TORONTO – Score Media saw its 2011 profits cut nearly in half, despite a modest gain in revenue.
For the fiscal year ended August 31, the company posted net income of $1.48 million, down from $2.5 million in 2010 though revenue increased across its TV and digital media platforms to $47.7 million from $43.8 million. Excluding the impact of the $800,000 CRTC Part II fee reversal in fiscal 2010, EBITDA was $7.9 million compared to $6.8 million last year.
The sports broadcaster reported a fourth quarter loss of $316,000, down from $1.1 million year-over-year, due in large part to a charge for future income tax expenses. Revenue grew to $11.6 million from $10.5 million in 2010.
Chairman and CEO John Levy described 2011 as “a great year for Score Media".
"theScore Television Network had its strongest year ever and our digital platforms have experienced explosive growth with ScoreMobile now ranking as one of the top three sports apps in North America", Levy said in a statement.
