RIWI Reports 2019 First Quarter Financial Results: Continued Profitability and Revenue Growth over 89%
RIWI Grants Stock Options
Toronto, Ontario--(Newsfile Corp. - May 15, 2019) - RIWI Corp. (CSE: RIW) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its financial results for the three months ended March 31, 2019. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
RIWI Highlights for the First Quarter of 2019:
- Third consecutive profitable quarter, earning net income of $236,899 compared with a net loss of $80,568 in Q1 2018, a positive variance of $317,467.
- Revenue grew over 89% to $673,575, compared to Q1 2018.
- Generated $168,573 in cash from operations, ending the quarter with over $1.9 million in cash.
- For the last 12 months, RIWI grew its revenue year-over-year by 109%, reaching revenues of $2,985,402 for the 12 months ended March 31, 2019, compared to the same period last year.
- RIWI now offers current and future customers significantly longer surveys, trend-monitoring and message testing data feeds without compromising any data integrity and data quality.
- RIWI filed a new machine learning patent application in the US Patent and Trademark Office on April 18, 2019. The invention, which RIWI has been using for more than one year, has enabled RIWI to reduce its technology costs for data collection in all markets of the world.
|In U.S. Dollars||Three months ended|
March 31, 2019
Three months ended
March 31, 2018
|Operating cash generated/(used)||168,573||(78,262)|
|Trailing 12-month revenues||2,985,402||1,431,619|
"I am pleased to report our third consecutive profitable quarter," said Neil Seeman, RIWI's Chief Executive Officer. "We continue our relentless pursuit of operational and sales excellence. Our goals in 2019 include increasing our long-term contracts and recurring revenues across all our business lines," he added.
Mr. Seeman's 2019 annual letter to shareholders, entitled "Be Different to Win," describes the Company's vision, mission and values, and is available online at: https://riwi.com.
RIWI's unaudited interim Financial Statements and Management Discussion and Analysis for the three months ended March 31, 2019 and 2018, are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
Stock Option Grant:
Further, the Company announces that, subject to regulatory approval, it has granted an aggregate of 370,000 stock options ("Options") to certain directors of the Company pursuant to the Company's stock option plan. The Options expire on May 14, 2024, and are exercisable at a price of CAD$3.25 per share.
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries. https://riwi.com.
Signed: "Neil Seeman"
Neil Seeman, Chief Executive Officer
For more information, please contact:
Daniel Im, Chief Financial Officer
firstname.lastname@example.org | +1-416-205-9984 ext. 2
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
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