Mr. Omri Brill reports
ADCORE REPORTS RECORD THIRD QUARTER 2020 RESULTS REVENUE MORE THAN DOUBLES SINCE LAST QUARTER
Adcore Inc. has released its financial results for the three and nine months ended Sept. 30, 2020.
Third quarter 2020 highlights:
- Total revenue was $4.1-million compared with $4-million for the same period in 2019, an increase of 3 per cent and a 105-per-cent increase since the last quarter.
- Revenue less media costs (gross margin) was 60 per cent compared with 64 per cent for the same period in 2019, a decrease of 4 per cent.
- Adjusted earnings before interest, taxes, depreciation and amortization were $925,000 compared with $1.46-million for the same period in 2019, a decrease of 37 per cent.
- As of Sept. 30, 2020, total working capital was $7-million compared with $5.5-million for the year ended Dec. 31, 2019, an increase of $1.5-million or 27 per cent.
- As of Sept. 30, 2020, the company's cash and cash equivalents were $6.1-million, compared with $4.9-million for the year ended Dec. 31, 2019, an increase of $1.2-million.
- The company continued to invest in its global sales and marketing team and industry-leading technology, including developing an artificial-intelligence-products recataloguing feature for Feeditor.
Omri Brill, chief executive officer, commented on the results: "Following a challenging second quarter due to the COVID-19 pandemic, we've experienced a dramatic rebound and couldn't be prouder to share a record third quarter with our valued investors. During the third quarter, Adcore saw growth across the board from all clients in all regions. We are pleased to deliver strong results on both the top and bottom lines. The company's profitability, coupled with an increase in cash, is proof again of the robustness and versatility of our business model."
Mr. Brill continued: "We're only beginning to see the first fruits of our labour from the company's strategic decision to focus on e-commerce and technology. During the third quarter, we saw a dramatic increase of e-commerce related activity coming from all regions. As our product road map progresses, we expect to release exciting updates and new features in the coming months, making our technology offering even stronger."
Mr. Brill concluded: "As more and more businesses across the globe undergo a major digital transformation, Adcore is well positioned to monetize this tectonic change. The company believes this trend will accelerate in the fourth quarter and well into 2021."
Conference call and webcast information
Adcore will host a conference call at 9 a.m. Eastern Time on Nov. 17, 2020, to answer questions about the financial and operational performance of the company for the third quarter ended Sept. 30, 2020. The conference call will include a brief statement by management and will focus on answering questions about Adcore's results during the quarter, which can be sent in advance to firstname.lastname@example.org. Please register in advance for this conference call.
Meeting ID: 896 2559 9559
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Meeting ID: 896 2559 9559
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Adcore's third quarter 2020 financial statements are available on the company's SEDAR profile. All amounts are based on Adcore's condensed consolidated interim financial statements for the three and nine months ended Sept. 30, 2020, and related notes prepared in accordance with international financial reporting standards, unless otherwise noted.
Amounts in this press release are in Canadian based on the following U.S. dollar to Canadian dollar average exchange rates for each of the relevant periods: for the three months ended Sept. 30, 2020, and 2019, 0.73 and 0.76, respectively.
About Adcore Inc.
Adcore is a leading provider of machine-learning-powered advertising technologies used by digital agencies and advertisers to leverage digital marketing in an effortless and accessible way with the goal of scaling activity and maximizing return on investment.
By combining extensive industry knowledge and experience with its proprietary AI engine, Adcore offers a unique digital marketing solution. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google premier partner, Microsoft partner, Facebook marketing partner and TikTok partner.
Established in 2006, the company employs over 40 people in its headquarters in Tel Aviv, Israel, and satellite offices in Melbourne, Australia, Toronto, Canada, and Hong Kong, Greater China.
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