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Bitzio, Inc. Announces Year End 2011 Results Including $576,282 in Q4 Revenue(March 29, 2012)
SAN FRANCISCO, CALIFORNIA -- (Marketwire) -- 03/29/12 -- Bitzio, Inc. (OTCBB:BTZO) ("Bitzio" or "the Company") today announced financial results for the fourth quarter and the fiscal year ended December 31, 2011.
For the year ended December 31, 2011, the Company had revenues of $579,386 compared to zero revenues for the year ended 2010. The increase in revenues is a result of the acquisitions of Bitzio Corp., Thinking Drone, Inc. and the launch of its App Code product.
Revenue for the fourth quarter was $576,282 with over $550,000 coming in November and December. This compares to revenue of $3,104 in the third quarter of 2011 and zero revenue in the first or second quarters of the year.
During 2011, the Company raised $695,500 from financing activities, which yielded net cash available to operations of $590,120 after a principal repayment of the notes payable of $105,380. This compares to $50,392 of net cash provided by financing activities for the year ending December 31, 2010. As of December 31, 2011 the Company had cash and cash equivalents of $181,725, compared to $18,068 as of December 31, 2010.
Adjusted EBITDA to net income from continuing operations for the year ending December 31, 2011 shows a net loss of $(240,223) compared to a net loss of $(38,212) for the year ended December 31, 2010.
Additionally, the Company starts 2012 with approximately 1,000 developer clients, 150 mobile apps in market which have been downloaded 40,000,000 times, and a roadmap for an additional 4,000 apps to be built going forward - giving Bitzio a great consumer base of 'reach' to start the new year.
William Schonbrun, President and CEO of Bitzio, commented, "The fourth quarter of 2011 was the first real 'executional' quarter for the business. In early 2011 we strategically decided to take a 'team first' approach to the business and spent Q2 and Q3 focused on getting the right team and market strategy in place. By Q4, we had our team and the key, initial acquisitions in place. As you can see from the results, we executed on our plan and delivered fundamental value to our clients and the market."
"We delivered products in all of our focus areas - developer education, developer tools and mobile apps - and generated revenue in all areas during Q4. During the first half of 2012, we will continue to build a solid operational base as we focus on product design, development and delivery of these products to market. We continue to seek out and secure additional key acquisitions like Digispace, which closed in early January 2012, to further solidify our core operations and open new avenues, markets and channels. Overall, we're thrilled with our performance in 2011 and our start to 2012, and believe our future will be very bright."
About Bitzio, Inc.
Bitzio's mission is to help mobile app developers get the full potential of their mobile apps by increasing consumer reach, conversion rates and bottom line profitability. Bitzio's strategic arsenal of methodologies and technologies allows mobile app developers to quickly develop, market and monetize their apps. The Company aims to be responsible for the download of 1 Billion apps by 2014. For more information, visit www.bitzio.com. To learn more about Bitzio, watch their video.
Bitzio and Everyone Apps are trademarks of Bitzio, Inc. All other companies and products listed herein are trademarks or registered trademarks of their respective holders.
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to expectations the 2012 fiscal year; The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Bitzio in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Bitzio believes are appropriate in the circumstances, including but not limited to general economic conditions, Bitzio's expectations regarding its business, strategy and prospects, and Bitzio's confidence in the cash flow generation of its business. Many factors could cause Bitzio's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; Bitzio's reliance on key personnel; Bitzio's ability to maintain and enhance its brand; and difficulties in forecasting Bitzio's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to Bitzio that may cause actual results to differ are set forth Bitzio's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Bitzio's forward-looking statements. Bitzio has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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