Contributed by: ElyseRomano Thursday, December 04 2014 @ 06:45 am
Q3 2014 financial results are in for Snap Interactive, owner and operator of AYI.com, and things are looking rosy. How rosy? Positive operating cash flow, higher revenues, and reduced net loss rosy.
Snap Interactive reports the following highlights in a press release[*1] :
Snap's Chief Executive Officer, Clifford Lerner, commented, "We are delighted to have successfully achieved the target we announced to the market in January 2014, that Snap would deliver positive cash flow in the quarter ended September 30, 2014. The $377 thousand of cash generated from operations for the quarter ended September 30, 2014 contributed to an increase in cash of approximately 67% during the quarter ended September 30, 2014. The business growth and discipline that got us here has also delivered two consecutive quarters of positive Adjusted EBITDA."
Snap's Chief Operating Officer, Alex Harrington, adds, "Snap also invested significantly in future growth in the most recent quarter. Though the Company expects future gains in AYI subscription revenue, the vision for Snap includes growing from a single application to a portfolio of applications. The Company undertook several initiatives to position itself to scale the business across multiple dimensions."
Those initiatives include launching optional premium add-on features, diversifying the company's marketing sources to expand its reach, increasing the prominence of the company's native mobile apps to consumers, and beginning development on a mobile-only iOS dating app that targets younger users.
Lerner concluded, "We are excited to hit our financial objectives and deliver on our promises to the market. We have an exciting roadmap ahead of us for AYI, with the goal of improving retention and revenue generation. And with the prospect of new application releases, the future is bright for Snap."