TORONTO, July 11, 2018 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three and nine months ended May 31, 2018 in accordance with International Financial Reporting Standards ("IFRS").
Revenue for the quarter grew to $7.2 million compared to $6.4 million in the same period in F2017. Revenue for the first nine months of F2018 grew to $22.6 million compared to $21.6 million for the same period in F2017. Q3 F2018 revenue growth was accomplished thanks to strong performances from theScore's Canadian direct sales and US programmatic businesses.
EBITDA loss for the three months ended May 31, 2018 improved to $44K, compared to a loss of $2.2 million for the same period the previous year. EBITDA loss for the first nine months of F2018 improved to $30K compared to a loss of $4.0 million for the same period the previous year. EBITDA loss for the three and nine months ended May 31, 2017 included an impairment loss on the disposal of a non-core investment of $0.8 million.
Average monthly active users of theScore app on iOS in Q3 F2018 were up 9% compared to the same period the previous year, including growth in May of more than 12% year-over-year. iOS growth was offset by lower monthly active users of theScore app on Android. As a result, total average monthly active users of theScore mobile app in Q3 F2018 were 3.9 million, consistent with the same period the previous year. Average monthly app sessions-per-user were 93 versus 96 for Q3 F2017.
"It's been an exciting period for theScore," said John Levy, CEO and Founder of theScore. "We've seen continued strong app user growth on our iOS platform, a new monthly record of more than 50 million sports fans reached on our social and emerging platforms, and last week's launch of theScore on Bixby to increase our presence on Android devices.
"This quarter also saw the legalization of sports betting in the United States, which presents an exciting opportunity for us. The state-by-state roll-out of this, and the different models being explored within each individual state, means the US sports betting landscape remains a fluid one. theScore is uniquely positioned to capitalize on this opportunity thanks to our mobile sports expertise, combined with our large and highly-engaged audience. We look forward to sharing more on our plans in due course."
theScore will be hosting a conference call at 4:30pm EST on Wednesday, July 11. Management will review the Company's Q3 F2018 results, followed by a question and answer session.
To participate, please call into the conference approximately five minutes prior to it beginning.
Conference Call Dial-In
Toronto: (+1) 416 764 8688
Toll Free North America: (+1) 888 390 0546
The conference call will also be webcast live. Register now here.
A replay of the call will also be available post-event at:
Instant Replay
Toronto: (+1) 416 764 8677
Toll Free: North America (+1) 888 390 0541
Playback Passcode: 328842 #
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About theScore Inc.
theScore's mission is to create highly-engaging digital products and content that empower the sports fan's experience. Its flagship mobile app 'theScore' is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month. The Company also creates innovative digital sports experiences through its web, social and esports platforms.
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 and Short-form Prospectus 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) |
||||||
| As at |
||||||
| May 31, |
August 31, |
|||||
| 2018 |
2017 |
|||||
| ASSETS |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ |
7,896 |
$ |
10,114 |
||
| Accounts receivable |
7,268 |
5,578 |
||||
| Prepaid expenses and deposits |
886 |
1,238 |
||||
| 16,050 |
16,930 |
|||||
| Non-current assets: |
||||||
| Property and equipment |
1,529 |
1,789 |
||||
| Intangible assets |
5,956 |
6,292 |
||||
| Tax credits recoverable |
1,616 |
1,616 |
||||
| 9,101 |
9,697 |
|||||
| Total assets |
$ |
25,151 |
$ |
26,627 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
| Current liabilities: |
||||||
| Accounts payable and accrued liabilities |
$ |
3,633 |
$ |
2,801 |
||
| Non-current liabilities: |
||||||
| Deferred lease obligation |
436 |
490 |
||||
| Shareholders' equity |
21,082 |
23,336 |
||||
| Commitments |
||||||
| Total liabilities and shareholders' equity |
$ |
25,151 |
$ |
26,627 |
||
| theScore, Inc. |
|||||||||||
| Condensed Consolidated Interim Statements of Comprehensive Loss |
|||||||||||
| Three and nine months ended May 31, 2018 and 2017 |
|||||||||||
| (in thousands of Canadian dollars, except per share amounts) |
|||||||||||
| (unaudited) |
|||||||||||
| Three months ended, |
Nine months ended, |
||||||||||
| May 31, 2018 |
May 31, 2017 |
May 31, 2018 |
May 31, 2017 |
||||||||
| Revenue |
$ |
7,194 |
$ |
6,357 |
$ |
22,645 |
$ |
21,596 |
|||
| Operating expenses: |
|||||||||||
| Personnel |
4,044 |
4,084 |
12,649 |
13,222 |
|||||||
| Content |
367 |
391 |
1,292 |
1,394 |
|||||||
| Technology |
795 |
610 |
2,237 |
1,889 |
|||||||
| Facilities, administrative and other |
1,307 |
1,566 |
4,158 |
4,741 |
|||||||
| Marketing |
560 |
1,000 |
1,927 |
2,954 |
|||||||
| Depreciation of property and equipment |
105 |
121 |
311 |
358 |
|||||||
| Amortization of intangible assets |
855 |
799 |
2,643 |
1,786 |
|||||||
| Stock based compensation |
165 |
192 |
412 |
656 |
|||||||
| 8,198 |
8,763 |
25,629 |
27,000 |
||||||||
| Operating loss |
(1,004) |
(2,406) |
(2,984) |
(5,405) |
|||||||
| Finance income, net |
110 |
239 |
206 |
346 |
|||||||
| Impairment of investment |
- |
(760) |
- |
(760) |
|||||||
| Net and comprehensive loss |
$ |
(894) |
$ |
(2,927) |
$ |
(2,778) |
$ |
(5,819) |
|||
| Loss per share - basic and diluted |
$ |
0.00 |
$ |
(0.01) |
$ |
(0.01) |
$ |
(0.02) |
|||
| theScore, Inc. |
||||||
| Condensed Consolidated Interim Statements of Cash Flows |
||||||
| (in thousands of Canadian dollars) |
||||||
| (unaudited) |
||||||
| Nine months ended May 31, |
||||||
| 2018 |
2017 |
|||||
| Cash flows used in operating activities |
||||||
| Net and comprehensive loss |
$ |
(2,778) |
$ |
(5,819) |
||
| Adjustments for: |
||||||
| Depreciation and amortization |
2,954 |
2,144 |
||||
| Stock based compensation |
412 |
656 |
||||
| Loss on investment |
- |
760 |
||||
| 588 |
(2,259) |
|||||
| Change in non-cash operating assets and liabilities: |
||||||
| Accounts receivable |
(1,690) |
(1,385) |
||||
| Tax credits recoverable |
- |
3,061 |
||||
| Prepaid expenses and deposits |
352 |
(104) |
||||
| Accounts payable and accrued liabilities |
832 |
(2,042) |
||||
| Deferred lease obligation |
(54) |
4 |
||||
| (560) |
(466) |
|||||
| Net cash from (used) in operating activities |
28 |
(2,725) |
||||
| Cash flows from financing activities |
||||||
| Exercise of stock options |
112 |
47 |
||||
| Net cash from financing activities |
112 |
47 |
||||
| Cash flows used in investing activities |
||||||
| Additions to property and equipment |
(51) |
(109) |
||||
| Additions to intangible assets |
(2,307) |
(2,210) |
||||
| Tax credits recoverable |
- |
2,131 |
||||
| Net cash used in investing activities |
(2,358) |
(188) |
||||
| Decrease in cash and cash equivalents |
(2,218) |
(2,866) |
||||
| Cash and cash equivalents, beginning of period |
10,114 |
15,554 |
||||
| Cash and cash equivalents, end of period |
$ |
7,896 |
$ |
12,688 |
||
| The Following reconciles to EBITDA |
||||||||||||
| Three months ended |
Nine months ended |
|||||||||||
| May 31, 2018 |
May 31, 2017 |
May 31, 2018 |
May 31, 2017 |
|||||||||
| Net and comprehensive loss for the period |
$ |
(894) |
$ |
(2,927) |
$ |
(2,778) |
$ |
(5,819) |
||||
| Adjustments: |
||||||||||||
| Depreciation and amortization |
960 |
919 |
2,954 |
2,144 |
||||||||
| Finance expense (income), net |
(110) |
(239) |
(206) |
(346) |
||||||||
| EBITDA (loss) |
$ |
(44) |
$ |
(2,246) |
$ |
(30) |
$ |
(4,021) |
||||
SOURCE theScore, Inc.
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