Achieves 38% Year Over Year Growth in Recurring Revenue
OTTAWA, ON--(Marketwired - August 11, 2016) - ProntoForms Corporation (TSX VENTURE: PFM), the leading provider of mobile data collection and analytics platforms for enterprises, and small to medium sized businesses, today announced its second quarter (Q2) financial results for the three and six months ended June 30, 2016.
"We saw 38% growth in recurring revenue in the second quarter of 2016 compared to the prior year second quarter," said Alvaro Pombo, CEO of ProntoForms. "We continue to build a strong underlying recurring revenue base."
"This quarter saw consistent growth in our direct channel, now the majority of our recurring revenue, but offset by weaker net growth in our operator channel and impacted negatively by the stronger Canadian dollar. We continue to make increased investments in direct sales operations while supporting traditional operator channels. We also added new integration partners to drive additional highly qualified leads from our increasingly prominent leadership position in the mobile workflow space."
Financial Highlights - 2016 Second Quarter
Operational Highlights
About ProntoForms Corporation
ProntoForms is a mobile workflow platform used by more than 3,500 businesses to collect and analyze field data with smartphones and tablets. Our product delivers an intuitive, secure and scalable solution for mobilizing business processes, with a low total cost of ownership. Our customers harness the solution to increase productivity and reduce cost, improve quality of service and mitigate risks.
ProntoForms is the winner of the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.
The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
There are a number of risk factors that could cause future results to differ materially from those described herein. Please see "Risk Factors Affecting Future Results" in the Company's annual management discussion and analysis dated March 9, 2016 found at www.sedar.com for a discussion of such factors.
For additional information, please contact:
Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
[email protected]
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]