Ackroo achieves 42% year over year revenue growth
OTTAWA, May 6, 2016 /CNW/ - Ackroo Inc. (TSXV:
AKR)(OTC: AKRFF) (the "Company"), a gift card, loyalty and rewards
technology and services provider, today announced that it has filed
financial statements for the three months ended March 31st, 2016.
The results for the first quarter of 2016 represent 42% revenue
growth and 56% operating cost reduction over the same period the
previous year. The results were fueled by the Company's
continued efforts to increase revenues both organically and
inorganically while continuing to enhance their market leading gift
card and loyalty solution offering.
"The Company took yet another big step forward during the
quarter" said Steve Levely, chief
executive officer at Ackroo. "Not only did we achieve our
revenue growth goals we also completed two acquisitions, completed
the bulk of the migration of our DealerCard platform to the new
Ackroo Anywhere (AKR3) platform, we added a number of operational
efficiencies and we further developed our channel
partnerships. Our acquisitions during the quarter are
significant from a product perspective as we now have our own
payment gateway that we can incorporate into our product to provide
processing options, functional enhancements and cost savings to our
merchants utilizing the e-commerce aspect of our offering.
The other major advancement was in regards to mobile where we had
planned to develop a white label mobile application for our
customers later in the year and now through the acquisition of D1
Mobile's Appetite platform we will have this offering within the
next 90 days. Very exciting advancements for our product and
for our current and prospecting customers."
"The migration of our DealerCard customers to our new core
platform is also a critical advancement for the Company. This
represents the last set of merchants from the original MoneyBar
acquisition that we needed to migrate over. That work is not
only exciting from a cost savings and product focus perspective it
emphasizes our ability to acquire other technologies and integrate
them into our operations while also growing our business. A
critical proof point as we continue to acquire complimentary and
competitive companies. We are excited about all of the great
accomplishments we had during the quarter and look forward to even
greater success in Q2."
The complete financial results for Ackroo are available
at www.sedar.com. Highlights include:
- Sales of $548,300 for the
three month period ended March
31st, 2016 as compared to $385,138 for the three month period ended
December 31st, 2015
(42% growth);
- Gross Profit of $358,777 (65%)
for the three month period ended March
31st, 2016 as compared to $247,997(64%) for the three month period ended
March 31st, 2015 (45%
growth);
- Loss from operations before depreciation, amortization, and
stock based compensation was $88,122
($62,442 from Q1 operating losses +
$25,680 for non-recurring IR related
activities) for the three month period ended March 31st, 2016 as compared to
$199,259 for the three month period
ended March 31st, 2015
(56% reduction);
- Comprehensive loss of $274,107
for the three month period ended March
31st, 2016 as compared to $414,203 for the three month period ended
March 31st, 2015 (34%
reduction);
About Ackroo
Ackroo provides gift card and loyalty processing solutions to
help small to medium sized businesses attract, retain and grow
their customers and their revenues. Through a SaaS based business
model Ackroo provides an in-store and online automated solution to
help merchants process gift card & loyalty transactions at the
point of sale, provide key administrative and marketing data, and
to allow customers to access and manage their gift card and loyalty
accounts. Ackroo also provides important marketing services to
assist their merchants with utilizing Ackroo's technology solution.
Ackroo is headquartered in Ottawa,
Canada. For more information, visit: www.ackroo.com.
###
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward Looking Statements
These forecasts and forward-looking statements are not
guarantees of future performance and activities and are subject to
risks and uncertainties. The company has based these
forward-looking statements on assumptions and assessments made by
its management in light of their experience and their perception of
historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors
that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements include, but are not limited to: the
company's ability to raise enough capital to support the company's
go forward plans; the overall global economic environment; the
impact of competition and new technologies; general market,
political and economic conditions in the countries in which the
company operates; projected capital expenditures and liquidity;
changes in the company's strategy; government regulations and
approvals; changes in customers' budgeting priorities; plus other
factors that may arise. Any forward-looking statements in this
press release are made as of the date hereof, and the company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
###
SOURCE Ackroo Inc.
