By Mobile sports company achieves record quarterly revenue and user numbers
TORONTO, Jan. 16, 2014 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three months ended November 30, 2013 in accordance with International Financial Reporting Standards ("IFRS").
(LOGO: http://photos.prnewswire.com/prnh/20140116/TO803)
FISCAL 2014 Q1 OPERATIONAL HIGHLIGHTS
-- Average monthly active users of theScore's mobile platforms
reached 4.8 million in Q1 F2014, an increase of 48% compared to
the same period in F2013.*
-- Average monthly user sessions of theScore's mobile platforms
reached more than 191 million in Q1 F2014, an increase of 142%
compared to the same period in F2013.*
-- Released a fully optimized iOS 7 experience for theScore for
iPhone and iPad, delivering even faster news, scores and stats
along with a stylish new design.
-- theScore for Android was updated with Breaking News Alerts, Top
News and a revamped news offering, as well as delivering full
tablet support.
"We're off to a great start in 2014, with record quarterly revenue and a record number of sports fans using theScore to follow the leagues, teams and players they care about," said John Levy, Chairman and CEO. "Our unflinching mobile-first approach, comprehensive coverage and deep personalization features has made theScore a regular part of sports fans' daily lives, as our strong year-over-year growth in user sessions shows."
FISCAL 2014 Q1 FINANCIAL RESULTS
theScore achieved record quarterly revenue of $2.1 million for the three months ended November 30, 2013, compared to $1.5 million for the same period in F2013, an increase of 41%.
EBITDA loss for the three months ended November 30, 2013 was $2.3 million compared to a loss of $2.1 million in the same period the previous year. The increase in expenses was due to increased marketing and promotional efforts during the period, and increased corporate and personnel costs, offset by lower technology costs as a result of efficiencies in relation to hosting and content management systems.
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.
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)
November 30, 2013 August 31, 2013
ASSETS
Current assets:
Cash and cash equivalents $ 12,966 $ 14,524
Accounts receivable 1,923 1,621
Other receivables - 2,030
Other assets 1,295 1,295
Prepaid expenses and deposits 510 386
16,694 19,856
Non-current assets:
Property and equipment 2,403 2,313
Intangible assets 6,225 6,523
Investment 760 760
Other assets 2,032 1,782
11,420 11,378
Total assets $ 28,114 $ 31,234
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued $ 2,222 $ 2,380
liabilities
Non-current liabilities:
Deferred lease obligation 500 495
Shareholders' equity 25,392 28,359
Commitments and contingencies
Total liabilities and shareholders' $ 28,114 $ 31,234
equity
See accompanying notes to condensed consolidated interim financial
statements
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
November 30, 2013 November 30, 2012
Revenue $ 2,130 $ 1,506
Operating expenses:
Personnel 2,212 1,715
Content 324 418
Technology 241 672
Facilities, administrative and 1,637 762
other
Management fees - 48
Depreciation of property and 128 24
equipment
Amortization of intangible 670 599
assets
Share of loss of equity - 2
accounted for investee
5,212 4,240
Operating loss (3,082) (2,734)
Finance costs (income) (34) 99
Net and comprehensive loss $ (3,048) $ (2,833)
Loss per share - basic and $ (0.02) $ (0.03)
diluted
See accompanying notes to condensed consolidated interim financial
statements
theScore, Inc.
Condensed Consolidated Interim
Statements of Cash Flows
(in thousands of Canadian
dollars)
(unaudited)
Three months ended Three months ended
November 30, 2013 November 30, 2012
Cash flows used in operating
activities
Net and comprehensive loss $ (3,048) $ (2,833)
Adjustments for:
Depreciation and amortization 798 623
Share of loss of equity - (12)
accounted investee
Share-based compensation 80 -
Contributions by Former - 107
Parent and Remaining Group
(2,170) (2,115)
Change in non-cash operating
working capital:
Accounts receivable (302) (1,295)
Other receivables 230 -
Other assets (150) -
Prepaid expenses and deposits (124) (308)
Accounts payable and accrued (158) 1,030
liabilities
Deferred lease obligation 5 -
(499) (573)
Net cash used in operating (2,669) (2,688)
activities
Cash flows from financing
activities
Funding provided from 1,800 9,794
Arrangement
Due to Remaining Group - 531
Due to Former Parent - 1,624
Net cash from financing 1,800 11,949
activities
Cash flows used in investing
activities
Additions of property and (218) (26)
equipment
Additions of intangible assets (471) (1,136)
Net cash used in investing (689) (1,162)
activities
Cash, beginning of period 14,524 -
Cash, end of period $ 12,966 $ 8,099
See accompanying notes to condensed consolidated interim financial
statements
The following tables reconcile net and comprehensive loss to EBITDA
Three months ended Three months ended
November 30, 2013 November 30, 2012
Net and comprehensive loss $ (3,048) $ (2,833)
Adjustments:
Depreciation and 798 623
amortization
Finance costs (income) (34) 99
EBITDA $ (2,284) $ (2,111)
_______________________________
(*)User metrics from Q1 F2014 and Q1 F2013 exclude theScore's secondary
mobile sports application, SportsTap, which was retired September 30,
2013.
SOURCE theScore, Inc.
