Prodigy Ventures Inc. Announces Q2 2017 Financial Results

TORONTO, Aug. 25, 2017 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the three and six months ended June 30, 2017.

"With another successive quarter of record revenues, Prodigy continues its profitable growth, fuelled by our innovation successes with our clients," said Tom Beckerman, Prodigy's CEO. "Our sales and marketing efforts have established important new client relationships, expanded our pipeline, and increased our capacity for extended growth. Our increased sales and marketing, R&D and advisory expenses reduced our net income for Q2, but position us well for the future. Our working capital position improved in the first half of this fiscal year, enabling the Company to retire its remaining loans. Prodigy is now debt free."

Year-to-Date 2017 Financial Results

  • Revenue for the six-month period ended June 30, 2017 totalled $6,170,964 compared to $5,404,578 for the six months ended June 30, 2016, an increase of 14.2%.
  • Gross profit for the six-month period ended June 30, 2017 of $1,946,727 as compared to $1,865,090 for the six-month period ended June 30, 2016, an increase of 4.4%.
  • Operating Expenses for the six-month period ended June 30, 2017 of $1,544,127 as compared to $1,049,243 for the six-month period ended June 30, 2016, an increase of 47.2%, primarily due to increases in sales staff costs, R&D and professional fees.
  • Net Income for the six-month period ended June 30, 2017 totalled $285,684 as compared to $589,156 for the six-month period ended June 30, 2016, a decrease of 51.5%.
  • The Company had working capital of $2,180,256 as of June 30, 2017 compared to $1,952,165 as of December 31, 2016.

Second Quarter 2017 Financial Results

  • Revenue for the three-month period ended June 30, 2017 totalled $3,107,656 compared to $2,707,311 for the three months ended June 30, 2016, an increase of 14.8%.
  • Gross profit for the three-month period ended June 30, 2017 of $957,343 as compared to $861,765 for the three-month period ended June 30, 2016, an increase of 11.1%.
  • Operating Expenses for the three-month period ended June 30, 2017 of $791,278 as compared to $559,236 for the three-month period ended June 30, 2016, an increase of 41.5%.
  • Net Income for the three-month period ended June 30, 2017 totalled $116,515 as compared to $216,853 for the three-month period ended June 30, 2016, a decrease of 46.3%.


Three months ended
June 30

Six months ended
June 30


2017

$

2016

$

2017

$

2016

$






Revenue

3,107,656

2,707,311

6,170,964

5,404,578

Gross Profit

957,343

861,765

1,946,727

1,865,090

Expenses

791,278

559,236

1,544,127

1,049,243

Net and comprehensive income for the period

116,515

216,853

285,684

589,156

Net income per share – basic and diluted

0.00

0.00

0.00

0.01

 

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 Prodigy Ventures Inc.

Prodigy Ventures is an innovation company that has combined an enterprise services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to sell services and create new enterprise-grade platforms and apps using technologies such as mobile video, proximity, wearables, 3D & augmented reality.

Prodigy has been named as one of Canada's fastest growing technology companies in the 19th annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company's expectations with respect to revenue growth and cash flow for certain products or services.. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2017, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE Prodigy Ventures Inc.

For further information: Andrew Hilton, Prodigy Ventures Inc., Chief Financial Officer, Andrew.Hilton@Prodigy.Ventures, 416-606-8833


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