Urbanimmersive Announces Record Revenue for Second Quarter 2019
May 28 2019 - 12:00PM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX
VENTURE: UI) (OTC PINK: UBMRF), the leading real estate content
marketing platform, today announces record revenue of $1,219,000
for the second quarter of 2019, ended March 31.
Highlights
- Revenue of $1,219,000 with a growth
of $798,000 or 190% for the three-month period ended March 31,
2019, compared to the three-month period ended March 31, 2018;
- Gross profit of $602,000 for the
three-month period ended March 31, 2019, compared to $65,000 for
the three-month period ended March 31, 2018;
- Net earnings of $58,734 for the
three-month period ended March 31, 2019, compared to a net loss of
$354,398 for the three-month period ended March 31, 2018;
- Completion of Tourbuzz products’
technological integration;
- Reduction of operational expenses
of $478,000 compared to the previous quarter ended December 31,
2018;
- Conversion of all merchants using
low-margin services to new high-margin platform features;
- Disclosure of a new key performance
metric, the Gross Merchant Volume (GMV) totalizing $2,300,000 for
the three-month period ended March 31, 2019.
Subsequent Events
- Launches of a new corporate website
with enriched investors section;
- Appointment of Simon Bédard as
Chief Operating Officer, effective June 3rd.
“This additional record quarter expresses our
commitment in delivering on promises in regard to our recent
US-based acquired company, Tourbuzz. While delivering significant
operational and cost synergies, we’ve been able to maintain our
revenues and fully complete operational and technological
integrations of Tourbuzz during the lowest market activity season.
The successful launch of our new corporate website has generated a
great number of new leads and it clearly demonstrates the success
of Tourbuzz integration by providing a unified marketing message to
the market and real-time merged key metrics data to investors”
Stated Ghislain Lemire, CEO of Urbanimmersive.
During the second quarter of the 2019 fiscal
year, aligned with the goal of focusing on high-margin services
previously communicated, the Company has undertaken the conversion
of all merchants that were outsourcing their invoices to
Urbanimmersive to a new platform higher-margin services. The
conversion has been progressively achieved during the second
quarter and has successfully ended during the third quarter. It is
expected that this merchant service usage conversion could decrease
the growth rate of the top line revenue as the Company will no
longer invoice merchants photoshoot services, and therefore, will
no longer recognize the revenue of it. However, the replacement
service will have a direct and positive impact on the gross margin
going forward.
During the same quarter, concurrent to the
launch of the new corporate website, the Company started disclosing
a new key performance metric indicator, the Gross Merchant Volume
(GMV). The GMV is an indicator of the business solution adoption as
it represents the value of all transactions performed by merchants
using Urbanimmersive’s business solutions for invoicing and/or
collecting payments for their services. The Gross Merchant Volume
(GMV) for the second quarter of 2019 is $2,300,000. The GMV monthly
data is provided in real time in the investors section of the
website and the last 12 months GMV data is updated weekly on the
main page of the corporation website.
“While the first part of 2019 has been to focus
on operations and product integration, the second part of 2019
will be to start delivering on product synergies with the goal of
creating predictable patterns and models to acquire and on-board
more merchants on our business solutions. We are already in
advanced stage discussions with some of our most sizable customers
and they are eager to grow their business within our content
marketing platform. We look forward to sharing details of these
successes in the months to come. In addition to now turning around
the breakeven point in terms of cash flow and a positive EBITDA,
it’s very exciting to think that every gain in sales will, from now
on, have a direct impact on profitability at a corporate level”
Added Ghislain Lemire.
Subsequent to the second quarter, Urbanimmersive
has appointed Simon Bédard as Chief Financial Officer. M.
Bédard will take office on June 3, 2019 replacing Martin Thibault,
a co-founder of Urbanimmersive, who was acting as interim CFO since
2015.
Mr. Bédard is a Chartered Professional
Accountant (CPA, CA, Laval University) since 1995, a Chartered
Financial Advisor (CFA) and holds an MBA from McGill University,
dual specialization in Finance and Strategy. Over the years, Mr.
Bédard held various senior positions including Vice-President
Finance of a mid-size private company in the environmental service
industry as well as senior positions held in large advisory firms
(Deloitte & Touche LLP, Ernst & Young LLP) and in
investment banking (Desjardins Securities Inc.) and served on the
Board of Directors of the Quebec chapter of the MBA association.
Before joining Urbanimmersive, Mr. Bédard was Chief Financial
Officer of the public company ATW Tech Inc. (ATW-V) since 2015
which operates in the technology industry, more specifically in the
payment solutions and interactive communications.
TSX Venture Exchange has not reviewed this press
release and has neither approved nor disapproved the contents of
this press release.
About Urbanimmersive
Urbanimmersive is a content marketing platform
for real estate professionals. The Corporation connects real estate
professionals, photographers and writers in order to simplify and
optimize original content production workflow. Urbanimmersive
enables its customers to leverage their marketing investment while
increasing productivity, competitiveness, their web visibility,
consumer engagement with their brand and ultimately, their
revenue.
Caution of Forward-Looking
Statements
Certain statements in this news release, other
than statements of historical fact, are forward-looking information
that involves various risks and uncertainties. Such statements
relating to, among other things, the prospects for the company to
enhance operating results, are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from
information contained herein. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management estimates or opinions change.
For more information:
Urbanimmersive Inc. Ghislain Lemire President
& CEO 514-394-7820 X 202ghislainlemire@urbanimmersive.com
www.urbanimmersive.com
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