Reports 2nd Quarter 2012 Revenue and Backlog Growth
VANCOUVER, BRITISH COLUMBIA(Marketwire Aug. 30, 2012) 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 second quarter ended June 30, 2012.
Snipp reported Q2 revenue of $106,321 compared with $ 89,660, a 19% increase over the year prior. The net loss in Q2 before other items was $330,380 compared with $2,283 the year prior. The increase in revenue is the result of a growing sales channel. The increase in net loss is mainly related to hiring and implementing broader north face fleece sale sales and administration abilities. In Q2, current assets were $1,643,995 and current liabilities $190,954.
"Since the beginning of 2012 Snipp was mainly focused on closing financing and then implementing a sales strategy," said Atul Sabharwal, Chief Executive Officer of Snipp. "We are beginning to see return from our new sales efforts and are enthusiastic about our sales pipeline and sales prospects globally."
Backlog (the dollar value of signed contracts including deferred revenue and unbilled revenue) totaled $262,274.
Added 2 fulltime sales resources and 2 outside salespeople, cheap north face jackets online a new COO and Major Ad Agency Executive to the Board
Announced strategic partnership in Mexico to make Snipp seamless across North America
Launched QR in the Cloud, a unique way to allow cell phones to get responses from QR Codes without having a smartphone or to download a QR Code reader
Launched Face In The Hole Beta Tests, a unique photo sharing idea that can generate revenue
Laid the foundation for future sales expansion and global delivery capability.
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