Business
Snipp Interactive Reports Financial Results For Q1 2020
VANCOUVER, BC, CANADA / ACCESSWIRE / June 1, 2020 / Snipp Interactive Inc. ("Snipp" or the "...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Financial Results For Q1 2020VANCOUVER, BC, CANADA / ACCESSWIRE / June 1, 2020 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces its financial results for Q1 2020. 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).Q1 2020 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for Q1 2020 decreased by 17% compared to Q1 2019. Revenue for Q1 2020 was $2,373,212 compared to $2,875,069 for Q1 2019.Gross margin in Q1 2020 was 73% compared to 76% in Q1 2019.EBITDA in Q1 2020 increased by 24% compared to Q1 2019, an EBITDA improvement of $8,992. Q1 2020 EBITDA was $46,261 vs Q1 2019 EBITDA of $37,269.Net loss in Q1 2020 was $506,041 compared to net loss in Q1 2019 of $580,766, an improvement of 13%.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $4.7MM at March 31, 2020, a decrease of 24% compared to March 31, 2019 of $6.2MM.The Company continued to focus on cost improvements from its integration efforts, resulting in the following Q1 2020 cost savings compared to Q1 2019:Salaries and compensation expenses decreased by approximately US $230k or 14%;General and administrative expenses decreased by approximately US $51k or 25%;Marketing and investor relations decreased by approximately US $83k or 96%;Travel decreased by approximately US $16k or 58%;\"Q1 2020 kicked off with an EBITDA positive quarter despite the macro economic shocks that hit every industry in March. This is a testament to our strategy to build longer term recurring revenue streams and diversify our revenue base from short term project based revenues. As we continue to stay focused on our strategy, our ability to ride out severe market shocks and our staying power becomes stronger. We were also the recipient of the US Government's Paycheck Protection Program (\"PPP\") as part of the Coronavirus Aid, Relief and Economic Security Act (the \"CARES Act\"). The Loan matures after a two year period, is unsecured and is guarante...