Mobile Advertising Revenue Reaches a New Quarterly High
Recurring Revenue Grows 41% Year over Year
Toronto, Ont. – August 24, 2016 – UpSnap Inc. (CSE: UP) (“UpSnap” or the “Company”), a leading provider of mobile advertising solutions, today announced its second quarter (Q2) financial results for the three-month period ended June 30, 2016.
“We continue to see revenue remain steady as we focus on growing our subscriber base,” said Bruce Howard, CEO of UpSnap Inc.
Second Quarter Financial Highlights
• Mobile advertising revenue increased by 12% to $1.20 million for Q2 2016, compared to $1.07 million in Q2 2015 while total operating revenue was $1.37 million for Q2 2016, compared to $1.31 million in Q2 2015.
• Total recurring revenue increased by 24% to $0.39 million in Q2 2016 totaling 29% of revenue compared to $0.32 million of recurring revenue totaling 24% of revenue in Q2 2015. Total recurring revenue for the six month period ended June 30, 2016 increased by 41% to $0.90 million compared to $0.64 million for the six month period ended June 30, 2015.
• Total subscribers rose 20% year over year from 1,345 in Q2 2015 to 1,612 in Q2 2016.
• Total operating costs were $1.63 million for Q2 2016, compared to $1.51 million in Q2 2015. Total operating costs for the six months ended June 30, 2016, decreased to $3.18 million compared to $3.23 million for the six month period ended June 30, 2015.
• The Board of Directors elected Bruce C. Howard as Chairman with Michael Inskip as Independent Lead Director. The Audit, Compensation, Governance and Nominating committees were also elected.
• The Company extended its mobile advertising network to include Facebook.
This news release should be read in conjunction with UpSnap’s unaudited financial statements and the accompanying notes, as at and for the period ended June 30, 2016, together with the related Management Discussion and Analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the UpSnap website at www.upsnap.com.