GoldHunterGuy wrote:
UpSnap talks IDM revenue, omits Q1 P&L in NR
2020-06-12 17:18 ET - News Release
Mr. Bruce Howard reports
UPSNAP ANNOUNCES Q1 2020 FINANCIAL RESULTS
UpSnap Inc. has released its first-quarter financial results for the three-month period ended March 31, 2020.
"We are pleased to see revenue increase year over year in spite of the COVID-19 pandemic that began towards the end of Q1 2020," said Bruce Howard, chief executive officer of UpSnap. "While revenues in the subsequent quarter are likely to be affected, we have already begun to see a rebound in ad spend from our clients and anticipate a further increase in spending on our platforms over the subsequent months."
Q1 financial highlights:
- Recognized revenue from intentional direct mail (IDM) for the three months ended March 31, 2020, was $131,000 compared with $213,000 for the same period in 2019.
- IDM mailers sent for the three months ended March 31, 2020, was 95,000 for a total of 149,000 for Q1 2019. Revenue from IDM is recognized upon mailers being sent.
- Total operating revenue was $465,000 for three months ended March 31, 2019, compared with $456,000 for the three months ended March 31, 2019.
- Total operating costs for three months ended March 31, 2020, was $550,000 compared with $539,000 for three months ended March 31, 2019.
This news release should be read in conjunction with UpSnap's unaudited financial statements and the accompanying notes, as at and for the quarter ended March 31, 2020, 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 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.