NEW YORK, September 19, 2016 /PRNewswire/ --
Tapinator, Inc. (OTC: TAPM), a leading company within the mobile gaming industry, is providing an update to its previously issued financial guidance for 2016. Tapinator continues to expect revenue results in the range of $4.0 million - $4.5 million for 2016, representing an annualized organic revenue growth rate range of 63%-84%. The Company now expects operating income for the year to be between breakeven and $300,000, up from previously issued breakeven guidance, and is now targeting an Adjusted EBITDA (a non-GAAP measure) percentage range of 23%-27% for 2016, changed from previously issued guidance of 24%. The Company now expects to report net losses in 2016 of $2.0 million - $2.3 million, up from previously issued net loss guidance of $1.6 million, primarily as a result of financing charges related to the recent successful refinancing of the Company's $2.4 million convertible debenture, including approximately $2.1 million in expected non-cash charges.
Tapinator is also pleased to provide the following timing updates for some of its most significant upcoming Full-Featured global game launches:
Big Sport Fishing 2017 - November 10, 2016
The freemium sequel to Big Sport Fishing, a game with 15 million player downloads. The US fishing market is larger than the hunting market: $41.7 billion vs. $31.8 billion. Given the quality of our game, this statistic and the success of hunting games on mobile, we believe this to be a significant opportunity for the Company.
Solitaire (game named to be disclosed closer to launch) - December 1, 2016
Solitaire is the most popular category of card games on mobile and, recently, several themed solitaire games have proven out the category's top grossing potential. Our new solitaire title will combine the classic game with a theme that we believe will resonate widely, across age groups and geographic regions.
ROCKY - December 8, 2016
The ROCKY film series has grossed over $1 billion at the worldwide box office. This freemium game features collectible fighters (including the original motion picture characters), multiplayer fights, exciting training sessions, and best-in-class engagement/monetization mechanics.
Tapinator (OTC: TAPM) designs, develops, and publishes mobile games on the iOS, Google Play, and Amazon platforms. Tapinator's portfolio includes more than 200 mobile gaming titles that have achieved over 250 million cumulative player downloads, primarily within the Simulation, Arcade, Role Playing, Casino and Sports genres. Tapinator generates revenues through the sale of advertising within its games, the sale of paid downloadable games, and the sale of additional in-game content. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in Germany, Canada, Indonesia, Pakistan, and the United States. For a full listing of Tapinator game titles and to view the Company's most recent investor presentation, please go to http://tapinator.com/.
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 "believe," "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. Our statements regarding our financial outlook for the full fiscal year 2016 contained in this press release are forward-looking statements. 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 Risk Factors which are available at http://www.tapinator.com/disclaimers.
Tapinator Investor Relations
SOURCE Tapinator, Inc.