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 third quarter and nine months ended June 30, 2016.
For the quarter ended June 30, 2016, revenue was approximately $4.0 million, compared to $4.8 million for the same quarter in the previous fiscal year. Loss from continuing operations for the fiscal quarter ended June 30, 2016 was approximately $1.9 million compared to $1.3 million in the fiscal third quarter of 2015. Net loss for the fiscal third quarter of 2016 was approximately $1.9 million resulting in loss per share of $0.16 compared to a net loss of $1.2 million, or a loss per share of $0.15 for the fiscal third quarter of 2015.
For the nine months ended June 30, 2016, revenue was approximately $13.4 million, compared to $13.3 million for the same period of the previous fiscal year. Loss from continuing operations for the fiscal nine months ended June 30, 2016 was approximately $7.0 million compared to a loss of $4.7 million in the same period of 2015. The higher loss resulted primarily from an increase in selling, general, and administrative cost compared to the prior year period. The increase was primarily due to higher payroll and severance obligations related to the relocation of the company’s worldwide headquarters from Seattle, WA to Boca Raton, FL. In addition, SG&A expenses were adversely impacted by foreign exchange from the significant fluctuation of the Euro versus the US Dollar during 2016.
Net loss for the fiscal nine month period of 2016 was approximately $7.0 million resulting in loss per share of $0.59 compared to a net loss of $4.3 million, or a loss per share of $0.54 during the same period of 2015.
Michael Hansen, Chief Executive Officer, stated, “With the launch of our new platform, we now have the ability to fully leverage our relationships around the world through our Partner Programs and offer customers a unique Cash Back shopping experience. As such, we expect to increase our global customer base significantly over the coming quarters. Furthermore, we continue to advance the sophistication of our new platform in an effort to enhance the customer experience and increase customer engagement.”
For more information, please visit Ominto's corporate website http://inc.ominto.com.
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 Enterprise 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.
This document contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ominto's strategy, future operations, future financial positions, prospects, plans and objectives of management are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "target" or "continue" and similar expressions (or the negative of these terms) are intended to identify forward-looking statements. These forward statements include, among other things, statements about management's estimates regarding future revenues and financial performance and other statements about management's beliefs, intentions or goals. 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: our ability to successfully obtain consumer and/or market acceptance of our membership Cash Back program; the ability to attract customers who purchase through our website; our ability to obtain additional funding and/or generate sufficient working capital to fund our operations; the ability to establish and/or maintain a large growing base of productive business associates; the ability to develop and/or maintain our growing Partner programs; the ability to obtain and maintain digital coupon content on our website; the risks related to Ominto's ability to manage its growth, including accurately planning and forecasting its financial results; the competitive environment for Ominto's business; Ominto's ability to protect consumer data and our intellectual property; the ability to adapt to mobile and technological change; the need to manage regulatory, tax and litigations risk; Ominto's ability to manage international business uncertainties; 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, 2015.