Revenue for the quarter grew to
EBITDA loss for the three months ended
Average monthly sessions of theScore's mobile apps reached 378 million compared to 335 million for the same period the previous year, with users opening our apps an average of 86 times a month each. Average monthly active users of theScore's mobile apps were 4.3 million versus 4.4 million in Q2 F2016.
“This quarter saw us once again strengthen the engagement within our mobile apps while increasing the sophistication of our advertising business to drive ongoing revenue growth and positively impact our pathway to profitability,” said
“Our product team remains focused on the continued enhancement of our flagship sports app, with new features being rolled out over the remainder of F2017, while also supporting other areas of our business, like esports and bots, to ensure we're meeting the evolving needs of sports fans.”
theScore will be hosting a conference call at
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The conference call will also be webcast live here.
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About theScore Inc.
theScore, Inc. is an independent creator of mobile-first sports experiences, connecting fans to the sports content they love through an addictive combination of comprehensive and personalized real-time news, scores, stats, alerts and videos via emerging and established digital media platforms, including its mobile sports applications theScore and theScore esports, its web platforms theScore.com and thescoreesports.com and theScore Bot for Facebook Messenger and
Non-IFRS Financial Measures
In addition to disclosing results in accordance with IFRS as issued by the
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
theScore, Inc. |
|||||
Condensed Consolidated Interim Statements of Financial Position |
|||||
(in thousands of Canadian dollars) |
|||||
(unaudited) |
|||||
|
|
||||
2017 |
2016 |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ |
9,119 |
$ |
15,554 |
|
Accounts receivable |
7,030 |
5,326 |
|||
Tax credits recoverable |
5,192 |
5,192 |
|||
Prepaid expenses and deposits |
1,199 |
1,008 |
|||
22,540 |
27,080 |
||||
Non-current assets: |
|||||
Property and equipment |
1,993 |
2,141 |
|||
Intangible assets |
6,190 |
5,807 |
|||
Investment |
760 |
760 |
|||
Tax credits recoverable |
1,616 |
1,616 |
|||
10,559 |
10,324 |
||||
Total assets |
$ |
33,099 |
$ |
37,404 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable and accrued liabilities |
$ |
3,256 |
$ |
5,180 |
|
Non-current liabilities: |
|||||
Deferred lease obligation |
497 |
495 |
|||
Shareholders' equity |
29,346 |
31,729 |
|||
Commitments |
|||||
Total liabilities and shareholders' equity |
$ |
33,099 |
$ |
37,404 |
theScore, Inc. |
|||||||||
Condensed Consolidated Interim Statements of Comprehensive Loss |
|||||||||
Three and six months ended |
|||||||||
(in thousands of Canadian dollars, except per share amounts) |
|||||||||
(unaudited) |
|||||||||
Three months ended, |
Six months ended, |
||||||||
|
|
|
|
||||||
Revenue |
$ |
6,691 |
$ |
5,802 |
$ |
15,239 |
$ |
12,805 |
|
Operating expenses: |
|||||||||
Personnel |
4,576 |
4,607 |
9,138 |
9,021 |
|||||
Content |
398 |
524 |
1,005 |
1,164 |
|||||
Technology |
629 |
514 |
1,279 |
1,108 |
|||||
Facilities, administrative and other |
1,654 |
1,968 |
3,172 |
3,500 |
|||||
Marketing |
628 |
1,061 |
1,954 |
3,047 |
|||||
Depreciation of property and equipment |
120 |
158 |
237 |
307 |
|||||
Amortization of intangible assets |
519 |
886 |
988 |
1,500 |
|||||
Stock based compensation |
224 |
376 |
464 |
557 |
|||||
8,748 |
10,094 |
18,237 |
20,204 |
||||||
Operating loss |
(2,057) |
(4,292) |
(2,998) |
(7,399) |
|||||
Finance expense (income), net |
81 |
(99) |
(107) |
(147) |
|||||
Net and comprehensive loss |
$ |
(2,138) |
$ |
(4,193) |
$ |
(2,891) |
$ |
(7,252) |
|
Loss per share – basic and diluted |
$ |
(0.01) |
$ |
(0.01) |
$ |
(0.01) |
$ |
(0.02) |
theScore, Inc. |
||||||
Condensed Consolidated Interim Statements of Cash Flows |
||||||
(in thousands of Canadian dollars) |
||||||
(unaudited) |
||||||
Six months ended |
||||||
|
|
|||||
Cash flows used in operating activities |
||||||
Net and comprehensive loss |
$ |
(2,891) |
$ |
(7,252) |
||
Adjustments for: |
||||||
Depreciation and amortization |
1,226 |
1,807 |
||||
Stock based compensation |
464 |
557 |
||||
(1,201) |
(4,888) |
|||||
Change in non-cash operating assets and liabilities: |
||||||
Accounts receivable |
(1,704) |
(1,692) |
||||
Tax credits recoverable |
– |
(159) |
||||
Prepaid expenses and deposits |
(191) |
(125) |
||||
Accounts payable and accrued liabilities |
(1,924) |
(751) |
||||
Deferred lease obligation |
2 |
(15) |
||||
(3,817) |
(2,742) |
|||||
Net cash used in operating activities |
(5,018) |
(7,630) |
||||
Cash flows from financing activities |
||||||
Exercise of stock options |
44 |
78 |
||||
Net cash from financing activities |
44 |
78 |
||||
Cash flows used in investing activities |
||||||
Additions of property and equipment |
(89) |
(374) |
||||
Additions of intangible assets |
(1,372) |
(1,149) |
||||
Net cash used in investing activities |
(1,461) |
(1,523) |
||||
Decrease in cash and cash equivalents |
(6,435) |
(9,075) |
||||
Cash and cash equivalents, beginning of period |
15,554 |
31,841 |
||||
Cash and cash equivalents, end of period |
$ |
9,119 |
$ |
22,766 |
Three months ended |
Six months ended |
||||||||
|
|
|
|
||||||
Net and comprehensive loss for the period |
$ |
(2,138) |
$ |
(4,193) |
$ |
(2,891) |
$ |
(7,252) |
|
Adjustments: |
|||||||||
Depreciation and amortization |
640 |
1,044 |
1,226 |
1,807 |
|||||
Finance expense (income), net |
81 |
(99) |
(107) |
(147) |
|||||
EBITDA loss |
$ |
(1,417) |
$ |
(3,248) |
$ |
(1,772) |
$ |
(5,592) |
SOURCE theScore, Inc.
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