Click here to close now.

Welcome!

iPhone Authors: Pat Romanski, Dan Ristic, Elizabeth White, Kevin Benedict, Tony Shan

News Feed Item

SNAP Interactive Reports Financial Highlights For The Quarter Ended September 30, 2012

-- SNAP Interactive Ranked the 36th Fastest Growing Company in North America on Deloitte's 2012 Technology Fast 500™

NEW YORK, Nov. 28, 2012 /PRNewswire/ -- SNAP Interactive, Inc. ("SNAP" or the "Company") (OTCBB: STVIE), a leading social application developer, today announced financial highlights for the quarter ended September 30, 2012.

  • SNAP's balance sheet position continues to be strong, with $6.5 million of cash and cash equivalents at September 30, 2012;
  • Deferred revenue increased 17% to $3.3 million at September 30, 2012 compared to $2.8 million at September 30, 2011;
  • Quarterly revenue decreased 15% to $4.3 million compared to $5.1 million for the comparable period in 2011;
  • Quarterly bookings decreased 20% to $4.0 million compared to $5.0 million for the comparable period in 2011.

(Logo: http://photos.prnewswire.com/prnh/20111101/NY96955LOGO-b)
(Logo: http://photos.prnewswire.com/prnh/20121128/NY20603LOGO)

"Our focus during the third quarter centered around scaling, testing and optimizing the redesigned AreYouInterested.com product, which we launched in August 2012. As we transitioned to the redesigned product, we again focused on limiting cash burn and ended the quarter at $6.5 million in cash and cash equivalents and investments, down $0.6 million from June 30, 2012" added Jon D. Pedersen, Sr., SNAP's Chief Financial Officer.

 

Financial Highlights

(unaudited)



Three Months Ended





Nine Months Ended





September 30,





September 30,




GAAP Results  

2012


2011


Change


2012


2011


Change

Total revenues

$

4,331,701


$

5,091,026


(15)

%


15,289,791


13,654,714


12

%

Deferred revenue

$

3,317,790



2,825,844


17

%


3,317,790


2,825,844


17

%

Net cash used in

 operating activities

$

(555,460)



212,426


(361)

%


(2,253,418)


(931,661)


142

%

















Non-GAAP Results 
















Bookings

$

3,967,610


$

4,955,691


(20)

%


15,181,093


14,389,409


6

%

Business Highlights

  • Launched the redesigned AreYouInterested.com product to all users in August 2012;
  • Monthly Active Users (MAUs) on the AreYouInterested.com app on Facebook Platform totaled 5.29 million as of September 30, 2012; and
  • Averaged over 450,000 daily sessions or visits to our mobile AreYouInterested.com platforms (including iPhone, mobile web, and Android sessions) during the third quarter of 2012

Management Commentary

"The third quarter marked the beginning of a new phase for SNAP as we successfully re-launched AreYouInterested.com as a social discovery product," said SNAP's President and Chief Executive Officer, Clifford Lerner. "I believe we achieved our goal of completely rebuilding and re-launching the product while conserving cash and maintaining a strong balance sheet position during the transition. Toward the end of the quarter we moved into the testing and rapid optimization phase of the re-launch and that process has continued in earnest during the fourth quarter of 2012. We have made meaningful progress with these optimizations and I look forward to communicating some of these exciting developments to investors over the coming weeks and months."  

SNAP's Chief Financial Officer Jon D. Pedersen, Sr. added, "Consistent with our approach during the second quarter, we significantly reduced our rate of spend on traffic acquisition during the third quarter as we were primarily focused on the launch, testing and optimization of the redesigned AreYouInterested.com product.  In turn, this resulted in decreased revenue, bookings, and a decrease in our number of active subscribers as compared to the second quarter of 2012. We expect to increase our advertising and marketing expenditures from current levels towards the end of the fourth quarter 2012 and into the first quarter of 2013 as we begin to build a brand around the redesigned product."

About SNAP Interactive, Inc.

SNAP Interactive, Inc. develops, owns and operates social discovery applications for social networking websites and mobile platforms. SNAP's flagship brand, AreYouInterested.com®, is one of the largest social discovery applications on the internet, based on monthly active users ("MAUs") of the AreYouInterested.com application on the Facebook Platform, and it offers a completely integrated Facebook, iPhone, Android and Web application. For more information, please visit http://www.snap-interactive.com, its blog at http://blog.snap-interactive.com, on Facebook at facebook.com/SnapInteractiveInc and on Twitter at @SNAPInteractive.

The contents of these websites are not part of this press release, and you should not consider the contents of these websites in making an investment decision with respect to our common stock.

Facebook® is a registered trademark of Facebook Inc. iPhone® is a registered trademark of Apple Inc.  Are You Interested?® is a registered trademark of SNAP Interactive, Inc.

Forward-Looking Statements

This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates, forecasts and assumptions and are subject to risks and uncertainties. Words such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," and variations of such words and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements are subject to certain risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed by the forward-looking statements, including, but not limited to, the following: general economic, industry and market sector conditions; the ability to obtain additional financing to implement the Company's long-term growth strategy; the ability to effectively manage the Company's growth; the ability to anticipate and respond to changing consumer trends and preferences; reliance on the Company's chief executive officer and sole director and the Company's ability to attract and hire key personnel; reliance on a very limited number of third party platforms to run the Company's applications and the ability of third party platforms to take action against these applications; the intense competition in the online dating marketplace; the ability to establish and maintain brand recognition; the ability to develop and support successful applications for mobile platforms; the ability to advertise the Company's products through a variety of advertising media; the ability to develop and market new technologies to respond to rapid technological changes; increased governmental regulation of the online dating, social discovery or Internet industries; and circumstances that could disrupt the functioning of the Company's applications and websites.  In evaluating these statements, you should carefully consider these risks and uncertainties and those described under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other Securities and Exchange Commission filings.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.

Non-GAAP Financial Measures

We have provided in this release non-GAAP financial information such as bookings as a supplement to the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Management uses this non-GAAP financial measure internally in analyzing our financial results to assess operational performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting and analyzing future periods. We believe this non-GAAP financial measure is useful to investors because it allows for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use such information to help assess the health of our business.

Some limitations of bookings as a financial measure include that:

  • Bookings does not reflect that we defer and recognize revenue from subscription fees and premium sales over the length of the subscription term; and
  • Other companies, including companies in our industry, may calculate bookings differently or choose not to calculate bookings at all, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider bookings along with other financial performance measures, including total revenues, deferred revenue, net income (loss) and our financial results presented in accordance with GAAP

 

SNAP INTERACTIVE, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

 (unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2012


2011


2012


2011

Reconciliation of Subscription Revenue to Bookings












Subscription revenue

$

4,304,763


$

4,953,561


$

15,001,709


$

13,501,480

Change in deferred revenue


(337,153)



2,130



179,384



887,929

Bookings

$

3,967,610


$

4,955,691


$

15,181,093


$

14,389,409

Media Contact:
Lindsay Bubbico
Finn Partners for SNAP Interactive
212.583.2738
[email protected]

SOURCE SNAP Interactive, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and agility to enforce security policy across complex, multi-vendor enterprise networks. With more than 1...
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables cloud service providers and enterprises to build reliable, affordable and scalable cloud storage solu...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.