- Mobile sports company releases fiscal 2015 first quarter results
TORONTO, Jan. 15, 2015 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three months ended November 30, 2014 in accordance with International Financial Reporting Standards ("IFRS").
FISCAL 2015 Q1 OPERATIONAL HIGHLIGHTS
- Average monthly active users of theScore's mobile platforms reached a record 10.2 million in Q1 F2015, an increase of 112% compared to the same period in F2014.
- Average monthly active users of theScore's mobile apps reached 4.8 million in Q1 F2015, an increase of 15% compared to the same period in F2014.*
- Average monthly active users of theScore's mobile web platform reached 5.4 million in Q1 F2015, an increase of 776% compared to the same period in F2014.*
- Average monthly active users of theScore's mobile apps reached 4.8 million in Q1 F2015, an increase of 15% compared to the same period in F2014.*
- Average monthly sessions of theScore's mobile apps reached 298 million in Q1 F2015, an increase of 56% compared to the same period in F2014.*
- Achieved record quarterly revenue of $3.05 million in Q1 F2015
- Advertising revenue for Q1 F2015 increased by 49% compared to the same period the previous year.
"2015 is off to a great start with more than 10 million sports fans now using theScore as their go-to mobile sports platform," said John Levy, Founder and CEO of theScore.
"The recent acquisition of daily fantasy sports game Swoopt also further strengthened and diversified our offering, giving us a strategic entry point into the daily fantasy sports space with a product that enjoys a clear fit with theScore's existing user base. Coupled with the record quarterly revenue we enjoyed in Q1, theScore is well on course to reinforce its position as a leader in mobile sports during 2015."
Q1 F2015 OPERATIONAL HIGHLIGHTS
- theScore was named "one of the world's greatest" apps by Business Insider as part of the influential media outlet's annual 'App 100' list.
- theScore for iOS and Android was updated with a host of new features designed to take football fans closer to the gridiron than ever before, including rich scoring play visuals and detailed graphics that track each pass, drive, penalty and kick.
- theScore for iOS and Android was updated with Feed Filters, allowing users to create additional customized Feeds to track their favorite leagues, teams and players, making it perfect for even deeper fantasy sports tracking.
- theScore for iOS was updated to be fully optimized for the newly released iPhone 6 and iPhone 6 Plus devices.
Q1 F2015 FINANCIAL RESULTS
Revenue for the three months ended November 30, 2014 was $3.05 million compared to $2.1 million the previous year, an increase of 45%. EBITDA loss for the three months ended November 30, 2014 was $1.5 million compared to $2.3 million the previous year, an improvement of 35%.
* User metrics from Q1 F2014 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) | |||||||
November 30, 2014 | August 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 16,863 | $ | 21,363 | |||
Accounts receivable | 2,769 | 1,472 | |||||
Tax credits recoverable | 2,060 | 2,060 | |||||
Prepaid expenses and deposits | 557 | 559 | |||||
22,249 | 25,454 | ||||||
Non-current assets: | |||||||
Property and equipment | 2,262 | 2,155 | |||||
Intangible assets | 4,985 | 4,959 | |||||
Investment | 760 | 760 | |||||
Tax credits recoverable | 5,035 | 4,485 | |||||
13,042 | 12,359 | ||||||
Total assets | $ | 35,291 | $ | 37,813 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 2,357 | $ | 3,052 | |||
Non-current liabilities: | |||||||
Deferred lease obligation | 517 | 513 | |||||
Shareholders' equity | 32,417 | 34,248 | |||||
Commitments and contingencies | |||||||
Subsequent events | |||||||
Total liabilities and shareholders' equity | $ | 35,291 | $ | 37,813 | |||
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 | |||||
Revenue | $ | 3,046 | $ | 2,130 | ||
Operating expenses: | ||||||
Personnel | 2,475 | 2,212 | ||||
Content | 234 | 251 | ||||
Technology | 408 | 315 | ||||
Facilities, administrative and other | 907 | 958 | ||||
Marketing | 518 | 678 | ||||
Depreciation of property and equipment | 126 | 128 | ||||
Amortization of intangible assets | 458 | 670 | ||||
5,126 | 5,212 | |||||
Operating loss | (2,080) | (3,082) | ||||
Finance income, net | (65) | (34) | ||||
Net and comprehensive loss | $ | (2,015) | $ | (3,048) | ||
Loss per share - basic and diluted | $ | (0.01) | $ | (0.02) | ||
theScore, Inc. | ||||||
Condensed Consolidated Interim Statements of Cash Flows | ||||||
(in thousands of Canadian dollars) | ||||||
(unaudited) | ||||||
Three months ended | Three months ended | |||||
Cash flows from (used in) operating activities | ||||||
Net and comprehensive loss | $ | (2,015) | $ | (3,048) | ||
Adjustments for: | ||||||
Depreciation and amortization | 584 | 798 | ||||
Share-based compensation | 176 | 80 | ||||
(1,255) | (2,170) | |||||
Change in non-cash operating assets and liabilities: | ||||||
Accounts receivable | (1,297) | (302) | ||||
Other receivables | - | 230 | ||||
Tax credits recoverable | (340) | (150) | ||||
Prepaid expenses and deposits | 2 | (124) | ||||
Accounts payable and accrued liabilities | (695) | (158) | ||||
Deferred lease obligation | 4 | 5 | ||||
(2,326) | (499) | |||||
Net cash used in operating activities | (3,581) | (2,669) | ||||
Cash flows from financing activities | ||||||
Exercise of stock options | 8 | - | ||||
Funding provided from Arrangement | - | 1,800 | ||||
Net cash from financing activities | 8 | 1,800 | ||||
Cash flows used in investing activities | ||||||
Additions of property and equipment | (233) | (218) | ||||
Additions of intangible assets | (694) | (471) | ||||
Net cash used in investing activities | (927) | (689) | ||||
Decrease in cash and cash equivalents | (4,500) | (1,558) | ||||
Cash and cash equivalents, beginning of period | 21,363 | 14,524 | ||||
Cash and cash equivalents, end of period | $ | 16,863 | $ | 12,966 | ||
The following tables reconcile net and comprehensive loss to EBITDA
Three months ended | Three months ended | ||||
November 30, 2014 | November 30, 2013 | ||||
Loss and comprehensive loss | $ | (2,015) | $ | (3,048) | |
Adjustments for: | |||||
Amortization | 584 | 798 | |||
Finance income | (65) | (34) | |||
EBITDA | (1,496) | (2,284) | |||
SOURCE theScore, Inc.
