Toronto, Ontario--(Newsfile Corp. - March 5, 2020) - RIWI Corp. (CSE: RIW) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its annual audited financial results for the year ended December 31, 2019. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
RIWI Highlights for 2019 (in U.S. Dollars):
- The Company had its second consecutive profitable year in 2019, generating net income of $909,816, an increase of 118% compared to 2018.
- RIWI's 2019 revenue was its highest in the Company's history. Revenue in 2019 grew by 17% to $3,110,878 compared to $2,667,677 in 2018.
- RIWI generated $1,147,021 in cash from operations in 2019, ending the year with over $3.04 million in cash. This represented a 264% increase in cash from operations, compared to 2018.
- As at December 31, 2019, the Company had working capital of $3,759,533 compared to $2,349,503 as at December 31, 2018. This 60% increase results primarily from the Company's increase in sales revenue, and from controlling costs.
- RIWI enjoyed positive earnings per share growth in 2019, $0.05 per share compared to $0.02 in 2018.
Financial Summary:
| In U.S. Dollars | 2019 | 2018 | 2019 vs. 2018 % Change |
| Revenues | 3,110,878 | 2,667,677 | +17% |
| Net income | 909,816 | 416,536 | +118% |
| Operating cash generated | 1,147,021 | 315,089 | +264% |
| Earnings per share | $0.05 | $0.02 | |
| Debt | 0 | 0 |
"I am pleased to report that our transition during 2019 to a recurring-revenue business model - in the form of subscription-based services and long-term, renewable contracts - delivered us a second year of profitability, increased revenues, and more cash to power our growth," said Neil Seeman, RIWI's Chief Executive Officer.
"We continue to focus on customer delivery excellence and to sharpen our sales process for more growth globally. That means serving new clients in new markets, building more market awareness for our proprietary data collection services, hiring excellent salespeople - and boosting recurring revenues and profit," he added.
RIWI's audited annual Financial Statements and Management Discussion and Analysis for the years ended December 31, 2019 and 2018, are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
RIWI Hires Neil Weitzman as Chief Revenue Officer
RIWI is pleased to announce that Neil Weitzman has joined the Company as Chief Revenue Officer. He oversees all revenue-generating processes, including marketing, sales, and customer success. Mr. Weitzman has more than 20 years of experience in data monetization, data analytics, and selling SaaS-based data offerings to business clients. His past roles include Vice President of the Consumer & Shopper Practice and Analytics Practice at Nielsen, Head of Media and Audience Insights at Rogers, and Vice President at Deloitte. Prior to joining RIWI, Mr. Weitzman led Marketing and Partnerships as Senior Vice President at Environics Analytics.
About RIWI
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries - without collecting any personally identifiable data. https://riwi.com.
RIWI CORP.
Signed: "Neil Seeman"
Neil Seeman, Chief Executive Officer
For more information, please contact:
Daniel Im, Chief Financial Officer
danielim@riwi.com | +1-416-205-9984 ext. 2
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53195
