Mobile sports company achieves record quarterly revenue and user numbers TORONTO , Jan. 16, 2014 /CNW/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three months ended November 30, 2013 in accordance with International Financial Reporting Standards ("IFRS"). FISCAL 2014 Q1 OPERATIONAL HIGHLIGHTS Average monthly active users of theScore's mobile platforms reached 4.8 million in Q1 F2014, an increase of 48% compared to the same period in F2013. * Average monthly user sessions of theScore's mobile platforms reached more than 191 million in Q1 F2014, an increase of 142% compared to the same period in F2013. * Released a fully optimized iOS 7 experience for theScore for iPhone and iPad, delivering even faster news, scores and stats along with a stylish new design. theScore for Android was updated with Breaking News Alerts, Top News and a revamped news offering, as well as delivering full tablet support. "We're off to a great start in 2014, with record quarterly revenue and a record number of sports fans using theScore to follow the leagues, teams and players they care about," said John Levy , Chairman and CEO. "Our unflinching mobile-first approach, comprehensive coverage and deep personalization features has made theScore a regular part of sports fans' daily lives, as our strong year-over-year growth in user sessions shows." FISCAL 2014 Q1 FINANCIAL RESULTS theScore achieved record quarterly revenue of $2.1 million for the three months ended November 30, 2013 , compared to $1.5 million for the same period in F2013, an increase of 41%. EBITDA loss for the three months ended November 30, 2013 was $2.3 million compared to a loss of $2.1 million in the same period the previous year. The increase in expenses was due to increased marketing and promotional efforts during the period, and increased corporate and personnel costs, offset by lower technology costs as a result of efficiencies in relation to hosting and content management systems. 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 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. theScore, Inc. Condensed Consolidated Interim Statements of Financial Position (in thousands of Canadian dollars) (unaudited) November 30, 2013 August 31, 2013 ASSETS Current assets: Cash and cash equivalents $ 12,966 $ 14,524 Accounts receivable 1,923 1,621 Other receivables - 2,030 Other assets 1,295 1,295 Prepaid expenses and deposits 510 386 16,694 19,856 Non-current assets: Property and equipment 2,403 2,313 Intangible assets 6,225 6,523 Investment 760 760 Other assets 2,032 1,782 11,420 11,378 Total assets $ 28,114 $ 31,234 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 2,222 $ 2,380 Non-current liabilities: Deferred lease obligation 500 495 Shareholders' equity 25,392 28,359 Commitments and contingencies Total liabilities and shareholders' equity $ 28,114 $ 31,234 See accompanying notes to condensed consolidated interim financial statements theScore, Inc. Condensed Consolidated Interim Statements of Comprehensive Loss (in thousands of Canadian dollars, except per share amounts) (unaudited) Three months ended Three months ended November 30, 2013 November 30, 2012 Revenue $ 2,130 $ 1,506 Operating expenses: Personnel 2,212 1,715 Content 324 418 Technology 241 672 Facilities, administrative and other 1,637 762 Management fees - 48 Depreciation of property and equipment 128 24 Amortization of intangible assets 670 599 Share of loss of equity accounted for investee - 2 5,212 4,240 Operating loss (3,082) (2,734) Finance costs (income) (34) 99 Net and comprehensive loss $ (3,048) $ (2,833) Loss per share - basic and diluted $ (0.02) $ (0.03) See accompanying notes to condensed consolidated interim financial statements theScore, Inc. Condensed Consolidated Interim Statements of Cash Flows (in thousands of Canadian dollars) (unaudited) Three months ended Three months ended November 30, 2013 November 30, 2012 Cash flows used in operating activities Net and comprehensive loss $ (3,048) $ (2,833) Adjustments for: Depreciation and amortization 798 623 Share of loss of equity accounted investee - (12) Share-based compensation 80 - Contributions by Former Parent and Remaining Group - 107 (2,170) (2,115) Change in non-cash operating working capital: Accounts receivable (302) (1,295) Other receivables 230 - Other assets (150) - Prepaid expenses and deposits (124) (308) Accounts payable and accrued liabilities (158) 1,030 Deferred lease obligation 5 - (499) (573) Net cash used in operating activities (2,669) (2,688) Cash flows from financing activities Funding provided from Arrangement 1,800 9,794 Due to Remaining Group - 531 Due to Former Parent - 1,624 Net cash from financing activities 1,800 11,949 Cash flows used in investing activities Additions of property and equipment (218) (26) Additions of intangible assets (471) (1,136) Net cash used in investing activities (689) (1,162) Cash, beginning of period 14,524 - Cash, end of period $ 12,966 $ 8,099 See accompanying notes to condensed consolidated interim financial statements The following tables reconcile net and comprehensive loss to EBITDA Three months ended Three months ended November 30, 2013 November 30, 2012 Net and comprehensive loss $ (3,048) $ (2,833) Adjustments: Depreciation and amortization 798 623 Finance costs (income) (34) 99 EBITDA $ (2,284) $ (2,111) _______________________________ * User metrics from Q1 F2014 and Q1 F2013 exclude theScore's secondary mobile sports application, SportsTap, which was retired September 30, 2013 . SOURCE theScore, Inc. Image with caption: "theScore app ( CNW Group/theScore, Inc. )". Image available at: http://photos.newswire.ca/images/download/20140116_C8615_PHOTO_EN_35495.jpg
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