DALLAS, Nov. 11, 2014 (GLOBE NEWSWIRE) -- Blue Calypso, Inc., (OTCBB:BCYP), developer of patented mobile social advocacy and engagement solutions for retailers and product manufacturers, announced financial results for the third quarter ended September 30, 2014.
Highlights:
- Revenue growth of 154% in Q3 compared to the second quarter of 2014 and 32% growth over third quarter of 2013;
- Achieved 51% gross margins growth over prior year;
- Raised approximately $1.4MM to bolster cash position; and
- Expecting results from Patent Trial and Appeals Board (PTAB) hearing in fourth quarter.
"The third quarter of 2014 was the strongest quarter on record for Blue Calypso," stated Blue Calypso Co-CEO Bill Ogle. "Our sales are continuing to grow, we have completed major enhancements to our core products, and we expect results in the near term with large customers using our mobile path-to-purchase solutions. In addition, we are excited about the pending PTAB decision regarding our extensive intellectual property portfolio."
Conference Call
In conjunction with this release, Blue Calypso has scheduled a conference call on Tuesday, November 11, 2014 at 4:30pm EST, 3:30pm CST. Interested parties can access the call by dialing 877-407-8033 (Toll Free) or 201-689-8033 (international), no passcode necessary. You can also access the recorded call until December 11, 2014 at 11:59pm by dialing 877-660-6853 (Toll Free) or 201-612-7415 (international), conference ID# 13595583.
Financial statements and further details are available in the Company's Form 10-Q to be filed with the Securities and Exchange Commission on November 12, 2014.
About Blue Calypso, Inc.
Blue Calypso, Inc. (OTCBB:BCYP) develops and delivers mobile social advocacy and engagement solutions for retailers and product manufacturers using its patented portfolio of products including Mobile ADvantage™, DashTAGG™ and SocialECHO™. The Company employs their unique digital consumer engagement platform to connect consumers to brands, drive store traffic, increase shopper spend and shorten the path-to-purchase. The Blue Calypso platform includes extensive big data analytics which tracks the spread of shared content, attribution, geo-location and redemption giving brands key insight into the performance of their content and the sentiment of their customers in real-time. For more about the Company please visit www.bluecalypso.com
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.
Investor Relations:
Barretto Pacific Corporation
800-368-1217
| BLUE CALYPSO, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| September 30, | December 31, | |
| 2014 | 2013 | |
| (unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $ 1,603,782 | $ 1,294,882 |
| Accounts receivable | 264,472 | 64,300 |
| Prepaid expenses | 74,762 | 57,371 |
| Total current assets | 1,943,016 | 1,416,553 |
| Property and equipment, net | 7,563 | 10,009 |
| Other assets: | ||
| Capitalized software development costs, net of accumulated amortization of $898,716 and $647,247 as of September 30, 2014 and December 31, 2013, respectively | 827,158 | 984,674 |
| Total assets | $ 2,777,737 | $ 2,411,236 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 46,283 | $ 161,225 |
| Accrued expenses | 65,685 | 4,878 |
| Deferred revenue | 1,100 | -- |
| Convertible notes payable, net of discount of $35,067 and $207,589 as of September 30, 2014 and December 31, 2013, respectively | 564,933 | 242,411 |
| Warrant liability | -- | 2,030 |
| Total current liabilities | 678,001 | 410,544 |
| Long term debt: | ||
| Convertible notes payable, net of discount of $15,830 as of December 31, 2013 | -- | 134,170 |
| Total liabilities | 678,001 | 544,714 |
| Stockholders' equity: | ||
| Preferred stock, $0.0001 par value; 5,000,000 shares authorized: Series A convertible preferred stock, $0.0001 par value; 1,700,000 shares designated; 750,068 shares issued and outstanding | 75 | 75 |
| Common stock, $0.0001 par value; 680,000,000 shares authorized, 227,643,460 and 188,237,262 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 22,765 | 18,824 |
| Additional paid in capital | 30,991,695 | 26,279,393 |
| Accumulated deficit | (28,914,799) | (24,431,770) |
| Total stockholders' equity | 2,099,736 | 1,866,522 |
| Total liabilities and stockholders' equity | $ 2,777,737 | $ 2,411,236 |
| BLUE CALYPSO, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (unaudited) | ||
| Three months ended September 30, | ||
| 2014 | 2013 | |
| REVENUE | $ 310,360 | $ 235,483 |
| Cost of revenue | 186,953 | 153,989 |
| Gross profit | 123,407 | 81,494 |
| OPERATING EXPENSES: | ||
| Sales and marketing | 111,313 | 192,350 |
| General and administrative | 1,131,804 | 1,346,477 |
| Depreciation and amortization | 86,904 | 81,990 |
| Total operating expenses | 1,330,021 | 1,620,817 |
| Loss from operations | (1,206,614) | (1,539,323) |
| Other income (expense): | ||
| Change in fair value of derivative liabilities | -- | 66,492 |
| Loss on settlement of debt | -- | -- |
| Interest expense | (77,802) | (151,672) |
| Total other (expense) income | (77,802) | (85,180) |
| NET LOSS | $ (1,284,416) | $ (1,624,503) |
| Net loss per common share, basic and diluted | $ (0.01) | $ (0.01) |
| Weighted average common shares outstanding, basic and diluted | 217,121,524 | 151,019,307 |