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 prior year.
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.