TORONTO, April 12, 2018 /CNW/ - theScore, Inc. (TSX
Venture: SCR) ("theScore") today announced the financial results
for the three and six months ended February
28, 2018 in accordance with International Financial
Reporting Standards ("IFRS").
In Q2 F2018 the Company achieved revenue of $7.1M versus $6.7M
for the same period the previous year. Revenue for the first six
months of F2018 was $15.5M versus
$15.2M for the same period in F2017.
Q2 F2018 growth was accomplished thanks to strong performances from
theScore's Canadian direct sales and US programmatic businesses.
EBITDA loss improved to $0.5M in Q2
F2018, versus a loss of $1.4M in Q2
F2017.
theScore app on iOS continued to show positive growth this
quarter. For Q2 F2018, monthly active users of theScore app on
iPhone and iPad were up by 9% for the same period the previous
year. This was offset by lower monthly active users of theScore app
on Android.
As a result, total average monthly active users of theScore app
for Q2 F2018 were 4.1M, consistent
with the same period in the previous year. Average monthly app
sessions-per-user were 85 versus 89 for Q2 F2017.
"Our revenue numbers and the continued user growth on iOS in
such a competitive app market were extremely positive this
quarter," said John Levy, CEO and
Founder of theScore. "Clearly Android remains the primary challenge
that's affecting our overall app user growth, but we're tackling
these industry-wide challenges through a combination of strategic
product and marketing initiatives."
In Q2 F2018, theScore esports recorded more than 20M video views, up from 6.5M for the same period the previous year.
theScore's social channels continued to serve as a strong
brand-building tactic, reaching in excess an average of 30 million
people a month during Q2, while other highlights included the
Company's chatbot for Facebook Messenger crossing 500K average monthly active users for the first
time.
"While our flagship app is our core business and primary focus,
we saw continued growth across other areas of our operations,
including our emerging platforms, esports and social teams," added
Mr. Levy. "We believe there are exciting growth opportunities here,
which in turn could serve as both brand-building tactics and,
eventually, potentially become monetizable businesses
themselves."
For more details, please join theScore's conference call at
8:30am EST on Thursday, April 12
where management will review the Company's Q2 F2018 results,
followed by a question and answer session.
Conference Call Dial-In
Numbers
Toronto: (+1) 416
764 8688
Toll Free North America: (+1) 888 390 0546
Instant Replay
Toronto: (+1) 416 764 8677
Toll Free: North America (+1) 888
390 0541
Playback Passcode: 010935 #
The conference call will also be webcast live
here.
theScore Investor Relations
theScore.com
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
|
|
|
February
28,
|
August 31,
|
|
|
2018
|
2017
|
|
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
7,859
|
$
|
10,114
|
|
Accounts
receivable
|
7,478
|
5,578
|
|
Prepaid expenses and
deposits
|
1,185
|
1,238
|
|
|
16,522
|
16,930
|
Non-current
assets:
|
|
|
|
Property and
equipment
|
1,605
|
1,789
|
|
Intangible
assets
|
5,985
|
6,292
|
|
Tax credits
recoverable
|
1,616
|
1,616
|
|
|
9,206
|
9,697
|
|
|
|
|
Total
assets
|
$
|
25,728
|
$
|
26,627
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
3,555
|
$
|
2,801
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred lease
obligation
|
458
|
490
|
|
|
|
|
Shareholders'
equity
|
21,715
|
23,336
|
|
|
|
|
Commitments
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
|
25,728
|
$
|
26,627
|
theScore,
Inc.
|
Condensed
Consolidated Interim Statements of Comprehensive Loss
|
Three and six months
ended February 28, 2018 and 2017
|
(in thousands of
Canadian dollars, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
Three months
ended,
|
Six months
ended,
|
|
February 28,
2018
|
February 28,
2017
|
February 28,
2018
|
February 28,
2017
|
|
|
|
|
|
Revenue
|
$
|
7,099
|
$
|
6,691
|
$
|
15,450
|
$
|
15,239
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Personnel
|
4,187
|
4,576
|
8,605
|
9,138
|
|
Content
|
464
|
398
|
925
|
1,005
|
|
Technology
|
774
|
629
|
1,442
|
1,279
|
|
Facilities,
administrative and other
|
1,497
|
1,654
|
2,850
|
3,172
|
|
Marketing
|
561
|
628
|
1,367
|
1,954
|
|
Depreciation of
property and equipment
|
103
|
120
|
206
|
237
|
|
Amortization of
intangible assets
|
923
|
519
|
1,788
|
988
|
|
Stock based
compensation
|
134
|
224
|
247
|
464
|
|
8,643
|
8,748
|
17,430
|
18,237
|
|
|
|
|
|
Operating
loss
|
(1,544)
|
(2,057)
|
(1,980)
|
(2,998)
|
|
|
|
|
|
Finance income
(expense), net
|
(79)
|
(81)
|
96
|
107
|
|
|
|
|
|
Net and comprehensive
loss
|
$
|
(1,623)
|
$
|
(2,138)
|
$
|
(1,884)
|
$
|
(2,891)
|
|
|
|
|
|
Loss per share -
basic and diluted
|
$
|
(0.01)
|
$
|
(0.01)
|
$
|
(0.01)
|
$
|
(0.01)
|
theScore,
Inc.
|
|
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
|
(in thousands of
Canadian dollars)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six months ended
February 28,
|
|
|
|
2018
|
2017
|
|
|
|
|
|
Cash flows used in
operating activities
|
|
|
|
|
Net and comprehensive
loss
|
$
|
(1,884)
|
$
|
(2,891)
|
|
Adjustments
for:
|
|
|
|
|
Depreciation and
amortization
|
1,994
|
1,225
|
|
|
Stock based
compensation
|
247
|
464
|
|
|
|
357
|
(1,202)
|
|
Change in non-cash
operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
(1,900)
|
(1,704)
|
|
|
Prepaid expenses and
deposits
|
53
|
(191)
|
|
|
Accounts payable and
accrued liabilities
|
754
|
(1,924)
|
|
|
Deferred lease
obligation
|
(32)
|
2
|
|
|
|
(1,125)
|
(3,817)
|
Net cash used in
operating activities
|
(768)
|
(5,019)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Exercise of stock
options
|
16
|
44
|
Net cash from
financing activities
|
16
|
44
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
Additions to property
and equipment
|
(22)
|
(89)
|
|
Additions to
intangible assets
|
(1,481)
|
(1,371)
|
Net cash used in
investing activities
|
(1,503)
|
(1,460)
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
(2,255)
|
(6,435)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
10,114
|
15,554
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
7,859
|
$
|
9,119
|
|
|
|
|
Three months
ended
|
Six months
ended
|
|
February 28,
2018
|
February 28,
2017
|
February 28,
2018
|
February 28,
2017
|
|
|
|
|
|
Net and comprehensive
loss for the period
|
$
|
(1,623)
|
$
|
(2,138)
|
$
|
(1,884)
|
$
|
(2,891)
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
1,026
|
639
|
1,994
|
1,226
|
|
Finance expense
(income), net
|
79
|
81
|
(96)
|
(107)
|
|
|
|
|
|
EBITDA
(loss)
|
$
|
(518)
|
$
|
(1,418)
|
$
|
14
|
$
|
(1,772)
|
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SOURCE theScore, Inc.