Futura Announces Financial Results for 2010
05 May 2011 - 4:32AM
Marketwired
The Futura Loyalty Group Inc. (TSX VENTURE: FUT) ("Futura" or the
"Company") has released its financial results for the fiscal year
ending December 31, 2010.
Total revenue from continuing operations for the year ended
December 31, 2010 was up 34% to $1,654,326, from $1,237,770 in
2009. Excluding breakage, revenue for 2010 and 2009 was $1,369,626
and $745,725 respectively, an 84% annual increase. The increase in
revenue in 2010 was largely the result of increased branded loyalty
reward currency revenues which rose to $1,287,019 in 2010, compared
to $574,742 in 2009, a 124% annual increase.
The net loss from continuing operations for 2010 was $2,184,831
in comparison to $2,331,294 in 2009. The Company's technology
systems as well as sales and account management processes have been
enhanced to support management's expected growth in the automotive
service and auto dealer sectors. Earnings per share were $Nil and
there were 163,676,290 shares outstanding at year end.
The Company was focused on driving growth in branded loyalty
rewards issuance in the automotive services segment in 2010,
increasing the number of locations at which consumers can earn
loyalty rewards to 568 from 237 in 2009. The Company has expanded
its focus to include the new car dealer sector and recently
announced a multiyear strategic partnership with the Toronto
Automobile Dealers' Association ("TADA") which has over 340 new car
dealers as members. The Company is also in discussions with several
provincial automobile dealer associations about similar strategic
marketing partnerships.
"We built a great foundation for growth in the automotive
service sector in 2010, which we continue to build on in 2011. The
addition of the new car dealer sector, the second largest consumer
spend category in Canada, presents an enormous growth opportunity
for the company" commented Mark Farrell, CEO of Futura. "Our
branded loyalty reward currency offering coupled with our private
branded loyalty product - Dealer Dollars - offers our automotive
clients a comprehensive solution to their loyalty marketing
needs."
The Company also announced that the loan previously announced on
April 21, 2009 was assigned to two parties. One of the lenders,
David Beutel, is a director of the Company and is a related party
pursuant to Multilateral Instrument 61-101. The maturity date of
the loan was subsequently postponed to December 28, 2011. The
transaction was completed within 21 days of the date of filing of a
material change report in connection with the transaction.
Management of the Company has determined that such transaction was
reasonable and necessary in the circumstances.
To see the Company's full financial statements, please go to
www.tflg.ca or www.sedar.com.
About Futura Loyalty Group
The Futura Loyalty Group Inc. is an industry-leading provider of
branded loyalty reward currencies, private branded loyalty programs
and targeted marketing solutions using email, mobile, direct mail
and the web. Futura's loyalty services include member account set
up, management and reward redemption platform, a web-based program
transaction reporting interface for merchants, a robust offer
management system, retail POS Integration for card swipe issuance
and a proprietary web based issuance solution. For more information
regarding Futura Loyalty Group, visit www.tflg.ca.
TM Trademark of The Futura Loyalty Group Inc.
The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: The Futura Loyalty Group Inc. David Campbell Chief
Financial Officer 416-775-3161 dcampbell@tflg.ca www.tflg.ca
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