NEW YORK, May 21, 2015 /PRNewswire/ -- Tapinator, Inc. (OTC: TAPM) today announced the filing of its quarterly report for the period ended March 31, 2015 on OTC Markets, which may be found by navigating to http://www.otcmarkets.com/stock/TAPM/filings.
Tapinator, Inc. recorded gross revenues of $411,883 (consistent with previous guidance) and net income of $5,840 for the three-month period ended March 31, 2015. This compares to revenue of $95,984 and a net loss of ($8,133) for the same period in 2014. These first quarter results reflect an increase in gross revenue of 329% over the Company's first quarter 2014 results and the fourth consecutive period of sequential quarterly growth.
For the three-month period ended March 31, 2015, the Company achieved Adjusted EBITDA (a non-GAAP measure of earnings before interest, taxes, depreciation, amortization, stock-based compensation and non-cash financing charges) of $62,728, as compared to Adjusted EBITDA of ($7,918) for the comparable three-month period ended March 31, 2014.
Comparative results for the periods prior to January 1, 2015 have been restated to reflect changes in the accounting treatment of certain transactions that were implemented pursuant to the Company's recent audit process. This restatement resulted in changes to the Company's previously reported statements of operations, balance sheets and statements of cash flows. Later this month, the Company expects the financial audit currently being conducted by its independent auditors to be completed, and the Company will announce the audited results for the year ended December 31, 2014 and the period July 1, 2013 (inception) to December 31, 2013.
In the first quarter, Tapinator reached a number of important milestones. The Company's games portfolio grew to over 100 titles with over 65 million players and over 300,000 new daily installs. Two titles were featured as "Best New Games" and became Top 50 Games on iOS. In total, sixteen games have now reached over one million users. "We are very proud of our accomplishments in Q1 2015, in terms of our financial performance, user traction and product quality. We are also excited about our current progress in Q2, with the recent launch of another featured game, Burn It Down, and the release of our first social casino product, Video Poker VIP," 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 go to Tapinator.com.
Tapinator (OTC: TAPM) is a developer and publisher of mobile games on the iOS, Google Play, and Amazon platforms. The Company focuses on operating its own titles and publishing properties where it holds substantial ownership positions. Tapinator's owned and operated portfolio includes over 100 mobile gaming titles that, collectively, have over 65 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 located in Denmark, Pakistan, Indonesia, Canada, and Russia. 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.
Tapinator Investor Relations
SOURCE Tapinator, Inc.