EXHIBIT 99.1

SITO Mobile Reports Fourth Quarter and Fiscal 2014 Financial Results

Drives 43% Year-on-Year Growth in Quarter

JERSEY CITY, N.J., Nov. 18, 2014 (GLOBE NEWSWIRE) -- SITO Mobile Ltd. (OTCBB:SITO), a leading mobile media solutions provider, today announced results for its fiscal fourth quarter and fiscal year ended September 30, 2014.

Financial Highlights:

  • Revenue: For the fourth quarter of fiscal 2014, revenue was $3.0 million up from $2.1 million in the fourth quarter of fiscal 2013, representing a 43% increase. For the full year ended September 30, 2014, revenue increased to $9.9 million from $7.8 million for the full year 2013, representing a year-over-year increase of 27%.
  • Revenue driven by sequential growth of the advertising technology product platform increased to $557,000 in the fourth quarter of 2014 compared with $131,000 in the third quarter of 2014, an increase of 323%.
  • Gross Margins: For the fourth quarter of 2014, gross margins improved to 62%, compared to 59% for the same quarter in 2013. For the fiscal year 2014, gross margins were 64%, compared with 57% for the fiscal year of 2013.
  • Operating Profits: For the fourth quarter of 2014 and the full fiscal 2014, EBITDA was breakeven on a pro-forma basis when separating stock based compensation and executive termination expenses.
  • Net Loss: Net loss for the fourth quarter of 2014 was $1.5 million, or $0.01 per share, compared to a net loss of $682,000, or $0.01 per share in the fourth quarter of 2013. Net loss for the fiscal year 2014 was $4.5 million, or $0.03 per share, compared with a net loss of $5.2 million, or $0.04 per share for the fiscal year of 2013.

"The improvement in revenue is a testament to our progress in establishing SITO Mobile as the predominant player in mobile marketing and advertising," said Jerry Hug, chief executive officer of SITO Mobile. "This quarter we made concrete steps toward that end, most importantly with our complete corporate rebranding to SITO Mobile, which signifies a new chapter for the company. With the customer wins we signed this quarter, including two channel customers, we continue to drive the adoption of our location-based advertising and mobile messaging platforms and are working to meet the demands of the mobile advertising market. With the addition of seven new patents this year, and a financing from an IP partner, we are creating a strategy to bolster our patent assets to augment the product revenue and believe that we are making tremendous progress in growing the company."

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Conference call information:

Conference call information:
Date: Tuesday, November 18, 2014
Time: 4:30 P.M. Eastern Time (ET)
Dial in Number for U.S. & Canadian Callers: 877-407-8629
Dial in Number for International Callers (Outside of the U.S. & Canada): 201-493-6715

Participating on the call will be SITO Mobile's Chief Executive Officer Jerry Hug and Chief Financial Officer Kurt Streams. To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time. A live webcast and archive of the call will also be available on SITO Mobile's website at: http://sitomobile.equisolvewebcast.com/q4-2014.

A replay will be available for 2 weeks starting on November 18, 2014 at approximately 8:00 P.M. ET. To access the replay, please dial 877-660-6853 in the U.S. and 201-612-7415 for international callers. The conference ID# is 414392.

About SITO Mobile Ltd.

SITO Mobile is a mobile location-based advertising platform serving businesses, advertisers and brands. Through patented technologies and an easy-to-use platform, the company's solution allows marketers to create content targeted to key audiences, based on location, interests, behaviors and loyalty. Through the proliferation of mobile devices SITO Mobile empowers its customers to deliver actionable content in a real-time manner, which drive action and engagement from consumers, while providing key measurement and analytics that allow campaigns to be fluid and transaction driven. For more information visit www.sitomobile.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, our reliance on brand owners and wireless carriers, the possible need for additional capital as well other risks identified in our filings with the SEC. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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SITO Mobile, Ltd.
CONSOLIDATED BALANCE SHEETS
     
  September 30, September 30,
  2014 2013
  (unaudited)  
Assets    
Current assets    
Cash and cash equivalents  $ 620,185 $ 1,146,995
Accounts receivable, net - current portion  2,443,308  1,347,827
Prepaid consulting  81,547  1,081,553
Other prepaid expenses  151,994  150,183
     
Total current assets  3,297,034  3,726,558
     
Property and equipment, net  236,706  238,815
     
Other assets    
Accounts receivable, net  450,000  -- 
Prepaid consulting  --   81,547
Capitalized software development costs, net  639,416  343,575
Intangible assets:    
Patents  447,427  467,837
Patent applications cost  609,010  768,646
Software license  831,000  831,000
Goodwill  3,482,884  -- 
Other assets including security deposits  113,291  65,228
     
Total other assets  6,573,028  2,557,833
     
Total assets  $ 10,106,768  $ 6,523,206
3
 

 
 
SITO Mobile, Ltd.
CONSOLIDATED BALANCE SHEETS
     
  September 30, September 30,
  2014 2013
  (unaudited)  
     
Liabilities and Stockholders' Equity    
Current liabilities    
Accounts payable  $ 1,651,805 $ 1,352,203
Accrued expenses  670,818  209,323
Accrued compensation - related party  598,592  72,736
Deferred revenue  208,561  -- 
Current obligation under capital lease  16,661  16,331
Convertible debenture - related party  643,973  585,708
Convertible debentures - unrelated parties  3,646,926  2,692,570
     
Total current liabilities  7,437,336  4,928,871
     
Long-term liabilities    
Obligations under capital lease  12,718  29,378
Convertible debentures - unrelated parties  --   440,593
     
Total long-term liabilities  12,718  469,971
     
Total liabilities  7,450,054  5,398,842
     
Stockholders' Equity    
Preferred stock, $.0001 par value, 5,000,000 shares authorized; none outstanding  --   -- 
Common stock, $.001 par value; 300,000,000 shares authorized, 150,728,628 shares issued and outstanding as of September 30, 2014 and $.001 par value; 200,000,000 shares authorized, 137,220,331 shares issued and outstanding as of September 30, 2013  150,729  137,220
Additional paid-in capital  136,858,316  130,886,161
Accumulated deficit  (134,352,331)  (129,899,017)
     
Total stockholders' equity  2,656,714  1,124,364
     
Total liabilities and stockholders' equity  $ 10,106,768  $ 6,523,206

4
 

 
 
SITO Mobile, Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
         
  For the Years Ended For the Quarters Ended
  September 30, September 30,
  2014 2013 2014 2013
  (unaudited)   (unaudited)  
Revenue        
Wireless applications $ 8,196,761 $ 7,784,604 $ 2,352,293 $ 2,104,018
Licensing and royalties  916,438  --   94,520  -- 
Media placement  758,359  --   556,859  -- 
         
   9,871,558  7,784,604  3,003,672  2,104,018
         
Operating Expenses        
Royalties and application costs  3,589,879  3,328,232  1,136,536  862,962
Research and development  58,829  65,975  10,503  19,955
Compensation expense (including stock based compensation)*  4,212,932  3,808,258  1,325,838  653,158
Depreciation and amortization  729,455  662,721  275,520  184,494
General and administrative (including stock based compensation)*  4,984,319  3,898,121  1,614,859  873,213
         
   13,575,414  11,763,307  4,363,256  2,593,782
         
Loss from operations  (3,703,856)  (3,978,703)  (1,359,584)  (489,764)
         
Other Expenses        
Interest expense  (749,458)  (1,270,863)  (180,361)  (192,242)
         
Net loss before income taxes  (4,453,314)  (5,249,566)  (1,539,945)  (682,006)
         
Provision for income taxes  --   --   --   -- 
         
Net loss  $ (4,453,314)  $ (5,249,566)  $ (1,539,945)  $ (682,006)
         
Basic and diluted loss per share $ (0.03)  $ (0.04)  $ (0.01) $ (0.01)
         
Weighted average shares outstanding  143,749,668  133,878,896  148,641,671  136,187,128
         
         
* Details of stock based compensation included within:        
         
Compensation Expense  $ 657,942  $ 1,290,576  $ 269,422  $ 36,612
General Administrative  1,379,828  952,030  319,586  255,270
Total $ 2,037,770 $ 2,242,606 $ 589,008  $ 291,882

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SITO Mobile, Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
     
  September 30,
  2014 2013
  (unaudited)  
Cash Flows from Operating Activities    
Net loss  $ (4,453,314)  $ (5,249,566)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense  96,007  89,168
Amortization expense - software development costs  416,609  439,334
Amortization expense - patents  216,839  134,219
Amortization expense - discount of convertible debt  376,627  825,708
Stock based compensation  2,037,770  2,242,606
Write off of capitalized patent application costs  299,429  -- 
(Increase) decrease in assets:    
(Increase) in accounts receivable, net  (1,539,228)  (261,987)
(Increase) decrease in prepaid expenses  (5,411)  (20,894)
(Increase) decrease in other assets  (38,313)  -- 
Increase (decrease) in liabilities:    
Increase (decrease) in accounts payable  195,593  583,940
Increase (decrease) in accrued expenses  803,985  8,738
Increase (decrease) in deferred revenue  378,257  (25,000)
Increase (decrease) in accrued interest  245,401  181,704
     
Net cash used in operating activities  (969,749)  (1,052,030)
     
Cash Flows from Investing Activities    
Redemption of certificate of deposits, pledged  --   19,050
Patents applications costs  (336,219)  (100,789)
Purchase of property and equipment  (72,134)  (46,370)
Capitalized software development costs  (451,926)  (399,682)
Note receivable - discontinued operations  10,000  -- 
Acquisition of subsidiary, net of cash acquired  (389,898)  -- 
Payment on settlement regarding Anywhere software license  --   (600,000)
     
Net cash used in investing activities $ (1,240,177) $ (1,127,791)

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SITO Mobile, Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
   
  September 30,
  2014 2013
  (unaudited)  
Cash Flows from Financing Activities    
Proceeds from issuance of common stock  $ 1,900,907  $ 824,486
Purchase of Company's common stock  (201,461)  -- 
Proceeds from issuance of convertible debt - unrelated parties  --   688,000
Principal reduction on obligation under capital lease  (16,330)  (7,402)
Principal reduction on convertible debt  --   (200,000)
Expenditures relating to private offerings  --   (48,475)
Principal reduction on obligation on patent purchases  --   (87,500)
     
Net cash provided by financing activities  1,683,116  1,169,109
     
Net decrease in cash  (526,810)  (1,010,712)
     
Cash - Beginning balance  1,146,995  2,157,707
     
Cash - Ending balance  $ 620,185  $ 1,146,995
CONTACT: Investor Contact:
         Mike Bishop
         The Blueshirt Group
         415-217-4968
         Mike@blueshirtgroup.com


         Media Contacts:
         Alicia V. Nieva-Woodgate,
         ANW Networks for SITO Mobile
         +1 415.515.0866
         Alicia@anwnetworks.com

The following information was filed by Sito Mobile, Ltd. (SITO) on Tuesday, November 18, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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