Tapinator Releases 2014 Annual Financial Report
NEW YORK, Feb. 17, 2015 /PRNewswire/ -- Tapinator, Inc. (OTC: TAPM) today announced the filing of its unaudited annual report for the period ended December 31, 2014 on OTC Markets, which may be found on the Internet by navigating to http://www.otcmarkets.com/stock/TAPM/filings.
The Company's revenues for 2014 grew to $943,000, compared to $131,000 in 2013. The 69 new mobile games released in 2014 more than doubled the 31 released in 2013. The Company is acquiring new users for its mobile games at a rate of over 150,000 per day, while total game installations to-date have exceeded 50 million. The Company's 2014 operating expenses have increased, consistent with management's strategy to build an operating environment that will support the growth of the business expected in 2015. GAAP net loss for 2014 was $20,000, which included a one-time writedown of $156,000 on certain unrecoverable costs.
For the fourth quarter of 2014, the Company's revenues grew to $371,000, representing a 280% increase from the same period in 2013, and a 48% increase from the third quarter of 2014. GAAP net income for the fourth quarter was $7,000, compared to $44,000 from a year ago, decreasing as expected from the operating investment previously mentioned.
"We are happy with our performance in 2014 and we have delivered revenue growth every quarter, from $96,000 in Q1 to a profitable Q4 with $371,000. We are even more excited about our potential for 2015, having already achieved two game features in Q1, with several titles, including our first social casino property, anticipated to launch this quarter," stated Tapinator CEO, Ilya Nikolayev.
To view Tapinator's portfolio, please navigate to the iOS, Google Play, or Amazon App Store and search for "Tapinator." Or, for a full listing of Tapinator games with links to each app store, please visit Tapinator.com.
About Tapinator:
Tapinator (OTC: TAPM) is a global developer and publisher of mobile games on the iOS, Google Play, and Amazon platforms. The Company focuses on operating its own titles, publishing properties where it holds substantial ownership positions, and making strategic investments into promising mobile companies. Tapinator's owned and operated portfolio includes over 80 mobile gaming titles that, collectively, have over 50 million users. A number of these titles have risen to the top of the mobile leaderboard charts and have been featured by the Apple, Google, and Amazon App Stores. Founded in 2013, Tapinator is headquartered in New York, with development offices in Pakistan, Denmark, and Indonesia. For a full listing of Tapinator game titles, please go to Tapinator.com. For further financial information on the Company, please go to OTCMarkets.com/stock/TAPM. For live updates, please like us on Facebook at facebook.com/Tapinator or follow us on Twitter at twitter.com/Tapinator.
Forward Looking Statements:
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will" "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding the quoting and trading of our common stock and our expectations regarding our development and monetization plans for our mobile games. Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the hits nature of the mobile gaming business. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the company's common stock on the OTC Market Group's OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the company's common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group's OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Tapinator's filings with the OTC Market Group, which are available through http://www.otcmarkets.com.
CONTACT:
Tapinator Investor Relations
[email protected]
+1(914) 930-6232
SOURCE Tapinator, Inc.
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