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UpSnap Inc
Symbol UP
Shares Issued 168,642,191
Close 2017-04-20 C$ 0.015
Market Cap C$ 2,529,633
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UpSnap loses $920,000 in 2016

2017-04-24 20:57 ET - News Release

Mr. Alex Pekurar reports

UPSNAP ANNOUNCES FULL YEAR AND Q4 2016 FINANCIAL RESULTS

UpSnap Inc. has released its fourth quarter financial results for the three- and 12-month periods ended Dec. 31, 2016.

"Introducing Facebook advertising into our product mix is allowing our clients another effective mobile advertising solution. As a result, we are seeing growth in our average spend among our SMB clients," said Bruce Howard, chief executive officer of UpSnap. "As we move our focus into 2017, we have expanded our sales team in the U.S., as well as in Canada, in an effort to grow our market presence."

Annual financial highlights:

  • Total operating revenue remained flat at $5.06-million for fiscal year 2016, compared with $5.07-million in fiscal year 2015.
  • Mobile advertising revenue grew by 4 per cent to $4.36-million for fiscal year 2016, compared with $4.18-million in fiscal year 2015.
  • Total operating costs decreased 5 per cent to $6.00-million for fiscal year 2016, compared with $6.26-million in fiscal year 2015.
  • Net loss and comprehensive loss for the year decreased 29 per cent to $920,000 for fiscal year 2016, compared with $1.30-million in fiscal year 2015.

Fourth quarter financial highlights:

  • Total operating revenue for the fourth quarter of 2016 was $1.04-million compared with $1.24 in the fourth quarter of 2015.
  • Mobile advertising revenue remained steady at $900,000 in fourth quarter 2016 as compared with $1.0-million in fourth quarter 2015.
  • Monthly average revenue per subscriber was $73.97 (U.S.) for fourth quarter 2016 as compared with $65.19 (U.S.) in fourth quarter 2015, an increase of 14 per cent.
  • Recurring revenue was 34 per cent of total revenue in fourth quarter 2016, compared with 30 per cent in fourth quarter 2015.
  • Total operating cost of $1.36-million for fourth quarter 2016, compared with $1.57-million in fourth quarter 2015, a decrease of 13 per cent.
  • Loss from operations decreased 3 per cent to $320,000 for fourth quarter 2016, compared with $330,000 in fourth quarter 2015.

This news release should be read in conjunction with UpSnap's audited financial statements and the accompanying notes, as at and for the year ended Dec. 31, 2016, together with the related management's discussion and analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR and on the UpSnap website.

About UpSnap Inc.

UpSnap provides highly targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Combining first-party proprietary data and real-time analytics, UpSnap goes beyond location to deliver site agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.

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