Preliminary Results Show Sales Bookings up 172% Year over Year and up 34% Quarter over Quarter
VANCOUVER, Dec. 3, 2015 /CNW/ - VidWRX Inc. (TSX-V:VID) ("VidWRX" and/or the "Company"), the pioneer of globally scalable video production solutions, has announced preliminary and un-audited numbers indicating that the fourth quarter of 2015 will be a record for the company, with quarterly Sales Bookings expected to be approximately $765,000 and quarterly Revenues expected to be $190,000. The Company's Sales Backlog will also grow to approximately $2,300,000. This represents growth of 172% in Sales Bookings for 2015 compared to the prior year, and approximately 34% compared to the prior quarter, and growth of 122% in annual revenues compared to the prior year and approximately 21% compared to the prior quarter. Sales Backlog has grown by 132% over the prior year and 22% over the prior quarter.
During November the Company experienced its first two weeks where Sales Bookings exceeded $100,000. The Company also expects to experience the highest quarter over quarter growth in sales to existing clients in its history at approximately 133% for the fourth quarter which follows 4% growth in the third quarter.
"The strong sales growth we saw in Q3 is continuing through the fourth quarter," said George Fleming, Founder and CEO. "VidWRX continues to successfully evolve its approach to sales. Beginning with the implementation of a Revenue Performance Management system earlier this year, the development of new websites and marketing materials, and the ongoing adjustment of sales development to focus on internet marketing companies and agencies facing issues around the scalability of video production we've laid a solid foundation for continued growth in 2016."
The Company cautions that figures for Sales Backlog, Sales Bookings and Revenue, have not been audited. Actual results may differ materially from those reported in this release once these figures have been audited, and the fourth quarter has been completed.
Sales Bookings measure the total value of videos ordered in the period, and Sales Backlog measures the total value of video sales from all periods to-date but not yet completed. For a video order to be included as a Sales Booking, an order must be received from a client, and a deposit paid or, in cases where the client is deemed credit-worthy, be reasonably assured. Sales Bookings are recorded when a video is ordered. Revenue is recorded when a video is completed
Sales Bookings and Sales Backlog are used by the Company as leading indicators and measures of sales performance, while Revenue is a lagging indicator measuring production activity.
Founded in 2006 as SoMedia Networks, VidWRX is an industry pioneer, providing scalable video production services to marketers and digital agencies in any volume, anywhere in North America. Combined with its online platform and proven processes, the Company's expert production teams ensure exceptional customer service and affordable, high quality videos. To learn more, visit: www.vidwrx.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain information contained in this document may include "forward-looking information". In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risks and Uncertainties" in the Management's Discussion and Analysis of the Company for its most recent interim financial statements filed with the Canadian securities commissions. The forward-looking information set forth herein reflects the Company's expectations as at the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
This news release makes reference to terms used by the Company to analyze operating performance and leverage. Such terms do not have a standard meaning as prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the determination of similar measures for other entities. These measures are identified as non-GAAP measures and are used by management to analyze operating performance. These measures should not be considered an alternative to, or more meaningful, than cash flow from/used in operating activities or net income (loss) as determined in accordance with IFRS.
The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
SOURCE VidWrx Inc.
Image with caption: "VidWrx Inc. (CNW Group/VidWrx Inc.)". Image available at: http://photos.newswire.ca/images/download/20151203_C6867_PHOTO_EN_558098.jpg
For further information: Company Contact: George Fleming, CEO, Tel: 604.683.5510, Email: [email protected].com; Corporate Communications: Greg Werbowski, VidWrx, Tel: 604.683.5510 ext. 590, Email: [email protected]; Investor Relations / Howard Group: Dave Burwell, 1-888-221-0915, Email: [email protected]