CALGARY, ALBERTA--(Marketwire - Nov. 28, 2011) - Poynt Corporation (TSX VENTURE:PYN)("Poynt Corp." or the "Company"), a global leader in mobile local search and advertising, reported results for its third quarter ended September 30, 2011. All figures below are in Canadian dollars.
Q3 2011 Operational Highlights
- Poynt's user base surpassed 10.2 million by the end of the quarter, up 162% year-over-year, driving record revenue
- Signed preload agreement with Virgin Media in the U.K.
- Launched Poynt on Windows Phone 7 devices and released a localized version for BlackBerry® Playbook™ tablets in Germany, France, Italy and Spain, building upon adoption in Canada, the U.S., the U.K. and Australia
- Enhanced user features with an Offers search vertical in the U.S., providing mobile couponing
Q3 2011 Financial Results
Revenues increased 188% to a record $734,000 from $255,000 in the same year ago quarter. The improvement was primarily due to the continued increase in Poynt user adoption.
Net loss was $3.96 million or $(0.01) per basic share, compared to a net loss of $2.97 million or $(0.01) per basic share in the same quarter last year. The larger net loss was primarily due to an increased investment in engineering, business development and marketing to address growth opportunities in geographies, features, and display and platform advertising. Q3 2011 net loss included $500,000 in professional fees related to strategic initiatives in the evaluation and structuring of the Company's portfolio of opportunities and finance advisory services. Net loss for the third quarter of 2011 included $800,000 of non-cash items, comprised of $617,000 of amortization and depreciation expenses and $182,000 of stock-based compensation expenses. After adjusting for these non-cash items, Q3 2011 net cash loss was approximately $3.1 million.
At September 30, 2011, cash and cash equivalents totaled $6.7 million with a working capital surplus of $6.1 million.
Poynt User Stats
Total unique users increased 20% sequentially to 10.2 million from 8.5 million in the previous quarter, and increased 162% from 3.9 million in the same year-ago period.
| | Total Unique Users at End of Period | Total Queries
(Month of September | ) | Total Interactions |
| September 2011 | 10.2 million | | 146 million | | 1.98 billion | |
| September 2010 | 3.9 million | | 53.5 million | | 582 million | |
| Year/Year Increase | 162 | % | 172 | % | 240 | % |
Poynt Corp.'s revenue model includes user queries, page views, advertising and transactions within the Platform, with user growth a key metric that drives the Company's revenue forward globally. More Poynt users equate to increased queries, page views and transactions. Poynt provides highly contextual and relevant advertising to its user base when they perform queries. Large user numbers attract advertising customers and facilitate mobile commerce, such as daily deals and mobile couponing.
Management Commentary
"Increased user growth across all smartphone platforms drove record revenues during the third quarter," said Poynt's CEO, Andrew Osis. "These results reflect our success as we continue to take steps to pursue preload agreements, broaden geographic availability and expand platforms within the App which drive user interactions and result in revenues."
"One of these more recent steps was launching the timesPoynt platform in India, one of the largest mobile markets in the world, with The Times Group. This marked an unprecedented opportunity for Poynt to drive revenue growth and user adoption among smartphone users in India, as well as further solidify Poynt as the global leader in the delivery of mobile local search and advertising."
"To support our continued growth, we've appointed Yves Millette as President of Poynt Corp. to oversee the day-to-day operations and focus on accelerating Poynt's monetization strategies. Yves brings international operations experience from his time as President and CEO of Intuit, where he grew revenues from $65 million to $160 million."
"Through geographic expansion such as with timesPoynt in India and new preload agreements, our position in the mobile application space is strengthening. The size and growth of our user base is important to expanding the number of advertisers as well as strengthening the Platform's mobile commerce offerings like mobile couponing. As Poynt becomes available across more geographies and devices, we anticipate increased user acquisition and retention will broaden revenue streams, augmented by the monetization of our IP portfolio. In fact, we are currently working to file additional patents in the U.S. and are expecting to receive final approval on some of our pending applications in the near term."
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