2015 Revenues Were up as the Company Cut Its Annual Loss Substantially and Introduced New Products
NEW YORK, NY--(Marketwired - Feb 19, 2016) - RealBiz Media Group, Inc. (
Fiscal 2015 became a transformative year for RealBiz Media Group Inc. Almost all functional elements were reorganized and reconfigured, including a de-consolidation of management, financial reporting and operations from our former parent, Monaker Group, Inc. We restructured our senior management positions, including appointments of a new CEO, CFO and CTO. Nevertheless our revenues were up 12.83% for the year ended October 31, 2015 to $1,230,916 from 2014 with a 11.9% increase in our gross profit.
The company made much effort in building efficiency via a combination of cost cutting, asset reallocation and strategic reorganization of business units. These efforts, among other items, resulted in a reduction of our net cash used in operations from $2,306,959 in the year ended October 31, 2014 to $1,527,745 in the year ended October 31, 2015, representing a 34% reduction.
As a result of these actions and decisions, as well as the increase in net cash provided by our financing activities of $223,026 in fiscal 2015, our cash on hand increased from $20,066 in the year ended October 31, 2014 to $307,774 in the year ended October 31, 2015, representing an increase of over 1400%.
Including accounts receivable, our total current assets increased from $141,774 in the year ended October 31, 2014 to $466,726 in the comparable 2014 period. This was accomplished while we also significantly decreased our accounts payable and accrued expenses from $1,880,294 in the year ended October 31, 2014 to $743,659 in the year ended October 31, 2015, representing a decrease of $1,136,635 or approximately 60%.
With the reorganization and de-consolidation substantially implemented, management anticipates the full impact of these strategic actions to be demonstrated in our financial performance during fiscal 2016.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as Nestbuilder Agent 2.0, an agent social media and marketing solution known as ReachFactor, a growing MVA network, virtual tours and mobile apps. The company enjoys access to many of the nation's largest real estate companies with numerous approved vendors and national contracts.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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