Business
Snipp Interactive Reports Financial Results For Q4 2019 And Fiscal 2019
TORONTO, ON, CANADA / ACCESSWIRE / April 29, 2020 / Snipp Interactive Inc. ("Snipp" or the "...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Financial Results For Q4 2019 And Fiscal 2019TORONTO, ON, CANADA / ACCESSWIRE / April 29, 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 Q4 2019 and the year ended December 31, 2019 (\"Fiscal 2019\"). All results are reported under International Financial Reporting Standards (\"IFRS\") and in US dollars. A copy of the complete audited financial statements and management's discussion and analysis are available on SEDAR (www.sedar.com).Q4 2019 and Fiscal 2019 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for Q4 2019 decreased by 59% compared to Q4 2018. Revenue for Q4 2019 was $1,349,685 compared to $3,315,196 for Q4 2018.Revenue for the year ended December 31, 2019 decreased by 29% compared to the year ended December 31, 2018. Revenue for the year ended December 31, 2019 was $8,643,755 compared to revenue for the year ended December 31, 2018 of $12,151,286.The Company has provided a detailed revenue analysis in its management's discussion and analysis available on SEDAR (www.sedar.com), describing the reasons behind the significant decreases in revenue for Q4 2019 and Fiscal 2019,Gross margin in Q4 2019 was 60% compared to 69% in Q4 2018.Gross margin in Fiscal 2019 was 73% compared to 65% in Fiscal 2018.EBITDA in Q4 2019 decreased by 1179% compared to Q4 2018, an EBITDA deterioration of $1,108,682. Q4 2019 EBITDA loss was $1,014,667 vs Q4 2018 positive EBITDA of $94,015.EBITDA in Fiscal 2019 decreased by 54% compared to Fiscal 2018, an EBITDA deterioration of $432,131. Fiscal 2019 EBITDA loss was $1,229,756 vs Fiscal 2018 EBITDA loss of $797,625.Net loss in Q4 2019 was $5,011,293 compared to net loss in Q4 2018 of $503,508.Net loss in Fiscal 2019 was $7,021,772 compared to net loss in Fiscal 2018 of $3,096,169.The net loss in both Q4 2019 and Fiscal 2019 were significantly impacted by an impairment charge of $3,420,858.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $4.5MM at December 31, 2019, a decrease of 44% compared to December 31, 2018 of $8.0MM.The Company continued to focus on cost improvements from its integration efforts,...