played a key role in helping us achieve these results. We migrated customers off of 2 legacy platforms onto our new Ackroo Anywhere platform helping to position us for technical scale and cost savings. We added support and billing automation tools to allow the Company to continue to focus on product and sales initiatives and to reduce manual support required. We added more self-serve features to our platform like our Campaigns and Reporting infrastructure allowing the Company to continue to offer our solution at an affordable price due to the reduction of support required. We continued to develop our channels with the addition of our latest referral partner in POS West. We also completed dual listing in the United States via the OTC Pink markets that combined with DRC eligibility allows US investors to deposit Ackroo shares certificates and electronically trade Ackroo shares through their US brokerages. A very exciting quarter on many fronts and has the Company very position to close out the year strong and to continue our plans for continuous growth. "
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Sales of $519,766 for the three month period ended September 30th, 2015 as compared to $321,972 for the three month period ended September 30th, 2014 (61% growth);
- Sales of $519,766 for the three month period ended September 30th, 2015 as compared to $315,562 for the three month period ended June 30th, 2015 (65% growth);
- Subscription and service revenue of $351,326 for the three month period ended September 30th, 2015 as compared to $268,123 for the three month period ended September 30th, 2014 (31% growth);
- Gross margin of $335,852 for the three month period ended June 30th, 2015 as compared to $244,323 for the three month period ended September 30th, 2014 (37% growth);
- Loss from operations before depreciation, amortization, and stock based compensation was $53,992 for the three month period ended September 30th, 2015 as compared to $254,417 for the three month period ended September 30th, 2014 (79% reduction);
Ackroo also announces that Jay Malowney has resigned from the Board of Director's to pursue other interests. Jay will continue to support the Company as an advisor. The Company would like to thank Jay for his contributions to the Board and look forward to his continued support in his advisory role.
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 protected]