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SITO Mobile Reports Second Quarter 2018 Results
JERSEY CITY, N.J., August 20, 2018 -- SITO Mobile Ltd. (NASDAQ: SITO), an insights-driven Consumer Behavior and Location Sciences™ company, announced today its financial results for the three and six months ended June 30, 2018.
Second Quarter Financial and Recent Business Highlights
|·||Revenues for the three months ended June 30, 2018 of $8.4 million were in line with management’s previously announced expectations for quarterly revenues in the range of $8 million to $9 million|
|·||Gross profit for the second quarter of 2018 was $4.0 million, or 48% of total revenue, compared to $5.1 million, or 48% of total revenue, for the corresponding period of 2017|
|·||Net loss in the second quarter of 2018 was $5.7 million, compared to a net loss of $2.2 million for the corresponding period of 2017|
|·||Adjusted EBITDA* loss for the second quarter of 2018 was $3.6 million|
|·||Subsequent to quarter end, the Company appointed experienced advertising and marketing industry executives Bonin Bough, Jonathan Bond, Steven Felsher and Brett O’Brien to the Board of Directors|
|·||Attracted 53 attendees to the Inaugural SITO Institute of Consumer Behavior and Location Sciences Forum including marketing leaders from TDAmeritrade , Aetna, Yext and Take-Two Interactive; Ad Agency leaders like Paul Woolmington, CEO of Canvas Worldwide, as well as other industry thought leaders such as Peter Horst, CEO of CMO Inc. (formerly of CMO CapitalOne and Hershey’s)|
|·||Subsequent to the end of the second quarter, the Company announced a partnership with Ribbow Media Group to deliver media to promote movies beginning in the second half of 2018|
Tom Pallack, SITO’s Chief Executive Officer commented, “We continue to advance initiatives to transform our organization from what has historically been a media placement business with one-time campaign driven revenues to a differentiated consumer behavior research organization with syndicated and contracted data revenues that are recurring. Our second quarter results highlight the challenges of our traditional campaign-driven media placement revenue model and underscore the benefits of the strategy we are actively pursuing. Media placement campaign volume grew on a sequential basis, despite the absence of one customer who accounted for approximately 46% of our first quarter revenues, which was not actively running campaigns with SITO during the second quarter. We anticipate increased levels of activity from this customer in the second half of this year.”
The following information was filed by Sito Mobile, Ltd. (SITO) on Monday, August 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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