theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced
the financial results for the three and six months ended February
28, 2019 in accordance with International Financial Reporting
Standards (“IFRS”). All financial information in this press release
is reported in Canadian dollars, unless otherwise indicated.
Q2 F2019 Highlights
- Significant focus on product
development and launch planning for theScore’s sportsbook, which is
on-track for mid-2019 launch in New Jersey, subject to receiving
all required approvals and licenses from the State of New Jersey
Division of Gaming Enforcement (DGE) and the New Jersey Racing
Commission (NJRC).
- theScore set a new Q2 record for
average monthly user sessions on theScore app. Average monthly
sessions reached 395 million during Q2 F2019, with users opening it
an average of 97 times a month each.
- theScore’s social content achieved a
new quarterly record with an average monthly reach of approximately
95 million users in Q2 F2019, including a new single-month record
of approximately 118 million users in January.
“We made huge strides in Q2 and are on schedule to launch what
we believe will be a best-in-class mobile sports betting experience
in mid-2019,” said John Levy, Founder and CEO of theScore. “Our
combination of sports media and sports betting will be a truly
differentiated offering for the North American market, and we can’t
wait to unveil it. While sports betting initiatives were naturally
a big priority for us in Q2, we were also excited to set new
records for engagement on our app, as well as a new quarterly
record for our social reach, showcasing the power of our audience
once again.
“Year-to-date revenue is also up, despite a slower Q2 from
direct sales following a very strong Q1, and some industry-wide
softness in the programmatic advertising space. That said, we’re
seeing very good early momentum in Q3, with strong sales in the
quarter to date.”
Financial ResultsRevenue for the three months ended
February 28, 2019 was $6.8 million compared to $7.1 million for the
same period last year. Revenue for the six months ended February
28, 2019 was $16.3 million versus $15.5 million for the same period
last year.
EBITDA loss for the three months ended February 28, 2019 was
$2.2 million, versus a loss of $0.5 million in the same period the
previous year. Increase in EBITDA loss for the quarter was
primarily a result of increased expenses relating to ongoing
development of theScore’s sports betting business, as well as
softer revenue for the period. EBITDA loss for the six months ended
February 28, 2019 was $1.3 million versus EBITDA of $14,000 in the
same period the previous year.
Audience MetricsTotal average monthly active user
sessions of theScore mobile app on iOS and Android reached 395
million in Q2 F2019, or 97 sessions-per-user-per-month on a base of
4.0 million average monthly app users.
Total video views of theScore esports’ content reached 39.3
million for Q2 F2019, representing year-over-year growth of 93%.
Total watch minutes for theScore esports’ YouTube channel were 260
million, growth of 190% year-over-year. YouTube channel subscribers
surpassed 700,000 earlier this month.
theScore’s content on its social channels achieved an average
monthly reach of approximately 95 million in Q2 F2019, serving to
further amplify theScore brand globally. This included a new
monthly reach record of approximately 118 million in January.
Conference Call & WebcasttheScore will host a
conference call and webcast at 4:30pm EST on Wednesday, April 17
where management will review the Company’s Q2 F2019 results,
followed by a Q&A session:
Conference Call Dial-In
Local: +1 (647) 689-5637
Toll Free North America: +1 (877) 396-4208
The conference call will also be webcast live.
Register now here.
Instant Replay
Local: +1 (416) 621-4642
Toll Free North America: +1 (800) 585-8367
Playback Passcode: 8674184
Neither the 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 theScoretheScore’s
mission is to create highly-engaging digital products and content
that empowers 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, and in December 2018
announced plans to launch a mobile sportsbook in the United
States.
Forward-looking (safe harbour)
statementStatements 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, 2019 2018 ASSETS
Current assets: Cash and cash equivalents $ 8,297 $ 6,347 Accounts
receivable 7,663 5,839 Prepaid expenses and deposits 1,243
1,078 17,203 13,264 Non-current assets: Property and equipment
1,354 1,453 Intangible and other assets 8,236 6,074 Tax credits
recoverable 1,616 1,616 11,206
9,143 Total assets $ 28,409 $ 22,407
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Accounts payable and accrued liabilities $ 3,757 $ 3,710
Non-current liabilities: Deferred lease obligation 367 415
Shareholders' equity 24,285 18,282 Commitments
Total liabilities and shareholders' equity $ 28,409 $
22,407
theScore, Inc. Condensed
Consolidated Interim Statements of Comprehensive Loss Three and six
months ended February 28, 2019 and 2018 (in thousands of Canadian
dollars, except per share amounts) (unaudited)
Three months
ended, Six months ended, February 28, 2019
February 28, 2018 February 28, 2019 February 28, 2018
Revenue from contracts with customers $ 6,776 $ 7,099 $
16,251 $ 15,450 Operating expenses: Personnel 4,600 4,187
9,273 8,605 Content 509 463 1,009 925 Technology 759 775 1,469
1,442 Facilities, administrative and other 2,423 1,498 4,394 2,850
Marketing 548 561 1,083 1,367 Depreciation of property and
equipment 97 103 190 206 Amortization of intangible assets 692 922
1,427 1,788 Stock based compensation 126 134 245
247 9,754 8,643 19,090 17,430 Operating loss (2,978)
(1,544) (2,839) (1,980) Finance income (expense), net (26)
(79) 1
96 Net and
comprehensive loss $ (3,004) $ (1,623) $ (2,838)
$ (1,884) 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, 2019 2018
Cash flows used in operating activities Net and
comprehensive loss $ (2,838) $ (1,884) Adjustments for:
Depreciation and amortization 1,617 1,994 Stock based compensation
245 247 (976) 357 Change in non-cash operating assets
and liabilities: Accounts receivable (1,824) (1,900) Prepaid
expenses and deposits (165) 53 Accounts payable and accrued
liabilities 47 754 Deferred lease obligation (48) (32)
(1,990) (1,125) Net cash used in operating activities
(2,966) (768) Cash flows from financing activities
Exercise of stock options 96 16 Issuance of shares, net of
transaction costs 8,500 Net cash from financing
activities 8,596 16 Cash flows used in investing
activities Additions to property and equipment (91) (22) Additions
to intangible and other assets (3,589) (1,481) Net cash used
in investing activities (3,680) (1,503) Increase
(decrease) in cash and cash equivalents 1,950 (2,255) Cash
and cash equivalents, beginning of period 6,347 10,114
Cash and cash equivalents, end of period $ 8,297
$ 7,859
Three Months Ended Six Months Ended
February 28, 2019 February 28, 2018 February 28, 2019
February 28, 2018 Net and comprehensive loss
for the period $ (3,004) $ (1,623) $ (2,838) $ (1,884)
Adjustments: Depreciation and amortization 789 1,025 1,617 1,994
Finance (income) expense, net 26 79 (1) (96)
EBITDA $ (2,189)
$ (519) $ (1,222) $ 14
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version on businesswire.com: https://www.businesswire.com/news/home/20190417005890/en/
James BiggSr. Manager, CommunicationstheScore, Inc.Tel:
647-638-9281Email: james.bigg@thescore.com
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