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theScore, Inc. Reports Fiscal 2012 Fourth Quarter and Year End Financial Results

TORONTO, Nov. 29, 2012 /CNW/ - theScore, Inc. (TSXV: SCR) ("theScore" or the "Company") today announced the financial results for Score Digital (see definition below) for the fourth quarter and year ended August 31, 2012 in accordance with International Financial Reporting Standards ("IFRS").

FISCAL 2012 OPERATIONAL HIGHLIGHTS

  • Announced a plan of arrangement pursuant to which Rogers Media Inc. would acquire the television business of Score Media Inc., and the digital media business of Score Media would be spun-out to its shareholders; the plan of arrangement closed on October 19, 2012
  • Mobile sports applications achieved record growth in Fiscal 2012, registering 3.5 million monthly active users and 120 million user sessions in its peak month, March 2012, up 154% and 164% respectively, over March 2011
  • theScore.com also achieved record growth in Fiscal 2012, with 1.9 million monthly active users in March 2012, up 208% from March 2011
  • theScore re-launched its flagship ScoreMobile application for iPhone in November 2011;  this app was named the best iPhone Sports App in both the United States and Canada by Apple in its iTunes Rewind 2011 and was inducted into the Apple iTunes "Hall of Fame" for Canada in 2012

"With the plan of arrangement now complete, we are excited to be moving forward with theScore as a stand-alone business," said John Levy, Chairman and CEO, theScore, Inc. "Our goal is to create the ultimate digital service for sports fans across web and mobile platforms, and we are hitting the ground running.  Our mobile apps and website both achieved substantial growth in monthly active users over the past year, and we will build on this success with a robust product roadmap planned for fiscal 2013."

Q4 2012 and FISCAL 2012 FINANCIAL RESULTS FOR SCORE DIGITAL

Revenues for the year ended August 31, 2012 were $4.2 million compared to $4.1 million in the year ended August 31, 2011.  Revenues for the fourth quarter ended August 31, 2012 were $1.3 million compared to $1.0 million in the fourth quarter ended August 31, 2011.  Revenues for the year and fourth quarter ended August 31, 2011 included $0.9 million and $0.2 million, respectively, of revenues related to theScore Satellite Radio which ceased operations in August 2011.

EBITDA loss for the year ended August 31, 2012 was $6.5 million compared to $4.3 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.  EBITDA loss for the fourth quarter ended August 31, 2012 was $1.8 million compared to $1.3 million in the previous year.

STOCK OPTION GRANT

theScore today announced the grant of an aggregate of 4,580,000 options, including 2,790,000 options to directors and officers of the Company.  Options were granted to the following directors and officers: Norwest Video Inc. (1,600,000 options); Tom Hearne (400,000 options); Benjamin Levy (400,000 options); Brian Merker (150,000 options); Ralph Lean (40,000 options); Ken Read (40,000 options); Mark Scholes (40,000 options); Lorry Schneider (40,000 options); William Thomson (40,000 options); and Mark Zega (40,000 options).  Each option is exercisable for one Class A Subordinate Voting Share of theScore at an exercise price of $0.13, vests over three years and has a term of ten years.  Each option is exercisable in accordance with the terms and conditions of the Company's stock option plan.

CLOSING OF PLAN OF ARRANGEMENT

On October 19, 2012, Score Media Inc. (the "Parent") closed the Arrangement Agreement with Rogers pursuant to which, by way of the Arrangement: (a) Rogers acquired the television business of the Parent via an acquisition of all of the outstanding shares of the Parent for $1.62 per share; and (b) the digital media business of the Parent was spun out to the Parent's shareholders as a new corporation, theScore, Inc., incorporated on August 30, 2012 and formed to acquire Score Digital and certain assets of the Parent and its subsidiaries.

Under the terms of the Arrangement Agreement, Rogers acquired all of the outstanding shares of the Parent and an interest in theScore, Inc.

Pursuant to the business separation agreement, the Parent capitalized theScore, Inc. for $11.6 million and inclusive of $1.8 million held in escrow until the first anniversary of the closing of the transaction.

Prior to the closing of the Arrangement the balances due to and due from the Parent and Remaining Group were either settled or acquired by theScore, Inc.  In both instances as at October 19, 2012, these amounts are no longer balances due to or due from the Parent and Remaining Group.

DEFINITION OF SCORE DIGITAL

Score Digital consists of the following entities, which as of August 31, 2012, were wholly owned subsidiaries of Score Media Inc. and were consolidated by and under the control of Score Media Inc.:  Score Media Ventures Inc. (together with its wholly-owned consolidated subsidiaries ScoreMobile Inc. and 2283546 Ontario Inc.), Hardcore Sports Radio Inc., St. Clair Group Investments Inc., Score Productions Inc., and SMI International Holdings Inc. (together with its wholly-owned consolidated subsidiary SMI International Ltd.).  Score Digital represents a portion of Score Media's businesses and does not constitute a separate legal entity.

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.



Score Digital      
Combined Consolidated Carve-out Statements of Financial Position      
(in thousands of Canadian dollars)      
           
      August 31, 2012   August 31, 2011
           
Assets          
           
Current assets:          
  Accounts receivable $ 1,124 $ 1,238
  Other receivable   1,863   -
  Due from Remaining Group   80   30
  Prepaid expenses   142   37
      3,209   1,305
           
Non-current assets:          
  Equipment   246   212
  Intangible assets   7,206   5,765
  Investment in equity accounted investee   916   936
      8,368   6,913
           
Total assets   $ 11,577 $ 8,218
           
Liabilities and Shareholders' Equity          
           
Current liabilities:          
  Accounts payable and accrued liabilities $ 1,799 $ 1,291
  Dur to Parent   23,574   17,146
  Due to Remaining Group   8,840   4,408
    34,213   22,845
           
Funded deficiency     (22,636)   (14,627)
           
Commitments and contingencies          
Subsequent events          
           
Total liabilities and shareholders' equity   $ 11,577 $ 8,218
           
           
See accompanying notes to the Combined Consolidated Carve-out financial statements

 




Score Digital          
Combined Consolidated Carve-out Statements of Comprehensive Loss          
(in thousands of Canadian dollars)          
           
      Year ended
      August 31, 2012   August 31, 2011
           
Revenue:          
  Digital media $ 4,195 $ 3,245
  Radio, productions and other       854
      4,195   4,099
           
Operating costs          
  Personnel   3,592   3,193
  Content   2,010   2,266
  Technology   2,725   1,101
  Facilities, administrative, and other   1,621   860
  Management fees   713   909
  Depreciation of equipment   92   103
  Amortization of intangible assets   1,801   1,223
  Write-off of equipment       108
      12,554   9,763
           
Operating loss     (8,359)   (5,664)
           
Finance costs     706   283
Share of loss of equity accounted investee     41   14
           
Loss and comprehensive loss     (9,106)   (5,961)
           
See accompanying notes to the Combined Consolidated Carve-out financial statements
           

 


Score Digital          
Combined Consolidated Carve-out Statements of Comprehensive Loss          
(in thousands of Canadian dollars)          
           
      Fourth quarter ended
      August 31, 2012   August 31, 2011
           
Revenue:          
  Digital media $ 1,334 $ 769
  Radio, productions and other       200
      1,334   969
           
Operating costs          
  Personnel   1,356   946
  Content   281   536
  Technology   963   377
  Facilities, administrative, and other   367   165
  Management fees   216   242
  Depreciation of equipment   25   24
  Amortization of intangible assets   672   369
  Write-off of equipment       108
    3,880   2,767
         
Operating loss   (2,546)   (1,798)
         
Finance costs   287   114
Share of loss of equity accounted investee   4   18
         
Loss and comprehensive loss   (2,837)   (1,930)
         
See accompanying notes to the Combined Consolidated Carve-out financial statements

 


Score Digital
Reconciliation of Net and Comprehensive Income to EBITDA           
      Year ended
      August 31, 2012   August 31, 2011
           
Net and comprehensive loss for the period   $ (9,106) $ (5,961)
           
Adjustments:          
  Share of loss of equity accounted investee   41   14
  Depreciation and amortization   1,893   1,326
  Finance costs   706   283
  Write-off of equipment     108
             
EBITDA   $ (6,466) $ (4,230)
           
           
      Three months ended
      August 31, 2012   August 31, 2011
           
Net and comprehensive loss for the period   $ (2,837) $ (1,930)
           
Adjustments:          
  Share of loss of equity accounted investee   4   18
  Depreciation and amortization   697   393
  Finance costs   287   114
  Write-off of equipment     108
         
EBITDA $ (1,849) $ (1,297)

 

 

 

SOURCE theScore, Inc.

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