OTTAWA, April 2, 2014 /CNW/ - Ackroo Inc. (TSXV: AKR) (the "Company"), a loyalty and rewards technology and services provider, today announced it has filed financial results for Ackroo Inc. for the year ended December 31, 2013.
The results for the year ended December 31, 2013 reflect revenue growth of almost 90% over last year. During this period, Ackroo continued to expand its operations and focus on increasing market penetration of its web-based loyalty platform, which enables merchants, franchises and business networks to increase profitability and build long-term customer relationships through customized loyalty and rewards programs.
"The results for 2013 show we continue to make progress across all aspects of our business with almost 90% growth in annual revenue." said Eamonn Garry, chief executive officer at Ackroo. "I'm extremely pleased with these results because as well as our strong revenue growth we also increased our merchant footprint to over 700 locations while continuing to reduce cost and decrease our burn rate."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Revenue of $1,284,016 for the year ended December 31, 2013 as compared to $681,142 for the year ended December 31, 2012 (89% growth);
- Subscription and service revenue of $876,880 for the year ended December 31, 2013 as compared to $581,587 for the year ended December 31, 2012 (51% growth);
- Increased Gross Profit to $857,565 for the year ended December 31, 2013 representing gross margin of 67%;
- Loss from operations before depreciation, amortization, and stock based compensation was $2,509,484 for the year ended December 31, 2013, which represents a 27% reduction as compared to $3,421,920 for the year ended December 31, 2012;
- Comprehensive loss of $3,882,411, or $0.07 per share, for the year ended December 31, 2013 as compared to a comprehensive loss of $5,424,872, or $0.13 per share, for the year ended December 31, 2012;
Ackroo provides gift card and loyalty solutions into the $145 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 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 in no way passed upon the merits of the proposed transaction and 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.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Ackroo Inc. and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Ackroo will derive there-from.
SOURCE: Ackroo Inc.
For further information: John Chapman, Chief Financial Officer, Ackroo, Tel: 613-599-2396 x714, Email: firstname.lastname@example.org; Andrew Mugridge, President, Network IR, Tel: 604-559-5573, Email: email@example.com