Snipp Interactive Reports Q1-2017 Financial Results

Snipp Interactive (OTCQX:SNIPF; TSXV:SPN) has announced its financial results for the first quarter ended March 31, 2017.
As quoted in the press release:

All results are reported under International Financial Reporting Standards (“IFRS”) and in US dollars. A copy of the complete unaudited interim financial statements and management’s discussion and analysis are available on SEDAR (www.sedar.com).
Fiscal Q1 2017 Highlights
(Refer to Non-GAAP Measures, Gross Margin and EBITDA discussion below)

• The Company continued to attract larger and longer-term contract sales resulting in steady growth in Snipp’s bookings backlog (programs that have been sold, but whose revenues have not yet been recognized). On January 1, 2017, this metric stood at US $4.2MM, but on March 31, 2017, the bookings backlog had increased to over US $5.4MM – a 29% increase. Bookings backlog at March 31, 2016 was US $5.2MM.
• Revenue for Q1 2017 of $2.5MM grew 18% when compared to revenue of $2.1MM for Q1 2016
• The Company improved its EBITDA loss position substantially. Q1 2017 EBITDA loss was US $-1.01MM, a 59% improvement from Q1 2016 of US $-2.46MM
• The Company focused on maintaining its margins in the 70%+ range. Gross margins improved 1% from 75% for Q1 2016 to 76% in Q1 2017.
• The Company successfully launched in Q1 2017 the Snipp Rebate Center, a self-serve rebates platform that will allow clients to easily create, deploy and manage their own rebate programs.
• The Company continued to focus on cost improvements from its integration efforts, resulting in Q1 2017 salaries and compensation expenses decreasing by approximately US $0.9 million or 26% compared to Q1 2016; and Q1 2017 general and administrative expenses decreasing by approximately US $104,000 or 27% compared to Q1 2016.

Click here to read the full press release.