Preliminary Results Show Sales Bookings up 172% Year over
Year and up 34% Quarter over Quarter
VANCOUVER, Dec. 3, 2015 /CNW/ - VidWRX Inc. (TSX-V:VID)
("VidWRX" and/or the "Company"), the pioneer of globally scalable
video production solutions, has announced preliminary and
un-audited numbers indicating that the fourth quarter of 2015 will
be a record for the company, with quarterly Sales Bookings expected
to be approximately $765,000 and
quarterly Revenues expected to be $190,000. The Company's Sales Backlog will
also grow to approximately $2,300,000. This represents growth of 172% in
Sales Bookings for 2015 compared to the prior year, and
approximately 34% compared to the prior quarter, and growth of 122%
in annual revenues compared to the prior year and approximately 21%
compared to the prior quarter. Sales Backlog has grown by
132% over the prior year and 22% over the prior quarter.
During November the Company experienced its first two weeks
where Sales Bookings exceeded $100,000. The Company also expects to
experience the highest quarter over quarter growth in sales to
existing clients in its history at approximately 133% for the
fourth quarter which follows 4% growth in the third quarter.
"The strong sales growth we saw in Q3 is continuing through the
fourth quarter," said George
Fleming, Founder and CEO. "VidWRX continues to successfully
evolve its approach to sales. Beginning with the
implementation of a Revenue Performance Management system earlier
this year, the development of new websites and marketing materials,
and the ongoing adjustment of sales development to focus on
internet marketing companies and agencies facing issues around the
scalability of video production we've laid a solid foundation for
continued growth in 2016."
The Company cautions that figures for Sales Backlog, Sales
Bookings and Revenue, have not been audited. Actual results
may differ materially from those reported in this release once
these figures have been audited, and the fourth quarter has been
completed.
Definitions
Sales Bookings measure the total value of videos ordered
in the period, and Sales Backlog measures the total value of
video sales from all periods to-date but not yet completed. For a
video order to be included as a Sales Booking, an order must be
received from a client, and a deposit paid or, in cases where the
client is deemed credit-worthy, be reasonably assured.
Sales Bookings are recorded when a video is
ordered. Revenue is recorded when a video is
completed
Sales Bookings and Sales Backlog are used by the Company as
leading indicators and measures of sales performance, while Revenue
is a lagging indicator measuring production activity.
About VidWRX
Founded in 2006 as SoMedia Networks, VidWRX is an industry
pioneer, providing scalable video production services to marketers
and digital agencies in any volume, anywhere in North America. Combined with its online
platform and proven processes, the Company's expert production
teams ensure exceptional customer service and affordable, high
quality videos. To learn more, visit: www.vidwrx.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release does not constitute an
offer to sell or a solicitation of an offer to sell any securities
in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Certain information contained in this document may include
"forward-looking information". In this document, words such as
"may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. Forward-looking
statements and information are based on information available at
the time and/or the Company management's good-faith beliefs with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Company's control. For additional information
with respect to these and other factors and assumptions underlying
the forward-looking statements made in this press release, see the
section entitled "Risks and Uncertainties" in the Management's
Discussion and Analysis of the Company for its most recent interim
financial statements filed with the Canadian securities
commissions. The forward-looking information set forth herein
reflects the Company's expectations as at the date of this press
release and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward looking statements, whether as a result of new information,
future events or otherwise, other than as required by
law.
This news release makes reference to terms used by the
Company to analyze operating performance and leverage. Such
terms do not have a standard meaning as prescribed by International
Financial Reporting Standards ("IFRS") and therefore may not be
comparable with the determination of similar measures for other
entities. These measures are identified as non-GAAP measures and
are used by management to analyze operating performance. These
measures should not be considered an alternative to, or more
meaningful, than cash flow from/used in operating activities or net
income (loss) as determined in accordance with IFRS.
The Company does not intend, nor does it undertake, any
obligation to update or revise any forward-looking information or
statements contained in this document to reflect subsequent
information, events or circumstances or otherwise, except as
required by applicable laws.
SOURCE VidWrx Inc.