theScore, Inc. Reports Fiscal 2014 First Quarter Results
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").
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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 liabilities | $ 2,222 | $ 2,380 | |||
| Non-current liabilities: | |||||
| Deferred lease obligation | 500 | 495 | |||
| Shareholders' equity | 25,392 | 28,359 | |||
| Commitments and contingencies | |||||
| Total liabilities and shareholders' equity | $ 28,114 | $ 31,234 | |||
| 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 other | 1,637 | 762 | |
| Management fees | - | 48 | |
| Depreciation of property and equipment | 128 | 24 | |
| Amortization of intangible assets | 670 | 599 | |
| Share of loss of equity accounted for investee | - | 2 | |
| 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 diluted | $ (0.02) | $ (0.03) | |
| 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 accounted investee | - | (12) | ||
| Share-based compensation | 80 | - | ||
| Contributions by Former Parent and Remaining Group | - | 107 | ||
| (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 liabilities | (158) | 1,030 | ||
| Deferred lease obligation | 5 | - | ||
| (499) | (573) | |||
| Net cash used in operating activities | (2,669) | (2,688) | ||
| Cash flows from financing activities | ||||
| Funding provided from Arrangement | 1,800 | 9,794 | ||
| Due to Remaining Group | - | 531 | ||
| Due to Former Parent | - | 1,624 | ||
| Net cash from financing activities | 1,800 | 11,949 | ||
| Cash flows used in investing activities | ||||
| Additions of property and equipment | (218) | (26) | ||
| Additions of intangible assets | (471) | (1,136) | ||
| Net cash used in investing activities | (689) | (1,162) | ||
| 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 amortization | 798 | 623 | |||
| 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.
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