TORONTO – "This has been a rewarding quarter for Score Media, as we invest in exciting new media initiatives and interactive assets, while continuing to grow our television network," said John Levy, Score Media’s chairman and CEO, in announcing the company’s first quarter results.
"Our performance and financial results in Q1 2008 were in line with our expectations – reflecting planned expenditures and the strength of The Score Television Network and the sports media platform that we are building.
"We continue to lead the Canadian sports media industry with the development of related sports media properties and applications such as Hardcore Sports Radio, Score Mobile and our new website, thescore.com," added the CEO. "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."
Revenue for the three months ended November 30, 2007 was $9.3 million, compared to $9.2 million in the prior year. EBITDA for the three months ended November 30, 2007, was $1.2 million compared to $2 million in the same period. Lower, but in line with the company’s expectations, “as during the three months ended November 30, 2007, operating costs increased as planned reflecting increased spending for high definition television programming, increased rights fees, and increased investment in the company’s new business units,” says the press release.
Net income for the three months ended November 30, 2007 was $100,000, compared to $900,000 in the prior year, reflecting increased operating costs referred to above.
Television subscriber revenue increased approximately $100,000 in the first quarter reflecting continued growth in the subscriber base with several broadcast distribution undertakings, compared to the first quarter of fiscal 2007. The new business units provided increased revenue of approximately $400,000 compared to the first three months of fiscal 2007. Television advertising revenue decreased by approximately $400,000 in the first quarter of fiscal 2008 compared to the prior year, “reflecting successes in broadcasting several live event sports programs in fiscal 2007 and interactive poker advertising that were not replicated in the first quarter of fiscal 2008,” explains the company.
