Score Media Inc. today announced its financial results for the first quarter ended November 30, 2011 in accordance with the newly adopted International Financial Reporting Standards ("IFRS"). For the first time, Score Media is also reporting its results in two core operating segments: Broadcast and Digital Media.
-- Revenue for the three months ended November 30, 2011 increased
by $1.6 million or 14% to $13.4 million compared to $11.8
million in the three months ended November 30, 2010
o Broadcast revenues for the three months ended November 30, 2011
increased by $1.5 million or 14% to $12.4 million compared to $10.9
million in the three months ended November 30, 2010
o Digital Media revenues for the three months ended November 30, 2011
increased by $0.1 million or 16% to $1.0 million compared to $0.9
million in the three months ended November 30, 2010
-- EBITDA for the three months ended November 30, 2011 was $1.9
million compared to $2.7 million in the previous year, a
decrease of $0.8 million, primarily as a result of a planned
increase in expenditures on personnel and technology to support
the significant growth in the audience of the Company's digital
media platforms
o Broadcast EBITDA for the three months ended November 30, 2011
increased by $0.4 million to $4.9 million compared to $4.5 million
in the three months ended November 30, 2010
o Digital Media EBITDA loss for the three months ended November 30,
2011 increased by $0.8 million to $1.1 million compared to a $0.3
million EBITDA loss in the three months ended November 30, 2010
"Q1 was an excellent quarter for Score Media," said John Levy, Chairman & CEO, Score Media Inc. "Our Broadcast business delivered strong growth in revenue and EBITDA, and our Digital Media segment generated record revenues and audience growth. We plan to continue to strategically invest in our Digital Media business to capitalize on the strong position we have established in the mobile sports market, while continuing to grow our Broadcast business."
-- The Company's digital media assets recorded record audience
growth in Q1/12:
o ScoreMobile applications averaged 3.3 million unique users per
month in Q1/12, growing by more than 1 million unique users per
month, or over 60%, from Q1/11
o theScore.com averaged 1.2 million unique users per month in Q1/12,
an increase of 140% or 0.7 million unique users per month over
Q1/11
-- During the quarter, the Company announced the establishment of
digital media sales offices in New York and Chicago and the
appointment of Ethan Ross to the position of Vice President of
Digital Sales. He will be responsible for the development and
execution of Score Media's U.S. digital media sales strategy.
-- In November 2011 the Company announced a complete redesign of
the ScoreMobile App for iPhone and iPod touch that introduces
new features such as a customizable scoreboard to track any
team or player from any league, the ability to follow your
favorite teams and fantasy players in real-time, customizable
feeds, detailed profiles of over 15,000 players and 800 teams,
integration with iOS 5's Notification Center feature, and
one-tap social sharing.
-- In September 2011, the Company announced that hockey pro turned
writer, Justin Bourne, formally joined theScore. Son of Bob
Bourne - winner of 4 Stanley Cups with the Islanders in the
80's - Justin brings a great combination of player insight,
irreverence and humour to theScore's new hockey blog, Backhand
Shelf. A frequent contributor to Yahoo!'s Puck Daddy Blog, USA
Today and The Hockey News, he is one the select few high-level
athletes who has made a successful transition to sports
writing.
-- The Company, in partnership with Gillette, announced in
November 2011 that Jackie Redmond has been crowned the winner
of Gillette DRAFTED 3: The Search for Canada's Next
Sportscaster. A former radio personality, Jackie is now
theScore's newest sportscaster, contributing to theScore
Television Network, ScoreMobile and theScore.com and the newest
member of the Gillette spokesperson family.
Score Media's Annual General Meeting will be held on Monday, January 9(th) at 11:00 a.m. A live webcast will be available at www.scoremedia.com.
About Score Media Inc. Score Media is a media company committed to delivering interactive and authentic sports entertainment. Score Media's primary asset, theScore Television Network ("theScore"), is a national specialty television service providing sports news, information, highlights and live event programming across Canada. The Company's digital media assets include theScore.com and the industry leading mobile sports applications ScoreMobile, ScoreMobile FC and SportsTap which reach over three million unique users per month. Growing from a team of 60 in 1997 to over 290 employees in fiscal 2012, Score Media is a revolutionizing interactive media company.
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 and comprehensive income to EBITDA:
Three months ended Three months ended
November 30, 2011 November 30, 2010
(000's) (000's)
Net and comprehensive $ 212 $ 856
income for the period
Less:
Share of profit of equity (12) -
accounted investee
Add back:
Depreciation and 841 975
amortization
Finance costs 208 123
Income tax expense 653 700
EBITDA $ 1,902 $ 2,654
Score Media Inc. Condensed Consolidated Statements of Financial Position (in thousands of Canadian dollars) (unaudited)
November 30, 2011 August 31, 2011
Assets
Current assets:
Cash $ 206 $ 398
Accounts and other receivable 15,023 12,227
Prepaid expenses and deposits 1,433 1,510
16,662 14,135
Non-current assets:
Fixed assets 13,671 13,654
Intangible assets 7,029 6,553
Investment in equity 974 936
accounted investee
Deferred tax assets 6,029 6,682
27,703 27,825
Total assets $ 44,365 $ 41,960
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable and accrued 7,210 6,442
liabilities
Non-current liabilities:
Provisions 177 -
Revolving credit facility 14,258 12,979
14,435 12,979
Shareholders' equity 22,720 22,539
Total liabilities and $ 44,365 $ 41,960
shareholders' equity
See accompanying notes to unaudited condensed consolidated interim financial statements
Score Media Inc. Condensed Consolidated Statements of Comprehensive Income (in thousands of Canadian dollars, except share and per share amounts) (unaudited)
Three months ended
November 30, 2011 November 30, 2010
Revenues $ 13,417 $ 11,793
Operating costs 11,515 9,139
EBITDA 1,902 2,654
Finance costs 208 123
Depreciation and 841 975
amortization
Share of profit of equity (12) -
accounted investee
Income before income taxes 865 1,556
Income tax expense:
Current - -
Deferred 653 700
653 700
Net and comprehensive $ 212 $ 856
income for the period
Earnings per share - basic $ 0.00 $ 0.01
and diluted
Weighted average
number of Class A
Subordinate Voting
and Special Voting
Shares outstanding Basic 81,666,882 81,505,332
Diluted 83,178,605 83,152,274
See accompanying notes to unaudited condensed consolidated interim financial statements
Score Media Inc. Condensed Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited)
Three months ended
November 30, 2011 November 30, 2010
Cash flows from operating
activities
Net and comprehensive $ 212 $ 856
income
Adjustments for:
Depreciation and 841 975
amortization
Share-based compensation 21 60
expense
Share of profit of equity
accounted for investee, (12) -
net of tax
Income tax expense 653 700
Finance costs 208 123
1,923 2,714
Change in non-cash
operating working capital:
Accounts and other (2,796) (1,573)
receivable
Prepaid expenses and 198 (87)
deposits
Accounts payable and 768 1,189
accrued liabilities
(1,830) (471)
Net cash from operating 93 2,243
activities
Cash flows from investing
activities
Additions to fixed assets (677) (772)
Acquisition of intangible (716) (904)
assets
Acquisition of equity - (893)
interest in NuLayer Inc.
Net cash used in investing (1,393) (2,569)
activities
Cash flows from financing
activities
Draws from credit facility 15,198 12,706
Repayments of credit (13,919) (12,405)
facility
Interest paid, net (182) (99)
Issuance of Class A 11 110
subordinate voting shares
Net cash from financing 1,108 312
activities
Net decrease in cash (192) (14)
Cash, beginning of period 398 184
Cash, end of period $ 206 $ 170
See accompanying notes to unaudited condensed consolidated interim financial statements
Segmented Information:
Three months ended November 30, 2011
Consolidated
Broadcast Digital Media Corporate totals
Revenues $ 12,402 $ 1,015 $ - $ 13,417
Operating 7,483 2,159 1,873 11,515
costs
EBITDA 4,919 (1,144) (1,873) 1,902
Finance costs 208
Depreciation
and 841
amortization
Share of
profit of
equity (12)
accounted
investee
Income before $ 865
income taxes
Additions to $ 585 90 2 $ 677
fixed assets
Additions to
intangible $ 43 668 5 $ 716
assets
Three months ended November 30, 2010
Consolidated
Broadcast Digital Media Corporate totals
Revenues $ 10,918 $ 875 $ - $ 11,793
Operating 6,432 1,196 1,511 9,139
costs
EBITDA 4,486 (321) (1,511) 2,654
Finance costs 123
Depreciation
and 975
amortization
Share of
profit of
equity -
accounted
investee
Income before $ 1,556
income taxes
Additions to $ 726 46 - $ 772
fixed assets
Additions to
intangible $ 26 854 24 $ 904
assets
The following selected quarterly financial data of the Corporation relates to the eight quarters ended November 30, 2011.
_____________________________________________________________________
| | | | | Net and | Income per |
| Quarterly |Accounting| | |comprehensive|share - basic|
| Results | Basis |Revenue | EBITDA |income (loss)| and diluted |
|____________|__________|________|________|_____________|_____________|
| | |($000's)|($000's)| ($000's) | ($) |
|____________|__________|________|________|_____________|_____________|
|November 30,| | | | | |
|2011 | IFRS | 13,417 | 1,902 | 212 | 0.00 |
|____________|__________|________|________|_____________|_____________|
|August 31, | | | | | |
|2011 | IFRS | 11,530 | 1,901 | (341) | 0.00 |
|____________|__________|________|________|_____________|_____________|
|May 31, 2011| IFRS | 13,092 | 2,148 | 668 | 0.01 |
|____________|__________|________|________|_____________|_____________|
|February 28,| | | | | |
|2011 | IFRS | 10,982 | 1,079 | 225 | 0.00 |
|____________|__________|________|________|_____________|_____________|
|November 30,| | | | | |
|2010 | IFRS | 11,793 | 2,654 | 856 | 0.01 |
|____________|__________|________|________|_____________|_____________|
|August 31, | | | | | |
|2010 | GAAP | 10,523 | 1,442 | 1,100 | 0.01 |
|____________|__________|________|________|_____________|_____________|
|May 31, 2010| GAAP | 11,986 | 1,916 | 568 | 0.01 |
|____________|__________|________|________|_____________|_____________|
|February 28,| | | | | |
|2010 | GAAP | 9,958 | 980 | (239) | 0.00 |
|____________|__________|________|________|_____________|_____________|
The Company's revenues have historically reflected a seasonality trend, with the third quarter (ending May 31(st)) being the strongest, followed by the first quarter (ending November 30(th)), the fourth quarter (ending August 31(st)), and finally the second quarter (ending February 28(th)). This seasonality reflects general trends for sports media advertising, which in turn reflects the schedules (particularly the playoffs) of the major sports leagues.
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Score Media Inc.
CONTACT: Tom HearneChief Financial OfficerScore Media Inc.416-977-6787 x2206thearne@scoremedia.comSharon LassmanDirector, CommunicationsScore Media Inc.416-977-6787 x2217slassman@scoremedia.com
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