Blog

– Revenue grows 44% year-over-year as mobile sports company attracts record user numbers

TORONTO, July 24 2014 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three months and nine months ended May 31, 2014 in accordance with International Financial Reporting Standards (“IFRS”).

FISCAL 2014 Q3 OPERATIONAL HIGHLIGHTS 

  • Average monthly active users of theScore’s mobile platforms reached 5.5 million in Q3 F2014, an increase of 33% compared to the same period in F2013.*
  • Average monthly user sessions of theScore’s mobile platforms reached more than 182 million in Q3 F2014, an increase of 38% compared to the same period in F2013.*
  • Mobile advertising revenues for the three and nine months ended May 31, 2014 increased by 60% and 90%, respectively, compared to the same periods the previous year.
  • theScore was named an ‘Official Honoree’ in the category of ‘Sports: Handheld Devices’ in one of the digital world’s most prestigious awards – The Webby Awards.
  • theScore launched ‘Feed’ on its Android app – allowing users to create their own continuously updated stream of sports content, combining all the information on the leagues, teams and players the user is following in a single view.
  • theScore.com was redesigned, making it fully responsive and providing a great viewing experience for sports fans across a wide range of devices and screens, combined with all the news and data fans have come to expect from its flagship mobile app.
  • theScore significantly enhanced its soccer coverage on its iOS and Android apps, offering news, scores and stats from all major English domestic league and cup competitions as well as those in Spain, Italy, Germany, France, Mexico, MLS and the UEFA Europa League and World Cup.

“We set new records for sports fans using theScore on their mobile devices during what proved to be a very strong Q3,” said John Levy, Chairman and CEO of theScore. “Our round of financing has equipped us to continue improving our already outstanding mobile-first sports experience while also expanding our marketing efforts. Q4 is off to a great start thanks to our great World Cup coverage, and we’re excited about what we’ll achieve during the remainder of F2014.”

FISCAL 2014 Q3 FINANCIAL RESULTS
Revenue for the three months ended May 31, 2014 was $2.0 million compared to $1.4 million for the same period the previous year, an increase of 44%. Revenue for the nine months ended May 31, 2014 was $6.0 million compared to $4.0 million for the same period the previous year, an increase of 51%.

EBITDA loss for the three months ended May 31, 2014 was $2.1 million compared to a loss of $2.4 million for the same period the previous year. EBITDA loss for the nine months ended May 31, 2014 was $5.1 million compared to a loss of $7.1 million in the same period the previous year. This was a result of increased revenues of $0.6 million and $2.1 million respectively, and increased operating expenses related mainly to increased headcount and marketing expenses, offset by Ontario Interactive Digital Media Tax Credit.

*User metrics from Q3 F2013 exclude theScore’s secondary mobile sports application, SportsTap, which was retired September 30, 2013.

For more information:

James Bigg
Manager, Communications
theScore, Inc.
Tel: 416.479.8812 ext. 2366
Email: [email protected]

Tom Hearne
Chief Financial Officer
theScore, Inc.
Tel: 416.479.8812 ext. 2206
Email: [email protected]

About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to what they love through an addictive combination of real-time news, scores, fantasy information and alerts while creating and curating content that is mobile optimized, comprehensive, customizable and seamlessly shareable. theScore is available on iOS, Android, BlackBerry and Windows Phone devices.

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 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.

 

1st statement

 

2nd statement

 

3rd statement

 

4th statement

 

TORONTO, October 24 2013 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the fourth quarter and the year ended August 31, 2013 in accordance with International Financial Reporting Standards (“IFRS”).

FISCAL 2013 OPERATIONAL HIGHLIGHTS

  • Average monthly active users of theScore’s mobile platforms reached 4 million across F2013, an increase of 15% compared to 3.5 million average monthly mobile active users in F2012
  • In August 2013, theScore announced a major update to its iOS app, transforming its news offering to provide a truly mobile-first, comprehensive, curated and real-time experience for sports fans.
  • theScore assembled a mobile-first newsroom, powered by an in-house, custom-designed Content Management System (CMS) that allows journalists to deliver mobile news quicker than ever.
  • In May 2013, theScore announced the closing of a $16 million private placement financing, allowing the Company to accelerate the development and marketing of its mobile sports apps.
  • In January 2013, theScore re-launched its popular app for Android based on the functionality of theScore’s critically acclaimed iOS app, including a completely re-designed interface.
  • In October 2012, theScore closed a plan of arrangement, 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

“This has been a great inaugural year for theScore as an independent mobile sports company,” said John Levy, Chairman and CEO. “We’ve recorded record user numbers and delivered the biggest app update in our history, giving millions of sports fans a uniquely mobile-first experience. We now look forward to building on this success during F2014 and continuing the phenomenal growth of our user base by offering fans the best-in-class mobile sports experience they deserve.” 

FISCAL 2013 FINANCIAL RESULTS
Revenue for the year ending August 31, 2013 was $5.3 million, compared to $4.2 million the previous year, an increase of 26%.  Revenue for the three months ended August 31, 2013 was $1.3 million, no change from the same period the previous year.
EBITDA loss for the year ending August 31, 2013 was $8.3 million compared to $6.5 million the previous year.  This difference was primarily as a result of an increased investment in personnel related to the development of theScore’s mobile apps.  EBITDA loss for the three months ended August 31, 2013 was $1.2 million compared to a loss of $1.9 million in the same period the previous year.  EBITDA loss for the three months and year ended August 31, 2013 was positively impacted by $1.0 million as a result of the Company’s Ontario Interactive Digital Media Tax Credit accruals made in the quarter ended August 31, 2013.

STOCK OPTION GRANT
theScore today announced the grant of an aggregate of 5,145,000 options, including 2,440,000 options to directors and officers of the Company.  Options were granted to the following directors and officers: Norwest Video Inc. (John Levy) (1,200,000 options); Benjamin Levy (600,000options); Tom Hearne (400,000 options); Ralph Lean (40,000 options); John Albright (40,000 options); Mark Scholes (40,000 options); Lorry Schneider (40,000 options); William Thomson (40,000 options); and Mark Zega (40,000 options).  Each option is exercisable for one Class A Subordinate Voting Share of theScore at an exercise price of $0.18, vests over three years and has a term of ten years.  Each option is exercisable in accordance with the terms and conditions of the Company’s stock option plan.

For more information:

James Bigg
Manager, Communications
theScore, Inc.
Tel: 416.479.8812 ext. 2366
Email: [email protected]

Tom Hearne
Chief Financial Officer
theScore, Inc.
Tel: 416.479.8812 ext. 2206
Email: [email protected] 

About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to what they love through an addictive combination of real-time news, scores, fantasy information and alerts while creating and curating content that is mobile optimized, comprehensive, customizable and seamlessly shareable.

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.

theScore App

TORONTO, July 25 2013 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three and nine months ended May 31, 2013 in accordance with International Financial Reporting Standards (“IFRS”).

FISCAL 2013 Q3 OPERATIONAL HIGHLIGHTS 

  • Average monthly active users of theScore’s mobile platforms reached 4.5 million in Q3 F2013 compared to 3.6 million in Q3 F2012, an increase of 25%.
  • In May, theScore announced the closing of a $16 million private placement financing, allowing the Company to accelerate the development and marketing of its mobile sports apps.
  • In May, theScore recorded more than one million subscribers to Breaking News Alerts on iOS and Android devices.

“More sports fans than ever are using theScore,” said John Levy, Chairman and CEO of theScore. “Accelerating user growth remains our top priority, and our recent private placement financing has allowed us to significantly bolster our product development and content teams. We can’t wait to unveil our next game-changing features this fall.”


LEADERSHIP TEAM APPOINTMENTS

Mr. Levy also announced the following changes to the Company’s senior leadership team, which will take effect September 1, 2013:

Benjie Levy, currently Executive Vice President and Chief Operating Officer will be appointed President and Chief Operating Officer. Benjie will be responsible for the development and execution of theScore’s business strategy and management of theScore’s operations.

Jonathan Savage, currently Vice President, Product will be appointed Senior Vice President, Product. In this role, Jonathan will lead the design and development of theScore’s products and services, and oversee theScore’s product development, engineering, growth and analytics teams.

Ethan Ross, currently Vice President, US Sales, will be appointed Senior Vice President, Sales.  Ethan will expand his responsibilities and assume responsibility for theScore’s global advertising sales efforts, including sales, client services and ad operations.

Joe Ross, currently Director, Content will be appointed Vice President, Content. Joe will be responsible for the leadership of theScore’s content strategy, overseeing theScore’s editorial and original content teams.


FISCAL 2013 Q3 FINANCIAL RESULTS

Revenue for the three months ended May 31, 2013 was $1.37 million compared to $1.15 million in the same period the previous year, an increase of 19%. Revenue for the nine months ended May 31, 2013 was $3.97 million compared to $2.86 million for the same period the previous year, an increase of 39%.

EBITDA loss for the three months ended May 31, 2013 was $2.35 million compared to $2.07 million in the same period the previous year and $7.08 million for the nine months ended May 31, 2013 compared to $4.65 million for the same period the previous year. This difference was primarily as a result of an increased investment in personnel related to the development of theScore’s mobile apps as well as the impact of the Ontario Interactive Digital Media Tax Credit, which reduced the comparative EBITDA loss by $1.48 million for the same nine-month period last year.

For more information:

James Bigg
Manager, Communications
theScore, Inc.
Tel: 416.479.8812 ext. 2366
Email: [email protected]

Tom Hearne
Chief Financial Officer
theScore, Inc.
Tel: 416.479.8812 ext. 2206
Email: [email protected]

About theScore Inc.
theScore is the ultimate, personalized mobile experience which serves a new generation of sports fans. By providing an insanely addictive combination of real-time engagement and shared experiences, theScore connects sports fans to what they love, dispensing real-time sports news, scores, fantasy information and alerts while creating and curating content which is compelling, relevant and seamlessly shareable.

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.

 

Table 1

 

Table 2

 

 

Table 3

 

 

The following tables reconcile net and comprehensive income (loss) to EBITDA.

Table 4