- TV advertising revenues continue to grow

- Digital media assets generate record audience growth

- Score Media secures first direct U.S. digital media sales

TORONTO, April 12, 2012 /PRNewswire/ - Score Media Inc. (TSX: SCR) today announced its financial results for the second quarter ended February 29, 2012 in accordance with International Financial Reporting Standards ("IFRS").

  • Revenue for the three months ended February 29, 2012 was $10.4 million compared to $11.0 million in the three months ended February 28, 2011.
    • Broadcast revenues for the three months ended February 29, 2012 was $9.7 million compared to $10.2 million in the three months ended February 28, 2011.
      • An increase of 2% in theScore's advertising revenue from $5.8 million to $5.9 million was offset by revenue reductions from the closure of theScore Satellite Radio and lower contra revenues.
    • Digital media revenues for the three months ended February 29, 2012 was $0.7 million compared to $0.8 million in the three months ended February 28, 2011.
      • Following the end of the quarter, Score Media closed its first two major U.S. digital media sales agreements, which will positively impact digital media revenues in Q3 and Q4.
  • EBITDA (see "Definitions") for the three months ended February 29, 2012 was $40,000 compared to $1.1 million in the previous year, 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.
    • Broadcast EBITDA for the three months ended February 29, 2012 was $2.2 million compared to $3.2 million in the three months ended February 28, 2011, primarily related to revenue reductions noted above and increased rights fees related to the Company's expanded content partnership with the WWE.



    • Digital media EBITDA loss for the three months ended February 29, 2012 was $0.8 million compared to a $0.6 million EBITDA loss in the three months ended February 28, 2011, primarily related to planned increases in product development expenditures and sales costs to develop the US direct sales market.



    • Corporate costs for the three months ended February 29, 2012 were $1.4 million compared to $1.5 million in the three months ended February 28, 2011.

"Last year's Q2 TV advertising revenue was exceptional for us, so it's encouraging to see continued growth off that base for the same quarter in 2012," said John Levy, Chairman and CEO, Score Media Inc. "We are also very excited about the continued growth of the digital side of our business, with these assets seeing record audience figures for Q2, as well as increased sales traction in U.S. which has led to us closing our first two major digital sales deals in this market."

  • The Company's digital media assets registered record audience growth in Q2/12:
    • ScoreMobile applications averaged 3.4 million unique users per month in Q2/12, growing by more than 1.3 million unique users per month, or over 65%, from Q2/11.
    • theScore.com averaged 1.4 million unique users per month in Q2/12, an increase of 50% or 0.5 million unique users per month over Q2/11.
  • Highlights during the Q2 period included Score Media Inc. announcing an extension to its programming partnership with Bellator Fighting Championships through its sixth season. The deal means theScore will broadcast Bellator's Summer Season as well as its seventh season later in the year and provided mixed martial arts fans with another year of access to fights across theScore's multiplatform assets, including theScore Television Network, theScore.com and its industry-leading application, ScoreMobile.



  • In January, Score Media Inc. announced it had entered into a long-term programming agreement with FOX International Sports Channels, including at least 250 hours a year of live collegiate content and other FOX Sports and FUEL TV programming. This deal provided viewers of theScore with access to games featuring powerhouse schools like Oklahoma State, Texas, Oklahoma, Oregon, USC, and Stanford.



  • In December, the company secured exclusive television rights to the FIFA Club World Cup in Japan. As a result, theScore provided live coverage of the tournament, live streaming both semi-finals and the final on theScore.com. In addition, its leading soccer app ScoreMobile FC was also made available for Windows Phone, with full coverage in English and Spanish.



  • In the same month, theScore welcomed the return of the NBA to the network. theScore's top coverage included the launch of Court Surfing, with new hosts The Basketball Jones taking viewers through the most exciting NBA games of the night.



  • The Company recognized a $1.9 million receivable relating to the eligible costs under the Ontario Interactive Digital Media Tax Credit incurred during fiscal 2010 and 2011.  $1.0 million of this amount related to employee salaries and benefits previously expensed under the digital media segment, $0.7 million of this amount related to costs previously capitalized in intangible assets, and $0.2 million of this amount related to amortization relating to previously capitalized digital media intangible assets.

SECOND QUARTER RESULTS

The following tables reconcile net and comprehensive income (loss) to EBITDA:

           
    Three months ended   Three months ended
    February 29, 2012   February 28, 2011
    (000's)   (000's)
           
Net and comprehensive income (loss) for the period  $ (1,303) $ 225
           
Adjustments:        
  Share of loss (profit) of equity accounted investee, net of tax    35   (25)
  Depreciation and amortization    1,080   1,093
  Finance costs    232   146
  Income tax recovery    (4)   (360)
EBITDA  $ 40  $ 1,079
           
           
      Six months ended   Six months ended
      February 29, 2012   February 28, 2011
      (000's)   (000's)
           
Net and comprehensive income (loss) for the period  $ (1,091) $ 1,081
           
Adjustments:        
  Share of loss (profit) of equity accounted investee, net of tax    23   (25)
  Depreciation and amortization    1,921   2,068
  Finance costs    440   269
  Income tax expense    649   340
EBITDA  $ 1,942 $ 3,733
         
         

Score Media Inc.         
Condensed Consolidated Statements of Financial Position        
(in thousands of Canadian dollars)        
(unaudited)        
           
      February 29, 2012   August 31, 2011
           
Assets        
           
Current assets:        
  Cash  $ 121  $ 398
  Accounts and other receivable   12,835   12,227
  Prepaid expenses and other assets   2,282   1,976
      15,238   14,601
           
Non-current assets:        
  Fixed assets   13,339   13,654
  Intangible assets   6,593   6,087
  Investment in equity accounted investee   941   936
  Deferred tax assets   6,033   6,682
      26,906   27,359
           
 Total assets   $ 42,144  $ 41,960
           
Liabilities and Shareholders' Equity        
           
Current liabilities:        
  Accounts payable and accrued liabilities   8,284   6,442
           
Non-current liabilities:        
  Provisions   180   -
  Revolving credit facility   12,272   12,979
      12,452   12,979
           
Shareholders' equity   21,408   22,539
           
 Total liabilities and shareholders' equity   $ 42,144  $ 41,960
         
See accompanying notes to unaudited condensed consolidated interim financial statements
 
 

 

Score Media Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands of Canadian dollars, except share and per share amounts)
(unaudited)                  
                     
        Three months ended   Six months ended
        February 29, 2012   February 28, 2011   February 29, 2012   February 28, 2011
                     
Revenues   $ 10,446 $   10,982 $ 23,863 $ 22,775
                     
Operating costs     10,406   9,903   21,921   19,042
                     
EBITDA     40   1,079   1,942   3,733
                     
Finance costs     232   146   440   269
Depreciation and amortization     1,080   1,093   1,921   2,068
Share of loss (profit) of equity accounted investee, net of tax     35   (25)   23   (25)
                     
Income (loss) before income taxes     (1,307)   (135)   (442)   1,421
                     
Income tax expense (recovery):                  
  Current     -   -   -   -
  Deferred     (4)   (360)   649   340
        (4)   (360)   649   340
Net and comprehensive income (loss) for the period   $   (1,303) $   225 $   (1,091) $ 1,081
                     
Earnings (loss) per share - basic and diluted   $ (0.02) $   0.00 $   (0.01) $   0.01
                     
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)          
               
      Six months ended  
        February 29, 2012   February 28, 2011  
               
Cash flows from operating activities          
  Net and comprehensive income (loss)  $ (1,091)  $ 1,081  
  Adjustments for:          
    Depreciation and amortization   1,921   2,068  
    Share-based compensation expense   32   108  
    Share of profit of equity accounted for investee, net of tax   (5)   (56)  
    Income tax expense   649   340  
    Provisions   180   -  
    Finance costs   440   269  
        2,126   3,810  
  Change in non-cash operating working capital:          
    Accounts and other receivable   (608)   (495)  
    Prepaid expenses and other assets   (389)   (352)  
    Accounts payable and accrued liabilities   1,842   2,510  
        845   1,663  
Net cash from operating activities   2,971   5,473  
               
Cash flows used in investing activities          
  Additions to fixed assets   (1,028)   (1,380)  
  Acquisition of intangible assets   (1,137)   (1,745)  
  Acquisition of equity interest in NuLayer Inc.   -   (893)  
Net cash used in investing activities   (2,165)   (4,018)  
               
Cash flows used in financing activities          
  Draws from credit facility   30,941   24,021  
  Repayments of credit facility   (31,648)   (25,354)  
  Interest paid, net   (387)   (221)  
  Issuance of Class A subordinate voting shares   11   126  
Net cash used in financing activities   (1,083)   (1,428)  
               
Net increase (decrease) in cash   (277)   27  
               
Cash, beginning of period   398   184  
               
Cash, end of period  $ 121  $ 211  
               
See accompanying notes to unaudited condensed consolidated interim financial statements
 
 

 

Segmented Information:

                 


 

 

 		  

Three months ended February 29, 2012		  

 
                 
    Broadcast   Digital Media   Corporate    Consolidated totals
                 
Revenues $ 9,745 $ 701 $ - $ 10,446
                 
Operating costs   7,534   1,511   1,361   10,406
                 
EBITDA   2,211   (810)   ( 1,361)   40
                 
Finance costs               232
Depreciation and amortization               1,080
Share of loss of equity accounted investee, net of tax               35
                 
Loss before income taxes              $ (1,307)
                 
Additions to fixed assets $ 339   3   9 $ 351
Additions to intangible assets  $ 97   324   - $ 421

 

                 
                 
                 
      Six months ended February 29, 2012
                   
      Broadcast   Digital Media   Corporate   Consolidated totals
                   
                   
Revenues  $   22,147  $ 1,716  $ -  $ 23,863
                   
Operating costs   15,016   3,671   3,234   21,921
                   
EBITDA   7,131   (1,955)   (3,234)   1,942
                   
Finance costs               440
Depreciation and amortization               1,921
Share of loss of equity accounted investee, net of tax                     23
                   
Loss before income taxes              $ (442)
                   
Additions to fixed assets  $  924   93   11  $ 1,028
Additions to intangible assets  $  140   992   5  $ 1,137

 

           


 

 

 

Three months ended February 28, 2011

 		  
                 
    Broadcast   Digital Media   Corporate    Consolidated totals
                 
Revenues $ 10,162 $ 820 $ - $ 10,982
                 
Operating costs   7,009   1,412   1,482   9,903
                 
EBITDA   3,153   (592)   ( 1,482)   1 ,079
                 
Finance costs               146
Depreciation and amortization               1,093
Share of profit of equity accounted investee, net of tax               (25)
                 
Income (loss) before income taxes             $ (135)
                 
Additions to fixed assets $ 600   6   2 $ 608
Additions to intangible assets $ 81    760   - $ 841

 

       
       
      Six months ended February 28, 2011
                   
      Broadcast   Digital Media   Corporate   Consolidated totals
                   
                   
Revenues  $   21,080  $ 1,695  $ -  $ 22,775
                   
Operating costs   13,459   2,621   2,962   19,042
                   
EBITDA   7,621   (926)   (2,962)   3,733
                   
Finance costs               269
Depreciation and amortization               2,068
Share of profit of equity accounted investee, net of tax               (25)
                   
Income (loss) before income taxes              $ 1,421
                   
Additions to fixed assets  $ 1,327   51   2  $ 1,380
Additions to intangible assets  $ 107   1,615   23  $ 1,745
                   

The following selected quarterly financial data of the Corporation relates to the eight quarters ended February 29, 2012.

Quarterly Results Accounting

Basis		 Revenue EBITDA Net and

comprehensive

income (loss)		 Earnings (loss)

per share - basic

and diluted
    ($000's) ($000's) ($000's) ($)
February 29, 2012 IFRS 10,446 40 (1,303) (0.02)
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

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.

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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. 

 

SOURCE Score Media Inc.

Copyright 2012 PR Newswire

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