Prepares for Uplisting to Nasdaq
BOCA RATON, Fla.--(BUSINESS WIRE)--
Ominto, Inc. (OTC PK: OMNT), a global leader in online Cash Back
shopping, today reported financial results for the fiscal first quarter
ended December 31, 2016.
For the first quarter ended December 31, 2016, revenue was $5.9 million,
compared to $5.4 million in the same period of the prior year. Loss from
continuing operations for the fiscal first quarter ended December 31,
2016 was $2.4 million compared to $2.0 million in the same period of the
prior year. Net loss for the fiscal first quarter 2017 was $2.3
million resulting in loss per share of $0.16 compared to a net loss
of $2.0 million, or a loss per share of $0.17 for the same period of the
As of December 31, 2016, the Company recorded cash and cash equivalents
of $11.9 million, an increase of 467%, compared to the $2.1 million at
December 31, 2015. Total current assets at December 31, 2016 was $29.6
million compared to $8.0 million at December 31, 2015, an increase of
270%. Total assets increased 565% to $65.8 million at December 31, 2016
compared to $9.9 million at December 31, 2015. At December 31, 2016,
total deferred revenue was $25.9 million, an increase of 300% over the
same period of fiscal 2016.
Michael Hansen, Chief Executive Officer, stated, "Our strategic
objectives over the last 12 months, highlighted by the launch of our new
global Cash Back shopping platform in May, are demonstrating favorable
results. Each month, we continue to experience greater engagement and
shopping activity from our growing base of customers worldwide. Our
efforts towards strengthening our balance sheet have been successful on
a variety of key performance metrics, including our cash position,
deferred revenue and stockholders equity."
The Company also announced today it is preparing to uplist its common
stock to the Nasdaq Capital Market. To meet certain Nasdaq listing
conditions, the Company has enhanced its balance sheet, including the
acquisition of 40% of Lani Pixels A/S in December 2016 and the
completion of a $5 million private placement during 2016
Mr. Hansen continued, "It has been the long-term goal of the Company to
uplist to Nasdaq. We believe trading on Nasdaq will provide better
liquidity, attract a broader range of institutional investors and
enhance shareholder value. In addition, we believe trading on Nasdaq
provides greater access to capital to support our future growth
initiatives and increased visibility both of which will be beneficial to
our customers and employees."
About Ominto, Inc.
Ominto, Inc. is a global e-commerce leader and pioneer of online Cash
Back shopping delivering value-based shopping and travel deals through
its primary shopping platform and affiliated Partner Program websites.
At DubLi.com or at Partner sites powered by Ominto.com, consumers shop
at their favorite stores, save with the best coupons and deals, and earn
Cash Back with each purchase. The Ominto.com platform features thousands
of brand name stores and industry-leading travel companies from around
the world, providing Cash Back savings to consumers in more than 120
countries. Ominto's Partner Programs offer a white label version of
the Ominto.com shopping and travel platform to businesses and
non-profits, providing them with a professional, reliable web presence
that builds brand loyalty with their members, customers or constituents
while earning commission for the organization and Cash Back for shoppers
on each transaction.
For more information, please visit Ominto's corporate website http://inc.ominto.com.
This document contains forward-looking statements that involve
substantial risks and uncertainties. These include statements about
Ominto's expectations, beliefs, intentions or strategies for the future,
which are indicated by words or phrases such as "anticipate," "expect,"
"intend," "plan," "will," "believe," "projects," "could," "would," and
similar expressions. You can also identify them by the fact that they do
not relate strictly to historical or current facts. The forward-looking
statements reflect Ominto's current view about future events and are
subject to risks, uncertainties and assumptions. Because forward-looking
statements relate to the future, by their nature, they are subject to
inherent uncertainties, risks, and changes in circumstances that are
difficult to predict. Ominto may not actually achieve the expectations
disclosed in the forward-looking statements and you should not place
undue reliance on Ominto's forward-looking statements. These
forward-looking statements involve risks and uncertainties that could
cause actual results or events to differ materially from the
expectations disclosed in the forward-looking statements, including, but
not limited to: risks related to our ability to continue as a going
concern being in doubt; Ominto's inability to generate enough customers
or enough purchasing activity for our shopping websites; Ominto's
inability to establish and maintain a large growing base of Business
Associates; Ominto's failure to adapt to technological change; increased
competition; increased operating costs; changes in legislation
applicable to Ominto's business; Ominto's failure to improve our
internal controls; and Ominto's inability to generate sufficient cash
flows from operations or to secure capital to enable us to maintain our
current operations or support our intended growth; along with other
risks and potential factors that could affect Ominto's business and
financial results identified in Ominto's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
fiscal year ended September 30, 2016.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214006419/en/
Michael Hansen, 561-362-2399
Source: Ominto, Inc.
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