SNAP Interactive, Inc. (“SNAP” or the “Company”) (OTC BB: STVI), a leading provider of online dating applications for social networking websites, today announced operating results for the quarter and full year ended December 31, 2008.
After daily use of the Facebook application, I’ve been playing around with Snap’s Are You Interested iphone app, a solid first attempt. I’m trying to use all of the mobile version of Snap, Viximo, Zoosk and all the other mobile dating apps. They’re all fun to try but as hard as I try it’s been difficult for me to check them more than once every few days as opposed to clicking on the emails sent by the application to my laptop. I’m older than the target demographic for these apps though.
Here are the highlights from Snap’s latest financials for 2008.
Q4 2008 Revenue: $1,087,144, as compared to $871,324 in Q3 2008 – a 28% increase
Full Year 2008 Revenue: $3,011,627, as compared to $424,564 in full year 2007 – a 609% increase
Revenue increased from $389,181 for the three months ended December 31, 2007 to $1,087,144 for the three months ended December 31, 2008, a 179% increase.
Revenue increased from $424,564 for the full year ended December 31, 2007 to $3,011,627 for the full year ended December 31, 2008, a 609% increase.
These revenues are primarily generated from advertisements and premium features placed on our various applications. The increase in revenue was primarily due to the growth of our applications and the increased usage in 2008 compared to the same time period in 2007. This increased activity resulted in more traffic to our applications which produced more impressions and clicks on advertisements displayed on our applications. Secondarily, our premium features on our applications gained traction in 2008 as well.
Net Income increased to $796,960 for the year ended December 31, 2008 from a loss of $914,997 for the year ended December 31, 2007, an increase of $1,711,957. EBITDA for the fiscal year ended December 31, 2008 was $946,510.
Based on the weighted average number of shares outstanding during the period (basic) of 10,420,680, SNAP reported net income of approximately $0.08 per share for the full year ended December 31, 2008, as compared to a net loss of ($0.09) for the full year ended December 31, 2007. On an EBITDA basis, SNAP earned $0.09 per share for the fiscal year ended December 31, 2008.
Snap is on track to make as much money as PlentyOfFish and they haven’t spent a single dime on customer acquisition, which is amazing.
