VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 04/30/13 — Snipp Interactive Inc., an international provider of mobile marketing solutions listed on the TSX Venture Exchange (TSX VENTURE: SPN), is pleased to announce its financial results for the fiscal year, ending December 31, 2012. A copy of the complete annual audited financial statements, management-s discussion and analysis are available on SEDAR ().
The total sales revenues for the 4th quarter of 2012 grew 53% from prior year to approximately $169,839 and total annual sales revenues for 2012 grew 35% from the prior year to $511,854. Revenue for the comparable reporting period was $379,222. The increase in revenue is the result of a growing sales channel associated with new contracts from recurring customers such as Meredith Corporation, new programs for brands such as Arm & Hammer and the launch of innovative new products such as SnippCheck () and SnippWine ().
The net loss in fiscal 2012 before other non-operating items was $1,603,155 compared with $15,738 in the year prior. The increase in net loss is mainly related to one-time listing charges associated with the company-s listing in March of 2012, added investment in the Snipp Mobilize Me platform to handle larger volumes and one-time employee costs.
At the end of fiscal 2012, current assets were $968,786 and current liabilities were $252,521.
2012 Highlights include:
(i)Due to strict client non-disclosures and the innovative nature of campaigns executed, Snipp is unable to disclose a full list of customers and campaigns to protect itself legally and its clients strategically.
Outlook:
The company has set the foundation to grow the company to profitability in the coming quarters. Preliminary Q1 results will be announced next week.
Four key initiatives are expected to bear fruit for the company, any one of which can drive significant revenue gains and profitability for the company. More details can be found in the Management Discussion and Analysis section of the annual filings on SEDAR ().
“The positive trend we see in the mobile space is unquestionable and we will continue our march towards profitability in 2013. The new solutions we have launched in 2012, are truly unique in the marketplace and are getting excellent traction in the market. Put together, we have a holistic mobile solution incorporating Mobile Response, Infrastructure and Validation, and are best positioned to help our clients engage and interact with their customers on a turnkey basis in the mobile arena,” said Atul Sabharwal, Chief Executive Officer of Snipp. “The quality of brands that we work with and types of campaigns we have launched (and are scheduled to launch), is a testament to mobile-s capability to disrupt industries such as couponing and rebate redemption while reinventing publishing and consumer product marketing.”
About Snipp Interactive Inc.
Snipp Interactive Inc. () builds mobile solutions for brands to engage and interact with their customers. Snipp provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with three main solution sets:
Snipp generates revenue by designing, constructing, implementing and managing these mobile solutions for its customers. Snipp is headquartered in Washington, D.C. with international operations in Canada, Mexico and India.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward- looking statements.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
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.
Contacts:
Snipp Interactive Inc.
Jaisun Garcha
CFO
1-888-99-SNIPP
Snipp Interactive Inc.
Anthony Durkacz
Director
1-416-720-4360
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