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VidWrx Expects Record Fourth Quarter Sales Bookings and Revenue Preliminary Results Show Sales Bookings up 172% Year over Year and up 34% Quarter over Quarter
VANCOUVER, British Columbia, December 3, 2015 – VidWRX Inc. (TSX-V:VID) (“VidWRX” and/or the “Company”), the pioneer of globally scalable video production solutions, has announced preliminary and un-audited numbers indicating that the fourth quarter of 2015 will be a record for the company, with quarterly Sales Bookings expected to be approximately $765,000 and quarterly Revenues expected to be $190,000. The Company's Sales Backlog will also grow to approximately $2,300,000. This represents growth of 172% in Sales Bookings for 2015 compared to the prior year, and approximately 34% compared to the prior quarter, and growth of 122% in annual revenues compared to the prior year and approximately 21% compared to the prior quarter. Sales Backlog has grown by 132% over the prior year and 22% over the prior quarter.
During November the Company experienced its first two weeks where Sales Bookings exceeded $100,000. The Company also expects to experience the highest quarter over quarter growth in sales to existing clients in its history at approximately 133% for the fourth quarter which follows 4% growth in the third quarter.
“The strong sales growth we saw in Q3 is continuing through the fourth quarter,” said George Fleming, Founder and CEO. "VidWRX continues to successfully evolve its approach to sales. Beginning with the implementation of a Revenue Performance Management system earlier this year, the development of new websites and marketing materials, and the ongoing adjustment of sales development to focus on internet marketing companies and agencies facing issues around the scalability of video production we've laid a solid foundation for continued growth in 2016."
The Company cautions that figures for Sales Backlog, Sales Bookings and Revenue, have not been audited. Actual results may differ materially from those reported in this release once these figures have been audited, and the fourth quarter has been completed.
Definitions
Sales Bookings measure the total value of videos ordered in the period, and Sales Backlog measures the total value of video sales from all periods to-date but not yet completed. For a video order to be included as a Sales Booking, an order must be received from a client, and a deposit paid or, in cases where the client is deemed credit-worthy, be reasonably assured. Sales Bookings are recorded when a video is ordered. Revenue is recorded when a video is completed
Sales Bookings and Sales Backlog are used by the Company as leading indicators and measures of sales performance, while Revenue is a lagging indicator measuring production activity.
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