Ackroo achieves record quarter by delivering the highest
revenue quarter in Company history
OTTAWA, Oct. 28, 2015 /CNW/ - Ackroo Inc. (TSX-V: AKR)
(OTC: AKRFF), a gift card, loyalty and rewards technology and
services provider, today announced that it has filed financial
results for the three months ended September
30th, 2015.
The results for the three months ended September 30th, 2015 reflect revenue
growth of 61% and operating cost reduction of 79% over the same
period the previous year. The results also include quarter
over quarter revenue growth of 65%. The record results were
driven by the Company's continued focus on growth while continuing
to execute on their current operational and go to market
strategies.
"We are thrilled with the results the Company delivered in Q3"
said Steve Levely, chief executive
officer at Ackroo. "Not only did the Company see substantial year
over year and quarter over quarter revenue growth this also
represents our highest revenue quarter in Company history. An
exciting accomplishment for all of us. During the period the
Company also accomplished several key operational initiatives to
position us for continued growth. We operationally integrated
the Dealer Rewards team and their customers which played a key role
in helping us achieve these results. We migrated customers off of 2
legacy platforms onto our new Ackroo Anywhere platform helping to
position us for technical scale and cost savings. We added
support and billing automation tools to allow the Company to
continue to focus on product and sales initiatives and to reduce
manual support required. We added more self-serve features to our
platform like our Campaigns and Reporting infrastructure allowing
the Company to continue to offer our solution at an affordable
price due to the reduction of support required. We continued to
develop our channels with the addition of our latest referral
partner in POS West. We also completed dual listing in
the United States via the OTC Pink
markets that combined with DRC eligibility allows US investors to
deposit Ackroo shares certificates and electronically trade Ackroo
shares through their US brokerages. A very exciting quarter on many
fronts and has the Company very position to close out the year
strong and to continue our plans for continuous growth. "
The complete financial results for Ackroo are available
at www.sedar.com. Highlights include:
- Sales of $519,766 for the
three month period ended September
30th, 2015 as compared to $321,972 for the three month period ended
September 30th, 2014 (61%
growth);
- Sales of $519,766 for the
three month period ended September
30th, 2015 as compared to $315,562 for the three month period ended
June 30th, 2015 (65%
growth);
- Subscription and service revenue of $351,326 for the three month period ended
September 30th, 2015 as
compared to $268,123 for the three
month period ended September
30th, 2014 (31% growth);
- Gross margin of $335,852 for
the three month period ended June
30th, 2015 as compared to $244,323 for the three month period ended
September 30th, 2014 (37%
growth);
- Loss from operations before depreciation, amortization, and
stock based compensation was $53,992
for the three month period ended September
30th, 2015 as compared to $254,417 for the three month period ended
September 30th, 2014 (79%
reduction);
Ackroo also announces that Jay
Malowney has resigned from the Board of Director's to pursue
other interests. Jay will continue to support the Company as
an advisor. The Company would like to thank Jay for his
contributions to the Board and look forward to his continued
support in his advisory role.
About Ackroo
Ackroo provides gift card and loyalty solutions into the
$160 billion North American gift card
and loyalty market. Their solutions enable businesses, merchants
and business networks to increase profitability and build long-term
customer relationships through customized gift card and loyalty
programs. Ackroo's web-based solutions provide the power of a
massively scalable software platform in a lightweight online tool
that works with existing point-of-sale equipment, making it
easy and affordable for businesses to launch gift card &
loyalty programs that deliver immediate return on investment.
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.
