VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/28/12 -- Snipp Interactive Inc. ("Snipp"), an international provider of mobile marketing solutions listed on the TSX Venture Exchange (TSX VENTURE:SPN), is pleased to announce its financial results for the third quarter ended September 30, 2012. A copy of the complete third quarter unaudited financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
Snipp reported Q3 revenue of $141,459 compared with $94,118, a 50.3% increase over the year prior. The net loss in Q3 before other items was $606,051 compared with net income of $13,966 the year prior. The increase in revenue is the result of a growing sales channel resulting from new contracts from existing customers such as Meredith Corporation, and through new customers such as Arm & Hammer that are leveraging Snipp's new solutions such as Mobile Purchase Validation and Site Builder. The increase in net loss is mainly related to added investment in the Snipp Mobilize Me platform, one time employee costs and further refinement of the Snipp sales strategy. At the end of Q3, current assets were $1,388,563 and current liabilities $276,411.
"The trend we see in the mobile space is unquestionable and we will continue our march towards profitability in 2013. The new solutions we have launched in Q3, including Mobile Purchase Validation and Site Builder are truly unique in the marketplace and are getting excellent traction in the market. Put together, we have a holistic mobile solution incorporating Response, Infrastructure and Validation, and are best positioned to help our clients engage and interact with their customers on a turnkey basis in the mobile arena," said Atul Sabharwal, Chief Executive Officer of Snipp. "The quality of the brands we work with and type of campaigns we have launched (and are scheduled to launch), is a testament to mobile's capability to disrupt industries such as couponing and rebate redemption while reinventing publishing and consumer product marketing."
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with a full suite of mobile marketing services in North America, and generates revenue by designing, constructing, implementing and managing these mobile marketing services for its customers. Snipp Interactive Inc. is headquartered in Washington, D.C. with international operations in Canada, Mexico and India.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Snipp Interactive Inc.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the closing of the Qualifying Transaction. Such statements and information reflect the current view of Snipp Interactive Inc. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Snipp Interactive Inc. undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Snipp Interactive Inc. cautions that the foregoing list of material factors is not exhaustive. When relying on Snipp Interactive Inc.'s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Snipp Interactive Inc. has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Snipp Interactive Inc.