SITO Mobile, Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 15, 2018 at 08:00 pm EST
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SITO Mobile, Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, total revenue decreased 17%, or $1.8 million, to $9.1 million compared to $10.9 million in the corresponding period of 2017. This decrease in total revenue was primarily due to a reduction in the average spend per customer which that company is actively working to offset with an increase of enterprise data-driven engagements with larger brands and agencies. Loss from operations was $5.2 million compared to a loss from operations of $1.9 million in the corresponding period of 2017. The increase in loss from operations was primarily due to a $1.3 million decrease in gross profit and a $1.9 million increase in operating expenses as the company continues to invest in the growth of the company's business. Net loss was $5.0 million or $0.20 per basic and diluted share, compared to a net loss of $3.1 million or $0.14 per basic and diluted share, in the corresponding period of 2017. Adjusted EBITDA was a loss of $3.2 million compared to Adjusted EBITDA loss of $31,679 in the corresponding period of 2017. Net loss before income taxes was $4,979,018 against $3,073,180 for the same period a year ago. LBITDA was $4,628,929 against $1,578,380 for the same period a year ago.
For the nine months, the company reported total revenue of $28,630,179 against $28,294,365 for the same period a year ago. Loss from operations was $17,192,662 against $7,509,007 for the same period a year ago. Net loss before income taxes was $15,909,167 against $7,979,758 for the same period a year ago. Net loss from continuing operations was $15,989,536 against $7,979,758 for the same period a year ago. Basic and diluted net loss per share was $0.65 against $0.38 for the same period a year ago. LBITDA was $14,814,355 against $5,246,025 for the same period a year ago. Adjusted LBITDA was $10,161,881 against $379,716 for the same period a year ago.
SITO Mobile, Ltd. develops customized, data-driven solutions for brands spanning strategic insights and media. The Company's platform reveals an understanding of customer interests, actions and experiences providing clarity for clients when it comes to navigating business decisions. Using in-store targeting, proximity targeting, geo-conquesting and attribution data, the platform creates audience profiles to develop measurable targeted campaigns for brands. Its real-time, location-based technology gives clients the advantage of understanding the future of retail and consumer behavior. Its solutions include research, which provides data-driven problem solving; execution, which provides personalized, location-based advertising; measurement, which offers closed-loop attribution solutions; and insights, which provides decision-making solutions for businesses.