theScore, Inc. Reports Fiscal 2013 First Quarter Financial Results

TORONTO, Jan. 29, 2013 /CNW/ - theScore, Inc. (TSX Venture: SCR) ("theScore" or the "Company") today announced the financial results for the three months ended November 30, 2012 in accordance with International Financial Reporting Standards ("IFRS"). 

FISCAL 2013 Q1 OPERATIONAL HIGHLIGHTS

  • In November 2012, theScore re-launched its popular app for iPad and iPad mini; the app is based on the design of theScore's critically acclaimed iPhone app, has been optimized for iOS 6 and offers users a fluid tablet experience including MyScore customization, fantasy tracking features and seamless social sharing
  • Average monthly active users on theScore's mobile platforms exceeded 3.75 million in Q1 F2013, with its flagship application for iPhone growing 73% over the comparable period in F2012
  • theScore was ranked as a Top 10 Sports App in Nielsen's State of the Media: 2012 Year in Sports report, alongside apps from ESPN, Yahoo, MLB and the NBA.[1]
  • Closed plan of arrangement on October 19, 2012, pursuant to which Rogers Media Inc. acquired the television business of Score Media Inc., and the digital media business of Score Media was spun out to its shareholders

"We are off to a great start at theScore," said John Levy, Chairman and CEO, theScore, Inc. "We are very pleased with our users' response to our new iPad app.  Our entire team is energized and focused on executing our product roadmap and delivering our users a unique, mobile-first sports experience."

FISCAL 2013 Q1 FINANCIAL RESULTS

Revenue for the three months ended November 30, 2012 was $1.5 million compared to $1.0 million in the same period of the previous year, an increase of 50%.

EBITDA loss for the three months ended November 30, 2012 was $2.1 million compared to $1.5 million in the same period in the previous year, primarily as a result of the increased investment in personnel, and associated facilities and infrastructure costs, related to the development of theScore's mobile sports platform.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About theScore, Inc.
theScore, Inc. creates, aggregates and distributes sports content via established and emergent digital media assets, including mobile sports applications and its website, theScore.com. theScore's mission is to create the ultimate digital service for sports fans across web and mobile 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 Listing Application 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.




1 Source:  Nielsen State of the Media: 2012 Year in Sports.  Top 10 Sports Apps for 2012 by average monthly time spent per user.  January 22, 2013.




theScore, Inc.
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)
      November 30, 2012     August 31, 2012
               
Assets            
               
Current assets:            
  Cash   $ 8,099   $ -
  Accounts receivable     2,419     1,124
  Other receivables     3,663     1,863
  Due from Remaining Group     -     80
  Prepaid expenses and deposits     450     142
        14,631     3,209
               
Non-current assets:            
  Equipment     444     246
  Intangible assets     7,747     7,206
  Investment in equity accounted investee     902     916
        9,093     8,368
               
 Total assets    $ 23,724   $ 11,577
               
Liabilities and Shareholders' Equity/Funded Deficiency            
               
Current liabilities:            
  Accounts payable and accrued liabilities   $ 2,829   $ 1,799
  Due to Former Parent     -     23,574
  Due to Remaining Group     -     8,840
        2,829     34,213
               
Funded deficiency     -     (22,636)
Shareholders' Equity     20,895      
               
Commitments and contingencies            
               
               
 Total liabilities and shareholders' equity/funded deficiency    $ 23,724   $ 11,577

 

theScore, Inc.            
Condensed Consolidated Interim Statements of Comprehensive Loss      
(in thousands of Canadian dollars)            
(unaudited)            
               
        Three months ended
        November 30, 2012     November 30, 2011
               
Revenue    $ 1,506   $ 1,015
               
Operating costs            
  Personnel     1,715     713
  Content     380     195
  Technology     789     920
  Facilities, administrative, and other     683     479
  Management fees     48     194
  Depreciation of equipment     24     20
  Amortization of intangible assets     599     158
        4,238     2,679
               
Operating loss     (2,732)     (1,664)
               
Finance costs     99     119
Share of loss (profit) of equity accounted investee   2     (12)
               
Loss and comprehensive loss   $ (2,833)   $ (1,771)
               
Earnings per share - basic and diluted    $ (0.03)   $ (0.02)

 

theScore, Inc.           
Reconciliation of Net and Comprehensive Income to EBITDA
 
        Three months ended
        November 30, 2012     November 30, 2011
               
Net and comprehensive loss for the period   $   (2,833)   $ (1,771)
               
Adjustments:            
  Share of loss (profit) of equity accounted investee   2     (12)
  Finance costs     99     119
  Depreciation and amortization     623     178
               
EBITDA loss    $ (2,109)   $ (1,486)

 

 

SOURCE: theScore, Inc.

For further information:

Tom Hearne
Chief Financial Officer
theScore, Inc.
416-977-6787 x2206
tom.hearne@thescore.com