theScore Reports F2018 Q3 Results

theScore Reports F2018 Q3 Results
theScore Reports F2018 Q3 Results

TORONTO, July 11, 2018 /PRNewswire/ - theScore, Inc. (TSX: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").

theScore Reports Q3 F2018 Financial Results (CNW Group/theScore, Inc.)

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)

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/thescore-reports-f2018-q3-results-300679662.html

SOURCE theScore, Inc.

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