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SITO Mobile Reports 30% Increase in Revenue for the Third Quarter
New senior leadership accelerating insights-driven strategy with focus on larger, multi-year revenue opportunities
JERSEY CITY, N.J., November 14, 2017 -- SITO Mobile Ltd. (NASDAQ:SITO), an insights-driven Consumer Behavior and Location Sciences™ company, announced today its financial results for the third quarter and nine month periods ended September 30, 2017.
Three Months Ended September 30, 2017 and Recent Business Highlights
|·||Total revenue increased 30% to $11.1 million compared to $8.6 million in the corresponding period of 2016|
|·||Net loss of $2.7 million compared to net income of $502,000 in the corresponding period of 2016. The net loss reflects, among other things, approximately $591,000 in increased amortization expense due to a non-recurring change in the useful life of the company’s patent portfolio|
|·||Generated Adjusted EBITDA of $296,000 for the quarter|
|·||Signed a multi-year partnership with Bell Media, Canada’s leading content company, establishing SITO as its preferred partner for mobile data-driven audience insights and mobile advertising solutions in Canada|
|·||Appointed former CEO of ESPN and NFL Network Steve Bornstein and Nickelodeon Group CFO Karen Seminara to the Board of Directors|
Tom Pallack, SITO’s Chief Executive Officer commented, “I am encouraged with the progress that our company has made to re position our location-based, proprietary data-driven mobile solutions to focus on larger and more significant customers. We are advancing larger engagement opportunities with Fortune 500 brands and leading agencies that leverage our proprietary location-data technology and real-time insights to more effectively manage and deploy media campaigns.”
“Q3 represented a record revenue quarter for SITO primarily based on our core media business, and we delivered quarter-over-quarter growth,” Pallack continued. “In addition, during, and subsequent to the end of the third quarter, we closed a number of multi-year transactions, each of which are substantially larger than any transaction in SITO’s history. Based on our bookings to date, we expect fourth quarter revenues to increase year-over-year and be sequentially higher than the third quarter, and our operating and net losses should narrow in the absence of non-recurring costs related to activities that occurred and concluded in the third quarter.”
The following information was filed by Sito Mobile, Ltd. (SITO) on Tuesday, November 14, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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