TORONTO – Buoyed by increases in its television subscriber and advertising revenues, the Score Media brought in more money in the second quarter ended February 28 than the same period a year earlier, but net income was down, according to financial results issued Wednesday.
Revenue in the quarter increased $0.9 million to $7.7 million, while net income was $0.3 million, compared to $0.4 million in the prior year. Score Media had income tax expenses of $0.4 million in the second quarter compared with none in the same period last year.
Along with higher TV subscriber and ad sales, additional revenue was generated from the Score Media’s interactive properties and Hardcore Sports Radio. The company’s wholly owned subsidiary, Score Media Ventures Inc., started in February Score Mobile Video – a mobile video clip service that’s available across Canada on every major wireless carrier.
“Score Media achieved double-digit year-over-year quarterly revenue growth for the eleventh consecutive quarter, which is a terrific attestation of our core strengths – providing the best sports news, information and entertainment to our fans, partners and advertisers,” said Score Media Chair and CEO John Levy. “Our developing interactive properties and Hardcore Score Radio will accentuate the solid platform of success that has been achieved through our core TV business.”
TV subscriber revenue was up about $0.1 million, while TV advertising increased by about $0.5 million in the second quarter compared to the same period last year. New business units, such as Score Mobile Video, contributed an addition $0.3 million to the bottom line.
But programming expenses in the quarter increased $0.6 million to $1.3 million due to higher rights fees for the Toronto Raptors and other professional basketball, NCAA basketball and Canadian college football games.
Fixed asset additions also rose to $1.1 million in the quarter compared to $0.4 million the prior year largely due to the company launching a high-definition channel and for new software and computer equipment to support the new interactive properties.
