theScore, Inc. Reports Fiscal 2014 Third Quarter Results - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

theScore, Inc. Reports Fiscal 2014 Third Quarter Results

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SOURCE theScore, Inc.

- Revenue grows 44% year-over-year as mobile sports company attracts record user numbers

TORONTO, July 24, 2014 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three months and nine months ended May 31, 2014 in accordance with International Financial Reporting Standards ("IFRS").

(Photo: http://photos.prnewswire.com/prnh/20140116/TO803)

FISCAL 2014 Q3 OPERATIONAL HIGHLIGHTS

  • Average monthly active users of theScore's mobile platforms reached 5.5 million in Q3 F2014, an increase of 33% compared to the same period in F2013.*

  • Average monthly user sessions of theScore's mobile platforms reached more than 182 million in Q3 F2014, an increase of 38% compared to the same period in F2013.*

  • Mobile advertising revenues for the three and nine months ended May 31, 2014 increased by 60% and 90%, respectively, compared to the same periods the previous year.

  • In May, theScore closed its public offering and concurrent private placement of Class A Subordinate Voting Shares to raise aggregate gross proceeds of approximately $17,250,000.

  • theScore was named an 'Official Honoree' in the category of 'Sports: Handheld Devices' in one of the digital world's most prestigious awards - The Webby Awards.

  • theScore launched 'Feed' on its Android app - allowing users to create their own continuously updated stream of sports content, combining all the information on the leagues, teams and players the user is following in a single view.

  • theScore.com was redesigned, making it fully responsive and providing a great viewing experience for sports fans across a wide range of devices and screens, combined with all the news and data fans have come to expect from its flagship mobile app.

  • theScore significantly enhanced its soccer coverage on its iOS and Android apps, offering news, scores and stats from all major English domestic league and cup competitions as well as those in Spain, Italy, Germany, France, Mexico, MLS and the UEFA Europa League and World Cup.

"We set new records for sports fans using theScore on their mobile devices during what proved to be a very strong Q3," said John Levy, Chairman and CEO of theScore. "Our round of financing has equipped us to continue improving our already outstanding mobile-first sports experience while also expanding our marketing efforts. Q4 is off to a great start thanks to our great World Cup coverage, and we're excited about what we'll achieve during the remainder of F2014."

FISCAL 2014 Q3 FINANCIAL RESULTS

Revenue for the three months ended May 31, 2014 was $2.0 million compared to $1.4 million for the same period the previous year, an increase of 44%. Revenue for the nine months ended May 31, 2014 was $6.0 million compared to $4.0 million for the same period the previous year, an increase of 51%.

EBITDA loss for the three months ended May 31, 2014 was $2.1 million compared to a loss of $2.4 million for the same period the previous year. EBITDA loss for the nine months ended May 31, 2014 was $5.1 million compared to a loss of $7.1 million in the same period the previous year. This was a result of increased revenues of $0.6 million and $2.1 million respectively, and increased operating expenses related mainly to increased headcount and marketing expenses, offset by Ontario Interactive Digital Media Tax Credit.

*User metrics from Q3 F2013 exclude theScore's secondary mobile sports application, SportsTap, which was retired September 30, 2013.

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About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to what they love through an addictive combination of real-time news, scores, fantasy information and alerts while creating and curating content that is mobile optimized, comprehensive, customizable and seamlessly shareable. theScore is available on iOS, Android, BlackBerry and Windows Phone devices.

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements.  Any statement containing words such as "may", "would", "could", "will",  "believes", "plans", "anticipates", "estimates", "expects" or "intends" and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading "Risk Factors" in the Company's Annual Information Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.

theScore, Inc.
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)

 
  May 31, 2014 August 31, 2013
ASSETS        
Current assets:        
  Cash and cash equivalents $ 23,794 $ 14,524
  Accounts receivable   2,098   1,621
  Other receivables   -     2,030
  Other assets   2,060   1,295
  Prepaid expenses and deposits   608   386
    28,560   19,856
Non-current assets:        
  Property and equipment   2,203   2,313
  Intangible assets   5,202   6,523
  Investment   760   760
  Other assets   4,619   1,782
    12,784   11,378
         
Total assets $ 41,344 $ 31,234
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current liabilities:        
  Accounts payable and accrued liabilities $ 2,735 $ 2,380
Non-current liabilities:        
  Deferred lease obligation   508   495
Shareholders' equity   38,101   28,359
Commitments and contingencies        
         
Total liabilities and shareholders' equity $ 41,344  $ 31,234

theScore, Inc.
Condensed Consolidated Interim Statements of Comprehensive Loss
(in thousands of Canadian dollars, except per share amounts)
(unaudited)

 
  Three months ended   Three months ended
  May 31, 2014   May 31, 2013
Revenue  $ 1,972   $ 1,368
           
Operating expenses:          
  Personnel   2,311     1,914
  Content   316     298
  Technology   245     459
  Facilities, administrative and other   849     861
  Management fees    -     -
  Depreciation of property and equipment   132     95
  Amortization of intangible assets   499     687
  Share of loss of equity accounted for investee    -      -
    4,741     4,513
           
  Operating loss   (2,769)     (3,145)
           
  Finance costs (income)   (13)     (19)
           
Net and comprehensive loss $ (2,756)   $ (3,126)
Loss per share - basic and diluted $ (0.01)   $ (0.03)

theScore, Inc.
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)

 
  Three months ended   Three months ended 
  May 31, 2014   May 31, 2013
           
Cash flows used in operating activities          
Net and comprehensive loss  $ (6,753)   $ (9,237)
Adjustments for:           
  Depreciation and amortization    1,717     2,064
  Share of loss of equity accounted investee   -     33
  Share-based compensation   319     119
  Investment loss   -     111
  Contributions by Former Parent and Remaining Group   -     104
    (4,717)     (6,806)
Change in non-cash operating working capital:          
  Accounts receivable   (477)     (329)
  Other receivables   230     (230)
  Other assets   (2,150)     -
  Prepaid expenses and deposits   (222)     (96)
  Accounts payable and accrued liabilities   355     469
  Deferred lease obligation   13     440
    (2,251)     254
Net cash used in operating activities   (6,968)     (6,552)
           
Cash flows from financing activities          
  Exercise of stock options     12    
  Funding provided from Arrangement    1,800     9,794
  Issuance of shares, net of transaction costs   16,164     15,876
  Due to Remaining Group   -     531
  Due to Former Parent   -     1,624
Net cash from financing activities   17,976     27,825
           
Cash flows used in investing activities          
  Additions of property and equipment   (280)     (1,773)
  Additions of intangible assets   (1,458)     (1,916)
Net cash used in investing activities    (1,738)     (3,689)
           
Cash, beginning of period   14,524     -
           
Cash, end of period $ 23,794   $ 17,584

The following tables reconcile net and comprehensive loss to EBITDA

 
    Three months ended   Three months ended
  May 31, 2014   May 31, 2013
Net and comprehensive loss $ (2,756)   $ (3,126)
           
Adjustments for:          
  Depreciation and amortization   631      782
  Finance costs (income)   (13)     (19)
EBITDA   (2,138)     (2,363)
           

  

 

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