Ackroo Revenues up 37% year to date
OTTAWA, Oct. 31, 2016 /CNW/ - Ackroo Inc. (TSXV:
AKR) (OTC: AKRFF) ("Ackroo" or the "Company"), a gift card, loyalty
and rewards technology and services provider , today announced that
it has filed financial results for the three and nine months ended
September 30th, 2016.
The results for the three months ended September 30th, 2016 reflect year to
date revenue growth of 37% and 8% growth over the same period the
previous year. The results were driven by the Company's focus
on organic growth from current customers and the addition of new
customers referred by channel partners. Highlights
include:
- Revenue of $1,668,087 for the
nine month period ended September
30th,2016 as compared to $1,220,466 for the nine month period ended
September 30th, 2015 (37%
growth);
- Revenue of $560,564 for the
three month period ended September
30th,2016 as compared to $519,766 for the three month period ended
September 30th, 2015 (8%
growth);
- Gross profit of $381,011 (68%)
for the three month period ended June
30th, 2016 as compared to $335,852 (65%) for the three month period ended
June 30th, 2015;
- Loss from operations before depreciation, amortization, and
stock based compensation is $280,479
for the nine month period ended September
30th, 2016 as compared to $543,497 for the nine month period ended
September 30th, 2015 (48%
reduction);
"The Company delivered another successful growth quarter" said
Steve Levely, chief executive
officer at Ackroo. "Not only did we continue to grow our revenues
and our customer base we expanded the breadth of our offering with
product enhancements like mobile, reporting enhancements like bank
reconciliation, several program dashboard improvements, additional
point of sale integrations, and we released the re-write of our
white labelled cardholder portal which will provide more custom
options for our merchants and a more scalable way to deploy this
aspect of our product. A great quarter for our product
team. We also saw great improvement from our channels from a
referral perspective with the addition of our 3rd
primary referral partner First Data who joined us in June.
The result was the highest lead volume we have received in a
quarter in company history positioning us well for future
quarters. Finally we capped off the quarter with another
acquisition in Loyalint/Fidelint as we continue to work at
consolidating the sector. This acquisition not only adds
customers in the Quebec region in
which we have been trying to penetrate for some time, it fills the
majority of our current operating losses gap by adding over
$15,000 of monthly recurring revenue
plus additional one time revenue by way of other additional
products and services we provide. An exciting quarter on many
fronts and has Ackroo poised for a great close to the year. "
The complete financial results for Ackroo are available
at www.sedar.com.
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.
