HUNTINGTON, NY, Jan. 14, 2015 /PRNewswire/ -- SeanieMac International, Ltd BETS, announces it is has regained OTCQB status, after becoming current in its SEC filings with the filing of its 3rd quarter results on December 31, 2014. The CEO also provided the following update:
Dear Shareholders,
As promised in SeanieMac's previous shareholder update, the Company is now current in its financial reporting and has been reinstated on the OTCQB. I would like to update shareholders on our business, financing and corporate goals for 2015.
The most important thing we do every day is manage our business in Ireland. In spite of the challenges presented in 2014 by the delay of our audit, we were able to continue to manage our platform and add thousands of customers over the past few months.
On an unaudited basis, we had turnover revenue of $10,750,114 in 2014 versus $2,949,471 in 2013, representing an increase of 364%. SeanieMac generated a gross profit of $643,200 in 2014 versus $222,391 in 2013, representing an increase of 289%. We accomplished this without a marketing budget for most of the year.
SeanieMac launched in May 2013, so we only have month-to-month comparisons from May 2013 to December 2014. For every month, company turnover increased year-over-year when comparing 2014 to 2013. In 2014, we had $7,718,000 in turnover, compared to $2,949,471 in 2013, representing an increase of 261% year-over-year.
In 2014, we registered 9,336 new customers and processed and paid over 172,434 bets.
We remain in advanced discussions on financing on substantially better terms then some of the prior debt financing we entered into in 2013. We hope to update shareholders on this shortly, along with our JV discussions. Both these discussions are in the final stages now that we are current in our financial reporting. With these items in place, we believe we can substantially grow the business in 2015.
2014 was definitely a challenging year. We at SeanieMac are excited and determined to make 2015 a great year. I am extremely proud of our team and think our level of growth for a start-up has been exceptional.
Thank you for you continued support.
Shane O'Driscoll
Non-GAAP Financial Measures
In addition to financial results reported in accordance with U.S. GAAP, we have provided the following non-GAAP financial measures: turnover amounts and gross profit. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. However, neither of these measures is intended to be a substitute for those reported in accordance with U.S. GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.
Turnover amounts is a non-GAAP financial measure that reflects the total amount of bets placed in an accounting period. We consider turnover amounts to be an important measure for management to evaluate the performance of our business our revenue is directly related to the amount wagered. When evaluating our performance, you should consider turnover amounts as a supplement to other financial performance measures, including net loss and our other U.S. GAAP results.
Gross profit is a non-GAAP financial measure that reflects gross profit from all wages We consider gross profit to be an important measure for management to evaluate the performance of our business because gross profit as a percentage of turnover is an important measure of our odds and bet management. When evaluating our performance, you should consider gross profit as a percentage of amounts staked as a supplement to other financial performance measures, including net loss and our other U.S. GAAP results.
About SeanieMac
SeanieMac International, Ltd. is an Irish gaming company. It owns and operates www.SeanieMac.com, an online sports and casino wagering web-based platform serving gamblers directly under the brand name SeanieMac.com.
While the site offers wagering for many categories outside of sports, SeanieMac intends to capture the Irish market by initially focusing on the Gaelic Athletics Association (GAA) or Gaelic Games as well as Irish horse racing and soccer. The Company's mission is to provide a market-leading, user-friendly website for online gambling, including sports betting and casino gaming (traditional casino, live casino, poker, bingo and interactive skilled games). The Company does not market to U.S. residents and, hereby specifically discourages them from attempting to access its wagering services.
The Irish gambling industry generated approximately $23.7 billion in revenue in 2014, with $2.3 billion of that amount generated online. The Irish online gambling sector is projected to reach $4 billion in 2016.
As its national pastime, the Gaelic Games have long been popular in Ireland but they are gaining worldwide appeal, especially in areas with large communities of Irish heritage and their descendants, such as the U.S., Canada, Australia and the United Kingdom, where many communities have their own teams and clubs participating in the Gaelic Leagues locally and internationally. To learn more about the GAA, see www.gaa.ie.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Seaniemac International, Ltd. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. Seaniemac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in SeanieMac International, Ltd.'s annual report on Form 10-K for the fiscal year ended December 31, 2013, its quarterly reports on Form 10-Q and its current reports on Form 8-K, each as filed with or furnished to the Securities and Exchange Commission.
Investor Relations
Chuck Arnold
+1-(310) 344-7073
invrelsvc@gmail.com
At the Company
Barry Brookstein
Chief Executive Officer
+1-(516)369-7104
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/seaniemac-international-ltd-current-in-financial-filings-ceo-provides-shareholder-update-on-2014-financial-performance-300020451.html
SOURCE SeanieMac International, Ltd
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