SEATTLE, WA and BELLEVUE, WA--(Marketwired - Feb 22, 2016) - Ominto, Inc. (OTC PINK: OMNT), a global leader in online Cash Back shopping, today reported financial results for the fiscal first quarter ended December 31, 2015.
For the quarter ended December 31, 2015, revenues increased 14% to $5.4 million, compared to $4.7 million for the same quarter of the previous fiscal year. The increase was due primarily to increased sales of VIP memberships and increased commission income generated from purchases at our partner merchants on the company's Cash Back shopping portal, DubLi.com.
Loss from continuing operations for the fiscal quarter ended December 31, 2015 was $2.0 million compared to a loss of $1.4 million in the fiscal first quarter of 2015. The higher loss resulted primarily from an increase in cost of revenues recognized as a percentage of revenue.
Income from discontinued operations was $3,848 compared to $248,891 for the first quarter ended December 31, 2015 and 2014, respectively. Net loss for the fiscal first quarter of 2016 was $2.0 million resulting in a loss per share of $0.17 compared to a net loss of $1.1 million, or a loss per share of $0.13 for the fiscal first quarter of 2015.
Mitch Hill, Interim Chief Executive Officer, stated, "Our financial performance in the fiscal first quarter of 2016 continues to demonstrate our commitment to growing our sales organization as our distribution channel of our Cash Back model in new markets around the world. Beginning in our second fiscal quarter, we implemented changes to streamline our organization and optimize our expense structure to improve profitability potential. Throughout the balance of fiscal 2016, we will continue to focus our efforts on the launch of our new Ominto.com and DubLi.com platforms, growing our Partner Program relationships, and expanding our sales organization around the world."
For more information, please visit Ominto's corporate website http://inc.ominto.com.
About Ominto, Inc.
Ominto, Inc. is a global e-commerce leader and pioneer of online Cash Back shopping, delivering value-based shopping and travel deals through its international network of shopping websites and Partner sites. At Ominto.com or at Partner sites powered by Ominto.com, consumers will shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. Ominto.com will feature thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back savings to consumers in more than 120 countries. Ominto Enterprise Partner Programs will offer a white label version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional, reliable web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction.
Forward-looking Statements
This document contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ominto's strategy, future operations, future financial positions, prospects, plans and objectives of management are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "target" or "continue" and similar expressions (or the negative of these terms) are intended to identify forward-looking statements. These forward statements include, among other things, statements about management's estimates regarding future revenues and financial performance and other statements about management's beliefs, intentions or goals. Ominto may not actually achieve the expectations disclosed in the forward-looking statements and you should not place undue reliance on Ominto's forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to: our ability to successfully obtain consumer and/or market acceptance of our membership Cash Back program; the ability to attract customers who purchase through our website; our ability to obtain additional funding and/or gener ate sufficient working capital to fund our operations; the ability to establish and/or maintain a large growing base of productive business associates; the ability to develop and/or maintain our growing Partner programs; the ability to obtain and maintain digital coupon content on our website; the risks related to Ominto's ability to manage its growth, including accurately planning and forecasting its financial results; the competitive environment for Ominto's business; Ominto's ability to protect consumer data and our intellectual property; the ability to adapt to mobile and technological change; the need to manage regulatory, tax and litigations risk; Ominto's ability to manage international business uncertainties; along with other risks and potential factors that could affect Ominto's business and financial results identified in Ominto's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2015.