Social Reality Inc (OTCMKTS:SCRI) an Internet advertising firm that offers tools to operate the digital advertising market reported 2Q2015 financial results. The revenue in 2Q2015 came at $10.76 million, a 168% growth over 1Q2015 and a massive jump of 3,786% over 2Q2014. The gross profit jumped to $5.60 million from $72,629 for the same quarter of FY2014. Social Reality recorded net income of $415,591 for the quarter ended June 30, 2015 against a net loss of ($880,112) for the comparable quarter of 2014.
The highlights
In 2Q2015, the net income came at $0.01 per diluted share against a net loss of ($0.04) a share for the quarter ending June 30, 2014. The adjusted EBITDA stood at $1.80 million compared to ($625,000) in the same quarter, a year earlier.
The cash/cash equivalents amounted to $1.515 million as on June 30, 2015. The total assets and current assets were $32.101 million and $10.784 million, respectively, while total liabilities and current liabilities were $27.53 million and $17.04 million, respectively. At the end of 2Q2015, Social Reality posted stockholders’ equity of $4.567 million compared to $3.96 million as of March 31, 2015.
The management view
Christopher Miglino, the CEO of Social Reality Inc (OTCMKTS:SCRI), said that they are thrilled by the rapid growth in 2Q2015. This validates the investments synergies done at the end of last year. He added that they are proud of the team for recording positive net income in 2Q2015, as this has remained a long-term objective for the company and includes them in a list of profitable advertising technology firms. The company continues to witness demand and therefore is providing FY2015 revenue guidance of $30 million.
In last trading session, the stock price of Social Reality jumped more than 23% to close the trading session at $2.24. The gains came at a share volume of 193,175 compared to monthly average share volume of 9,128.
