Score Media Reports Highest Quarterly Revenue and EBITDA in Company History
First quarter results demonstrate significant multi-platform revenue growth
- Revenue for the quarter ended November 30, 2009 increased by 8% or $0.9 million to $11.4 million compared to $10.5 million in the quarter ended November 30, 2008. This was the highest revenue quarter in the Company's history. - EBITDA for the quarter ended November 30, 2009 was $3.3 million compared to $1.2 million in the previous year. This was the highest EBITDA quarter in the Company's history. Excluding the impact of the $0.8 million CRTC Part II regulatory fee reversal, EBITDA for the quarter ended November 30, 2009 more than doubled with an increase of $1.3 million to $2.5 million, compared to $1.2 million in the previous year. - Net income for the quarter ended November 30, 2009 was $1.1 million, compared to $0.2 million in the previous year
"We continually strive to achieve growth across all areas of our business," says
- ScoreMobile for BlackBerry and ScoreMobile iPhone Edition are growing rapidly in the North American market. In November 2009 alone, this application amassed more than 1 million combined unique users (over 60% U.S.-based), and received over 300,000 application downloads. - The Score's 2009-2010 NBA coverage kicked-off with a record audience during the Toronto Raptors first regular season game versus the Cleveland Cavaliers. With 20 Raptors games, 40 NBA games, multi- platform programming and an expanded line-up of basketball coverage, including weekly episodes of Court Surfing, Canadian basketball fans can expect a comprehensive round-up of live games, highlights and signature Score content throughout the NBA season. - theScore.com web traffic is growing rapidly; in the three months ended November 30, 2009, page visits were up 11% compared to the same month in the previous year. theScore.com Sports Federation also experienced significant growth, jumping from 12 to 26 blogs since its inception in November 2008 and 247,000 unique visitors in November 2009 compared to 21,000 unique visitors in the same month of 2008. - The Score HD became available to Shaw Cable and Shaw Direct customers, expanding our high definition footprint amongst Canadian households. - On August 31, 2009, BBM Canada launched a new national audience measurement service in the form of the Portable People Meter (PPM). The PPM is a small lightweight device, about the size of a pager which will be carried by 9,000 randomly-chosen panelists who are representative of the Canadian population. Audiences on The Score were up more than 50% in the first quarter of fiscal 2010 compared to the same period in the prior year. Additionally, in the strategic 18-34 male demographic, audiences were up over 75% in the comparative periods. Viewers are increasingly tuning in for the Company's continued creation, production, and acquisition of entertaining content. - On September 21st, 2009, The Score began airing Gillette DRAFTED, The Search for Canada's Next Sportscaster. Through this partnership with Procter & Gamble, one of North America's largest and most prolific marketers, The Score created integrated, multi-platform, branded entertainment for distribution both online and on-air. About Score Media Inc. ----------------------
Score Media is a media company committed to delivering interactive and authentic sports entertainment. Created in 1997 in response to the growing desire for increased participation in the consumption of sports, the Company has now established itself as the home for hardcore sports fans. Score Media's primary asset, The Score Television Network ("The Score"), is a national specialty television service providing sports news, information, highlights and live event programming in more than 6.7 million homes across
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 "believes", "plans", "expects" or "intends" and other 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. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
FIRST QUARTER RESULTS The following tables reconcile net income to EBITDA: ------------------------------------------------------------------------- Three Three months ended months ended November 30, 2009 November 30, 2008 ------------------------------------------------------------------------- Net income for the period $ 1,065 $ 248 Add back: Depreciation and amortization 999 1,110 Interest expense (net) 149 58 Income tax expense (recovery) 1,068 (196) ------------------------------------------------------------------------- ------------------------------------------------------------------------- EBITDA $ 3,281 $ 1,220 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Score Media Inc. Consolidated Balance Sheets (in thousands of dollars) (unaudited) ------------------------------------------------------------------------- November 30, 2009 August 31, 2009 (restated) ------------------------------------------------------------------------- Assets Current assets: Cash and cash equivalents $ 399 $ 276 Accounts receivable 9,417 6,875 Prepaid expenses and deposits 943 616 Future tax assets 663 663 ---------------------------------------- 11,422 8,430 Fixed assets 16,828 17,174 Intangible assets 1,870 1,735 Future tax assets 5,943 7,011 ---------------------------------------- 36,063 34,350 ---------------------------------------- ---------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities 6,056 5,132 Revolving credit facility 11,026 11,449 Shareholders' equity 18,981 17,769 ---------------------------------------- 36,063 34,350 ---------------------------------------- ---------------------------------------- Score Media Inc. Consolidated Statements of Operations (in thousands of dollars, except per share amounts) (unaudited) ------------------------------------------------------------------------- Three Three months ended months ended November 30, 2009 November 30, 2008 (restated) ------------------------------------------------------------------------- Revenue $ 11,371 $ 10,498 Production and other direct expenses 4,277 4,495 Selling, general and administration 2,695 3,845 Program rights 1,118 938 -------------------- ------------------- 8,090 9,278 -------------------- ------------------- Income before undernoted 3,281 1,220 Interest expense, net 149 58 Depreciation and amortization 999 1,110 -------------------- ------------------- Income before income taxes 2,133 52 Future income tax expense (recovery) 1,068 (196) -------------------- ------------------- -------------------- ------------------- Net income for the period $ 1,065 $ 248 -------------------- ------------------- -------------------- ------------------- Income per share - basic and diluted $ 0.01 $ 0.00 -------------------- ------------------- -------------------- ------------------- Weighted average number of Class A Subordinate Voting and Special Voting Shares outstanding Basic 81,152,056 98,411,849 Diluted 81,156,781 98,439,155 -------------------- ------------------- -------------------- ------------------- Score Media Inc. Consolidated Statements of Cash Flows (in thousands of dollars) (unaudited) ------------------------------------------------------------------------- Three Three months ended months ended November 30, 2009 November 30, 2008 (restated) ------------------------------------------------------------------------- Cash provided by (used in): Operations: Net income for the period $ 1,065 $ 248 Items not involving cash: Depreciation and amortization 999 1,110 Stock based compensation expense 177 68 Future income tax expense (recovery) 1,068 (196) Change in non-cash operating working capital: Accounts receivable (2,542) (174) Prepaid expenses and deposits (327) (217) Accounts payable and accrued liabilities 1,123 1,842 ---------------------------------------- 1,563 2,681 Financing: Draw from (repayment of) credit facility (423) 1,118 Issuance of common shares 4 - ---------------------------------------- (419) 1,118 ---------------------------------------- Investing: Additions to fixed assets (476) (1,076) Change in non-cash working capital related to fixed assets (233) (1,982) Acquisition of intangible assets (312) (802) ---------------------------------------- (1,021) (3,860) ---------------------------------------- Increase (decrease) in cash and cash equivalents 123 (61) Cash and cash equivalents, beginning of period 276 292 ---------------------------------------- Cash and cash equivalents, end of period $ 399 $ 231 ---------------------------------------- ---------------------------------------- Supplemental Cash Flow information Interest paid $ 149 $ 59 ---------------------------------------- ----------------------------------------
The following selected quarterly financial data of the Corporation relates to the eight quarters ended
------------------------------------------------------------------------- Income (loss) per Net income share - basic and Quarterly Results Revenue EBITDA (loss) diluted ------------------------------------------------------------------------- ($000's) ($000's) ($000's) ($) ------------------------------------------------------------------------- November 30, 2009 11,371 3,281 1,065 0.01 ------------------------------------------------------------------------- August 31, 2009 8,909 677 (675) (0.01) ------------------------------------------------------------------------- May 31, 2009 10,816 1,654 12 0.00 ------------------------------------------------------------------------- February 28, 2009 8,662 204 (1,017) (0.01) ------------------------------------------------------------------------- November 30, 2008 10,498 1,220 248 0.00 ------------------------------------------------------------------------- August 31, 2008 8,524 1,565 1,169 0.01 ------------------------------------------------------------------------- May 31, 2008 10,206 2,185 693 0.01 ------------------------------------------------------------------------- February 29, 2008 8,363 939 43 0.00 -------------------------------------------------------------------------
The Company's revenues have historically reflected a seasonality trend, with the third quarter (ending
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For further information: Tom Hearne, Chief Financial Officer, Score Media Inc., (416) 977-6787 x2206, [email protected]; Sharon Lassman, Director, Communications, Score Media Inc., (416) 977-6787 x2217, [email protected]
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