SITO MOBILE, LTD.
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Report Link: Updated Research Report (Dated 12/07/2016)
Analyst: John Nobile
Taglich Rating: Speculative Buy
Price Target: $5.00
Time Horizon: 12 Months
Rating Established: March 25, 2014
Price When Established: $0.39
Most Recent Report: December 7, 2016
Price When Issued: $3.51
SITO Mobile Announces Interim CFO
On March 16, 2017, SITO Mobile (NASDAQ: SITO) announced Kurt Streams has resigned as CFO and the appointment of Lawrence Firestone as interim CFO.
Following the resignation of former CEO Gerard Hug, the audit committee of the board of directors engaged an independent law firm and an accounting consulting firm to conduct an inquiry into the use of the company's charge and debit cards, as well as certain cash withdrawals. The ongoing inquiry identified the misappropriation of company funds by each of Streams and Hug.
Firestone is the CEO and President of FirePower Technology, Inc., a position he held since January 2014. From June 2012 through June 2013, served as CEO and president of Qualstar Corporation. From February 2011 through June 2012, served as CFO of Xiotech Corporation. Member of InterimExecs, a service provider of interim executives to fill the immediate needs of companies. Public company management experience also includes EVP and CFO of Advanced Energy Industries, Inc., senior VP and CFO at Applied Films Corporation. Public company board experience includes CVD Equipment, Qualstar Corporation, Amtech Systems, Inc., and Hyperspace Communications, Inc.
The company reiterated its previously announced media placement revenue expectation for 4Q16 and based on sales activity thus far in 1Q17, the company remains confident that its 1Q17 media placement revenue will deliver strong growth over 1Q16 media placement revenue.
SITO Mobile Announces Departure of CEO
On February 21, 2017, SITO Mobile (NASDAQ: SITO) announced that effective February 17, 2017, Jerry Hug resigned as CEO and a director of SITO Mobile. Richard O’Connell, Jr., a member of the company’s board of directors since February 2016, was appointed to serve as interim CEO.
From 2010 to 2016, O’Connell served as CFO and chief credit officer of Emergent Capital, Inc. From 2006 to 2009, served as CFO of RapidAdvance, LLC, and from 2002 to 2005, served as COO of Insurent Agency Corporation. From 2000 to 2001, acted as securitization consultant to the Industrial Bank of Japan, and from 1999 to 2000, served as president of Telomere Capital, LLC. From 1988 to 1998, served in various senior capacities at Enhance Financial Services and its subsidiary, Singer Asset Finance Company, including president and COO of Singer Asset Finance and Senior Vice President and Treasurer of Enhance Financial Services. BA Franklin and Marshall College. MBA Rutgers University Graduate School of Management.
SITO Mobile Sells Remaining Wireless Application Business
On February 8, 2017, SITO Mobile (NASDAQ: SITO) SITO Mobile (NASDAQ: SITO) announced it sold the remaining portion of its legacy wireless applications business (SMS messaging) to 3Cinteractive for $400,000 in cash - $310,000 has been received and $90,000 is subject to additional closing items.
SITO Mobile Preliminary Q4 Media Placement Results
On January 3, 2017, SITO Mobile (NASDAQ: SITO) announced preliminary media placement results for its fourth quarter ended December 31, 2016.
For the quarter, the company expects to report media placement revenue in the range of $7.3 million - $7.6 million. Media Placement revenue was $5.3 million in the comparable quarter in 2015.
Taglich Brothers estimates were for Q4 media placement revenue of $8.9 million.
SITO Mobile, Ltd., headquartered in Jersey City, New Jersey, is a mobile media technology company that enables marketers to reach consumers on all types of mobile devices. Communication might be in the form of a reminder message in voice or text (Short Message Service or SMS), an abbreviated dial code, or a coupon, promotion, or advertisement.
Company ReportsUpdated Research Report (Dated December 7, 2016)
Updated Research Report (Dated October 10, 2016)
Updated Research Report (Dated June 30, 2016)
Updated Research Report (Dated March 15, 2016)
Updated Research Report (Dated January 7, 2016)
Updated Research Report (Dated August 31, 2015)
Updated Research Report (Dated May 19, 2015)
Updated Research Report (Dated March 6, 2015)
Updated Research Report (Dated January 14, 2015)
Updated Research Report (Dated September 4, 2014)
Updated Research Report (Dated July 11, 2014)
Updated Research Report (Dated July 8, 2014)
Initial Research Report (Dated March 25, 2014)
The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. had an Investment Banking relationship with the company. In September 2012 and October 2012, Taglich Brothers Inc. served as the exclusive placement agent in private placements of SITO convertible debt and warrants. Single Touch Systems, Inc. is not paying Taglich Brothers, Inc. for the creation and dissemination of research reports. For further information and Taglich Brothers, Inc. ownership data please refer to each individual report.