Snakk Media posts first positive quarterly earnings as sales rise 13%

Wednesday 21st October 2015

Snakk Media, which aggregates publishers’ ad space on mobile devices and matches it to advertisers’ demand, posted its maiden quarterly earnings result as sales rose 13 percent.

The Auckland based company reported earnings before interest, tax, depreciation and amortisation of $50,541 in the three months ended Sept. 30, compared to an ebitda loss of $1.24 million a year earlier, its first positive quarterly ebitda result since it was set up in 2010, it said in a statement. Sales climbed to $2.32 million from $2.04 million a year earlier.

"While we are encouraged with the second quarter result, we are not getting too far ahead of our selves," chief executive Mark Ryan said. "We are currently in the midst of our busiest trading quarter and need to work hard to keep our costs and cash usage low, and our margins strong."

Snakk is in the middle of a share offer to raise up to $2.3 million and plans to shift its listing from the NZ alternative market to the NXT board for small-cap companies with less onerous disclosure obligations.

The company generated an operating cash inflow of $194,500 in the quarter, compared to an outflow of $1.12 million a year earlier.

The shares last traded at 4.7 cents, and have shed 34 percent this year.

BusinessDesk.co.nz

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