TORONTO – Score Media reported a $1 million loss for its second quarter ended February 28, 2009.
Revenue increased 4% to $8.7 million for the quarter, compared to $8.4 million in the quarter ended February 29, 2008. EBITDA for the quarter was $0.2 million, compared to $0.9 million in the same quarter last year, a company announcement detailed.
"Score Media continues to grow," said chairman and CEO John Levy, in the announcement. "In a difficult economic environment, we continue to see revenue increases in all of our product lines.”
In other news, Score Media said that it had completed its previously announced offer to purchase its Class A subordinate voting shares. The final report said shareholders tendered 17.3 million Class A Shares, which were purchased for cancellation for by the company at a cost of $6.9 million (40 cents per share), exclusive of legal and banking fees.
The tendered shares represent 17.6% of the outstanding Class A shares, and there are now 81.1 million Class A Shares outstanding.
"The completion of the offer is just another step in our continued commitment to build shareholder value," Levy continued. "Our strong balance sheet gives us the flexibility to invest and compete well in a challenging environment."
