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theScore, Inc. Reports Fiscal 2013 First Quarter Financial Results

January 29, 2013

TORONTO, Jan. 29, 2013 /CNW/ – theScore, Inc. (TSX Venture: SCR)
(“theScore” or the “Company”) today announced the financial results for
the three months ended November 30, 2012 in accordance with
International Financial Reporting Standards (“IFRS”). 

FISCAL 2013 Q1 OPERATIONAL HIGHLIGHTS

        --  In November 2012, theScore re-launched its popular app for iPad
            and iPad mini; the app is based on the design of theScore's
            critically acclaimed iPhone app, has been optimized for iOS 6
            and offers users a fluid tablet experience including MyScore
            customization, fantasy tracking features and seamless social
            sharing
        --  Average monthly active users on theScore's mobile platforms
            exceeded 3.75 million in Q1 F2013, with its flagship
            application for iPhone growing 73% over the comparable period
            in F2012
        --  theScore was ranked as a Top 10 Sports App in Nielsen's State
            of the Media: 2012 Year in Sports report, alongside apps from
            ESPN, Yahoo, MLB and the
            NBA.[1]
        --  Closed plan of arrangement on October 19, 2012, 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

“We are off to a great start at theScore,” said John Levy, Chairman and
CEO, theScore, Inc. “We are very pleased with our users’ response to
our new iPad app.  Our entire team is energized and focused on
executing our product roadmap and delivering our users a unique,
mobile-first sports experience.”

FISCAL 2013 Q1 FINANCIAL RESULTS

Revenue for the three months ended November 30, 2012 was $1.5 million
compared to $1.0 million in the same period of the previous year, an
increase of 50%.

EBITDA loss for the three months ended November 30, 2012 was $2.1
million compared to $1.5 million in the same period in the previous
year, primarily as a result of the increased investment in personnel,
and associated facilities and infrastructure costs, related to the
development of theScore’s mobile sports platform.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

About theScore, Inc.
theScore, Inc. creates, aggregates and distributes sports content via
established and emergent digital media assets, including mobile sports
applications and its website, theScore.com. theScore’s mission is to
create the ultimate digital service for sports fans across web and
mobile platforms.

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.

——————————

(1) Source:  Nielsen State of the Media: 2012 Year in Sports.  Top 10
Sports Apps for 2012 by average monthly time spent per user.  January
22, 2013.


    theScore, Inc.

    Condensed Consolidated Interim Statements of Financial Position

    (in thousands of Canadian dollars)

    (unaudited)

                                      November 30, 2012     August 31, 2012

    Assets                                                                 

    Current assets:                                                        

      Cash                          $             8,099   $               -

      Accounts receivable                         2,419               1,124

      Other receivables                           3,663               1,863

      Due from Remaining Group                        -                  80

      Prepaid expenses and                          450                 142
      deposits

                                                 14,631               3,209

    Non-current assets:                                                    

      Equipment                                     444                 246

      Intangible assets                           7,747               7,206

      Investment in equity                          902                 916
      accounted investee

                                                  9,093               8,368

     Total assets                   $            23,724   $          11,577

    Liabilities and Shareholders'
    Equity/Funded Deficiency

    Current liabilities:                                                   

      Accounts payable and          $             2,829   $           1,799
      accrued liabilities

      Due to Former Parent                            -              23,574

      Due to Remaining Group                          -               8,840

                                                  2,829              34,213

    Funded deficiency                                 -            (22,636)

    Shareholders' Equity                         20,895                    

    Commitments and contingencies                                          

     Total liabilities and                       23,724              11,577
    shareholders' equity/funded     $                     $
    deficiency 

 


    theScore, Inc.                                                      

    Condensed Consolidated Interim Statements of
    Comprehensive Loss

    (in thousands of
    Canadian dollars)

    (unaudited)                                                         

                                                  Three months ended

                                      November 30,     November 30, 2011
                                          2012

    Revenue                         $        1,506   $             1,015

    Operating costs                                                     

      Personnel                              1,715                   713

      Content                                  380                   195

      Technology                               789                   920

      Facilities,                              683                   479
      administrative,
      and other

      Management fees                           48                   194

      Depreciation of                           24                    20
      equipment

      Amortization of                          599                   158
      intangible
      assets

                                             4,238                 2,679

    Operating loss                         (2,732)               (1,664)

    Finance costs                               99                   119

    Share of loss (profit) of                    2                  (12)
    equity accounted investee

    Loss and                        $      (2,833)   $           (1,771)
    comprehensive loss

    Earnings per share              $       (0.03)                (0.02)
    - basic and                                      $
    diluted

 


    theScore, Inc.           

    Reconciliation of Net and Comprehensive Income to EBITDA

                                                  Three months ended

                                      November 30,     November 30, 2011
                                          2012

    Net and                                (2,833)               (1,771)
    comprehensive loss             $                 $
    for the period

    Adjustments:                                                        

      Share of loss (profit) of                  2                  (12)
      equity accounted investee

      Finance costs                             99                   119

      Depreciation and                         623                   178
      amortization

    EBITDA loss                     $      (2,109)   $           (1,486)

 

 

SOURCE theScore, Inc.


Source: PR Newswire