TORONTO – Score Media, whose primary asset is sports channel The Score, posted increased revenues and income for the year ended August 31st.
Compared to 2005, revenues increased 15.9% to $29.1 million, EBITDA grew 10.4% to $5.3 million and net income increased to $13 million, as compared to $2.8 million in 2005, thanks primarily to a $9.1 million valuation allowance in respect of future tax assets, said the company’s Thursday evening press release.
Fourth quarter revenues increased 13.1% over Q4 ’05 to $6.9 million while fourth quarter EBITDA was $1 million an increase of 42.9% over the same three months of 2005. Subscriber revenue increased by $900,000 from 2005 to 2006.
"This has been a very strong year for Score Media," said John Levy, chairman and CEO, in the press release. "Our performance and financial results in 2006 reflect the strength of The Score Television Network and the sports media platform that we have been building over the past number of years."
During fiscal 2006, The Score brought back some NHL hockey, and saw strong audience growth from new programming such as professional poker tournaments, more live games from the NBA and NCAA and the addition of more WWE wrestling.
To complement The Score’s poker telecasts, Score Media launched Score Poker, a "play-for-fun", online multi-player poker game in March 2005. Within eight months and with the help of televised cross-promotion, Score Poker became the leading "play-for-fun" poker site in Canada. After the initial success of Score Poker, Score Media pursued an opportunity to capitalize on its brand and database through a licensing deal with an experienced online poker software provider and re-launched its online poker offering in July 2006. The Company anticipates increasing licensing revenue from this strategy in fiscal 2007, says the press release.
"We continue to lead the Canadian sports media industry with the development of related sports media properties and applications such as Hardcore Sports Radio, and interactive initiatives such as Score Poker, Score Mobile and unique web-based programs," added Levy. "These new initiatives, in combination with the core of our platform, The Score Television Network, increase the depth of our relationship with hardcore sports fans and offer strong growth potential for our business."
