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SITO Mobile Reports Record Revenues and 46% Year-over-Year Growth for 2017
Fourth Quarter revenues of $14.7 million driven by strong media placement revenues and initial monetization of insights-driven offerings
JERSEY CITY, N.J., March 21, 2018 -- SITO Mobile Ltd. (NASDAQ: SITO), an insights-driven Consumer Behavior and Location Sciences™ company, announced today its financial results for the fourth quarter and full-year ended December 31, 2017.
Fourth Quarter Financial and Recent Business Highlights
|·||Fourth quarter media placement revenues more than doubled to $14.7 million compared to media placement revenues of $7.3 million for the three months ended December 31, 2016|
|·||Net loss of $6.9 million in fourth quarter compared to a net loss of $1.5 million in the corresponding period of 2016. The net loss reflects, among other things, (i) a $3.5 million expense related to the settlement of litigation and termination of the IP revenue sharing agreement with TAR SITO LendCo LLC and (ii) a $2.2 million expense relating to the accrual of bonuses earned by the Company’s executive management team under their respective employment agreements with the Company, in connection with the achievement of certain performance-based targets|
|·||Generated Adjusted EBITDA* loss of $38,700 for the fourth quarter of 2017|
|·||Subsequent to quarter-end, closed a $14.8 million public equity offering, strengthening SITO’s capital position and balance sheet|
|·||Subsequent to quarter-end, terminated IP revenue sharing agreement with TAR SITO LendCo LLC and settled all related litigations for $3.5 million|
|·||Subsequent to quarter-end, appointed Bruce Rogers, former Chief Insights Officer and veteran of Forbes Media, as SITO’s Head of Marketing|
“2017 was a transformative year for SITO and with a new leadership team and insights-driven strategy firmly in place, we are well positioned to further accelerate growth in 2018,” said Tom Pallack, SITO’s Chief Executive Officer. “We are advancing efforts to reposition SITO’s location-based, proprietary, data-driven mobile solutions to larger customers. During the fourth quarter we launched paid confirmation pilot programs with an increasing number of Fortune 500 brands, designed to test and validate our offering which is an important milestone ahead of the contracting phase for multi-year opportunities with potential customers.”
The following information was filed by Sito Mobile, Ltd. (SITO) on Wednesday, March 21, 2018 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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