Company News: Page (1) of 1 - 01/13/11 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

Score Media Reports Strong Q1 Growth Across All Platforms

(January 13, 2011)

TORONTO, ONTARIO -- (Marketwire) -- 01/13/11 -- Score Media Inc. (TSX: SCR) today announced its financial results for the first quarter ended November 30, 2010:

-- Revenue for the quarter ended November 30, 2010 increased by $0.5 million or 4% to $11.9 million compared to $11.4 million in the quarter ended November 30, 2009 -- Excluding the impact of the $0.8 million CRTC Part II fee reversal in the comparative period in fiscal 2010, EBITDA for the quarter ended November 30, 2010 increased by $0.1 million or 5% to $2.6 million, from $2.5 million in the quarter ended November 30, 2009.

"Our business continues to evolve quarter after quarter and this quarter is no exception," says John Levy, Chairman & CEO, Score Media Inc. "Our growth in both revenue and EBITDA gives us continued confidence in our business and product roadmap and leaves us well positioned to deliver on exciting new offerings planned for this coming year."

- The Company acquired 20% of NuLayer Inc. ("NuLayer"), a mobile and web development firm. The deal with NuLayer, creators of theScore iPad Edition, brings increased technology development capabilities to Score Media.


- On November 17th, the Company in partnership with Gillette announced that Brent Furtney was crowned the winner of Gillette DRAFTED 2.

- theScore announced its NBA schedule for the 2010-11 season featuring top match-ups of some of the league's most elite teams as well as comprehensive digital, radio and TV programming. In addition, Court Surfing®, theScore's NBA show, and Court Cuts, theScore's weekly highlight feature, will give hoops fans all the 2010-11 action they'll need to stay connected to everything NBA. theScore's deal with the NBA extends through the 2012/2013 season.

- On October 12th, the Company announced that Greg Wyshynski, a.k.a. "Puck Daddy", officially joined its line-up of broadcast talent. Greg Wyshynski, the editor of Puck Daddy, Yahoo! Sports' hockey blog, became a member of theScore with a live show on theScore Satellite Radio on SIRIUS Satellite Radio channel 98.

- On Day 1 at DEVCON, RIM's annual developer conference, ScoreMobile demonstrated forthcoming features and functionality that leverage the newly announced BlackBerry® Messenger (BBM™) SDK. In the months to come, ScoreMobile users will be able to directly access BBM contact lists, share news, scores and photos, and invite friends to download the app.

About Score Media Inc.

Score Media is a media company committed to delivering interactive and authentic sports entertainment. Created in 1997 in response to the growing desire for increased participation in the consumption of sports, the Company has now established itself as the home for hardcore sports fans. Score Media's primary asset, theScore Television Network ("theScore"), is a national specialty television service providing sports news, information, highlights and live event programming in more than 6.8 million homes across Canada. The Company's digital media assets include theScore.com, theScore iPad Edition and the mobile sports applications ScoreMobile and ScoreMobile FC which are available on BlackBerry, iPhone and Android devices. Score Media also operates theScore Satellite Radio which is available across North America on SIRIUS Satellite Radio Channel 98. Growing from a team of 60 in 1997 to over 270 employees in 2010, 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.

FISCAL YEAR RESULTS

The following tables reconcile net income to EBITDA:

---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Three Three months ended months ended November 30, November 30, 2010 2009 ---------------------------------------------------------------------------- Net income for the period $ 839 $ 1,065 Add back: Depreciation and amortization 999 999 Interest expense, net 106 149 Income tax expense 700 1,068 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- EBITDA $ 2,644 $ 3,281 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Score Media Inc. Consolidated Balance Sheets (in thousands of dollars) (unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- November 30, 2010 August 31, 2010 ---------------------------------------------------------------------------- Assets Current assets: Cash and cash equivalents $ 170 $ 184 Accounts receivable 11,401 9,828 Prepaid expenses and deposits 1,341 1,254 Future tax assets 455 847 ---------------------------------- 13,367 12,113 Fixed assets 15,239 15,193 Intangible assets 3,442 2,818 Other assets 893 - Future tax assets 6,350 6,658 ---------------------------------- $ 39,291 $ 36,782 ---------------------------------- ---------------------------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities 7,474 6,285 Revolving credit facility 9,812 9,511 Shareholders' equity 22,005 20,986 ---------------------------------- $ 39,291 $ 36,782 ---------------------------------- ---------------------------------- Score Media Inc. Consolidated Statements of Operations (in thousands of dollars, except share and per share amounts) (unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Three months ended Three months ended November 30, 2010 November 30, 2009 ---------------------------------------------------------------------------- Revenue $ 11,863 $ 11,371 Production and other direct expenses 4,827 4,277 Selling, general and administration 3,095 2,695 Program rights 1,297 1,118 ----------------------------------------- 9,219 8,090 ----------------------------------------- Income before undernoted 2,644 3,281 Interest expense, net 106 149 Depreciation and amortization 999 999 ----------------------------------------- Income before income taxes 1,539 2,133 Future income tax expense 700 1,068 ----------------------------------------- ----------------------------------------- Net income for the period $ 839 $ 1,065 ----------------------------------------- ----------------------------------------- Income per share - basic and diluted $ 0.01 $ 0.01 ----------------------------------------- ----------------------------------------- Weighted average number of Class A Subordinate Voting and Special Voting Shares outstanding Basic 81,505,332 81,152,056 Diluted 83,152,274 81,156,781 ----------------------------------------- ----------------------------------------- Score Media Inc. Consolidated Statements of Cash Flows (in thousands of dollars) (unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Three months ended Three months ended November 30, 2010 November 30, 2009 ---------------------------------------------------------------------------- Cash provided by (used in): Operations: Net income for the period $ 839 $ 1,065 Items not involving cash: Depreciation and amortization 999 999 Stock-based compensation expense 70 177 Future income tax expense 700 1,068 Change in non-cash operating working capital: Accounts receivable (1,573) (2,542) Prepaid expenses and deposits (87) (327) Accounts payable and accrued liabilities 534 1,123 ------------------------------------------ 1,482 1,563 Financing: Draws from credit facility 12,706 8,881 Repayments to credit facility (12,405) (9,304) Issuance of Class A subordinate voting shares 110 4 ------------------------------------------ 411 (419) ------------------------------------------ Investing: Additions to fixed assets (772) (476) Change in non-cash working capital related to fixed assets 655 (233) Acquisition of intangible assets (897) (312) Acquisition of interest in NuLayer (893) - ------------------------------------------ (1,907) (1,021) ------------------------------------------ Increase (decrease) in cash and cash equivalents (14) 123 Cash and cash equivalents, beginning of period 184 276 ------------------------------------------ Cash and cash equivalents, end of period $ 170 $ 399 ------------------------------------------ ------------------------------------------ Supplemental Cash Flow information Interest paid $ 83 $ 91 ------------------------------------------ ------------------------------------------

The following selected quarterly financial data of the Corporation relates to the eight quarters ended November 30, 2010.

Income (loss) per Net income share - basic and Quarterly Results Revenue EBITDA (loss) diluted ---------------------------------------------------------------------------- ($000's) ($000's) ($000's) ($) ---------------------------------------------------------------------------- November 30, 2010 11,863 2,644 839 0.01 ---------------------------------------------------------------------------- August 31, 2010 10,523 1,442 1,100 0.01 ---------------------------------------------------------------------------- May 31, 2010 11,986 1,916 568 0.01 ---------------------------------------------------------------------------- February 28, 2010 9,958 980 (239) 0.00 ---------------------------------------------------------------------------- November 30, 2009 11,371 3,281 1,065 0.01 ---------------------------------------------------------------------------- August 31, 2009 8,909 677 (676) (0.01) ---------------------------------------------------------------------------- May 31, 2009 10,816 1,654 12 0.00 ---------------------------------------------------------------------------- February 28, 2009 8,662 204 (1,017) (0.01) ----------------------------------------------------------------------------

The Company's revenues have historically reflected a seasonality trend, with the third quarter (ending May 31st) being the strongest, followed by the first quarter (ending November 30th), the fourth quarter (ending August 31st), and finally the second quarter (ending February 28th). This seasonality reflects general trends for sports media advertising, which in turn reflects the schedules (particularly the playoffs) of the major sports leagues.

Want to connect with Score Media?

http://twitter.com/scoremedia#

http://www.facebook.com/#!/thescore

mediarelations@thescore.com

http://www.scoremedia.com/

Contacts:
Score Media Inc.
Tom Hearne
Chief Financial Officer
416-977-6787 x2206
thearne@scoremedia.com

Score Media Inc.
Sharon Lassman
Director, Communications
416-977-6787 x2217
slassman@scoremedia.com


Copyright @ Marketwire

Page: 1


Related Keywords: Score Media, ScoreMobile, Windows Phone 7, theScore, Broadcast, Post/Production, Digital, Editors, Director, Business, Programming, Authoring/Programming, Broadcast Technology, Broadcast, Facilities, Canada, Marketwire, Inc., Apple Computer, Financial, Television, Internet Technology, Business, Entertainment, Sports, Hockey, Basketball, Other,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved