Financials are out Looks like some improvement and 2018 could be a transition year.... add recent insiders buying and you get the picture.
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Our continued growth in revenue, underpinned by our diligent focus on managing our expenses, means we remain well on track to be adjusted EBITDA positive in F2018." theScore Reports F2017 Q3 Results
Wednesday, July 26, 2017
theScore Reports F2017 Q3 Results
07:00 EDT Wednesday, July 26, 2017
TORONTO, July 26 2017 /CNW/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three and nine months ended May 31, 2017 in accordance with International Financial Reporting Standards ("IFRS").
Revenue for the quarter grew to $6.4 million compared to $6.1 million in the same period the previous year. Revenue for the first nine months of F2017 grew to $21.6 million versus $18.9 million for the same period in F2016. Revenue growth was powered by theScore's Canadian and US direct sales teams, as well as growth in engagement within theScore's mobile apps.
Adjusted EBITDA loss for the three months ended May 31, 2017 was $1.5 million versus $3.0 million in the same period the previous year. A combination of an increase in revenue plus savings in expenses led to direct improvements in the Company's profitability. Net and comprehensive loss for the three months ended May 31, 2017 was $2.9 million compared to $4.4 million in the same period the previous year.
Average monthly sessions of theScore's mobile apps reached 379 million compared to 358 million for the same period the previous year, with users opening our apps an average of 92 times a month each. Average monthly active users of theScore's mobile apps were 4.1 million versus 4.3 million in Q3 F2016.
"Our team is very much focused on the imminent roll-out of some significant new features for our flagship app as the start of football season draws closer," said John Levy, Founder and CEO of theScore.
"We've already begun testing some of these with a small percentage of users and the early signs suggest we've got something that will further strengthen our position as the number one challenger app to ESPN in North America.
"The evolution of theScore app will be an ongoing process to ensure we're meeting the demands of sports fans on mobile devices. We're also seeing positive progress in growing the engagement and size of our off-platform audience, including theScore Bot for Facebook Messenger and with our esports video strategy.
"Our continued growth in revenue, underpinned by our diligent focus on managing our expenses, means we remain well on track to be adjusted EBITDA positive in F2018."
theScore will be hosting a conference call at 8:30am EST on Wednesday, July 26. Management will review the Company's Q3 F2017 results, followed by a question and answer session.
Conference Call Dial-In Numbers
Toronto: (+1) 416 764 8688
Toll Free North America: (+1) 888 390 0546
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Toronto: (+1) 416 764 8677
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The conference call will also be webcast live here.
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