Business
Snipp Interactive Reports EBITDA Positive Q3-2017 Financial Results
(via TheNewswire) TORONTO, ON, CANADA / TheNewswire / Snipp Interactive ...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports EBITDA Positive Q3-2017 Financial Results(via TheNewswire)\n \n \nTORONTO, ON, CANADA / TheNewswire / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (OTCQB: SNIPF; TSX-V: SPN), a global provider of digital marketing promotions, rebates and loyalty solutions, is pleased to announce its financial results for Q3-2017 and the nine months ended September 30, 2017. All results are reported under International Financial Reporting Standards (\"IFRS\") and in US dollars. A copy of the complete unaudited interim financial statements and management's discussion and analysis are available on SEDAR (www.sedar.com).\n\n \n \nFiscal Q3 2017 Highlights\n\n\n \n(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)\n\n \n \n\n\n- EBITDA turned positive in Q3 2017 and improved by 101% compared to Q3 2016, an EBITDA improvement of $1,191,708. Q3 2017 EBITDA was positive at $14.4k vs a Q3 2016 EBITDA loss of $1.2MM\n\n\n\n- Q3 2017 Net Income was US $-0.6MM, a 65% improvement from Q3 2016 Net Income of US $-1.8MM\n\n\n\n- Revenue for Q3 2017 was $3.7MM and for the nine months ended September 30, 2017 was $9.0MM compared to revenue for Q3 2016 of $3.3MM and for the nine months ended September 30, 2016 of $8.2MM.\n\n\n\n- Gross margins improved 8% from 61% in Q3 2016 to 69% in Q3 2017.\n\n\n\n- The Company continued to focus on cost improvements from its integration efforts, resulting in the following Q3 2017 cost savings compared to Q3 2016: \n\n\n\n\n \n\n\n--Salaries and compensation expenses decreased by approximately US $425k or 16%; \n\n\n\n--General and administrative expenses decreased by approximately US $90k or 26%; \n\n\n\n--Campaign infrastructure expenses decreased by approximately US $151k or 12%; \n\n\n\n--Professional fees decreased by approximately US $41k or 87%; \n\n\n\n--Marketing and investor relations expenses decreased by approximately US $33k or 69%; \n\n\n\n--Travel expenses decreased by approximately US $57k or 78%; \n\n\n\n\n \n\n\n- The following are cost savings recognized in the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016: \n\n\n\n\n \n\n\n--Salaries and compensation expenses decreased by approximately US $2.1MM or 23%; \n\n\n\n--General and administrative expenses decreased by approximately US $195k or 19%; \...