OTTAWA, Oct. 31, 2014 /CNW/ - Ackroo Inc. (TSXV: AKR), a loyalty and rewards technology and services provider, today announced that it has filed financial results for Ackroo Inc. for the three months ended September 30th, 2014.
The results for the three months ended September 30th, 2014 reflect quarter over quarter revenue growth of 13% over the three month's ending June 30th, 2014 and operating cost reduction of 35% over the same quarter last year. "The results for this quarter further validate our corporate strategy as shown by quarter over quarter revenue growth of 13% while driving operating cost reduction of 35% over the same quarter last year " said Steve Levely, chief executive officer at Ackroo. "We are very focused on implementing continuous cost efficiencies in the business while growing our revenues and merchant footprint in order to meet our goal of business break even in 2015." "During the quarter we took big steps towards this goal in parallel to further expanding the reach and depth of our market leading product with enhancements such as Datacap integration, the launch of the latest version of our application for partner payment terminals, coupled with an upgraded developer portal allowing developers to build applications that integrate with Ackroo, plus many other features and functions." "We also signed our first white label re-seller partner which we believe is a key milestone in our go to market strategy." Overall we believe that we made substantial progress during this period which we plan to continue into Q4 and beyond."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Sales of $321,972 for the three month period ended September 30, 2014 as compared to $285,673 for the three month period ended June 30, 2014;
- Sales of $321,972 for the three month period ended September 30, 2014 as compared to $355,861 for the three month period ended September 30, 2013;
- Gross Profit of $244,323 for the three month period ended September 30, 2014 as compared to $241,852 for the three month period ended September 30, 2013;
- Loss from operations before depreciation, amortization, and stock based compensation was $254,417 for the three month period ended September 30, 2014 as compared to $368,924 for the three month period ended September 30, 2013;
- Comprehensive loss of $478,383 for the three month period ended September 30, 2014 as compared to $697,537 for the three month period ended September 30, 2013.
Ackroo also announces the promotion of Dan Liu from controller to Chief Financial Officer replacing John Chapman. John will continue to support the company as a director and provide financial oversight as the Chairman of the Audit Committee. We would like to thank John for his contributions and look forward to his continued support as a director of the board. The Company also wishes to congratulate Dan on this well-deserved promotion.
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.
SOURCE: Ackroo Inc.
For further information: Steve Levely, Chief Executive Officer, Ackroo, Tel: 613-599-2396 x730, Email: email@example.com