theScore, Inc. Reports Fiscal 2013 First Quarter Financial Results

theScore, Inc. Reports Fiscal 2013 First Quarter Financial Results 
TORONTO, Jan. 29, 2013 /CNW/ - theScore, Inc. (TSX Venture: SCR) ("theScore" 
or the "Company") today announced the financial results for the three months 
ended November 30, 2012 in accordance with International Financial Reporting 
Standards ("IFRS"). 
FISCAL 2013 Q1 OPERATIONAL HIGHLIGHTS 


    --  In November 2012, theScore re-launched its popular app for iPad
        and iPad mini; the app is based on the design of theScore's
        critically acclaimed iPhone app, has been optimized for iOS 6
        and offers users a fluid tablet experience including MyScore
        customization, fantasy tracking features and seamless social
        sharing
    --  Average monthly active users on theScore's mobile platforms
        exceeded 3.75 million in Q1 F2013, with its flagship
        application for iPhone growing 73% over the comparable period
        in F2012
    --  theScore was ranked as a Top 10 Sports App in Nielsen's State
        of the Media: 2012 Year in Sports report, alongside apps from
        ESPN, Yahoo, MLB and the
        NBA.[1]
    --  Closed plan of arrangement on October 19, 2012, pursuant to
        which Rogers Media Inc. acquired the television business of
        Score Media Inc., and the digital media business of Score Media
        was spun out to its shareholders

"We are off to a great start at theScore," said John Levy, Chairman and CEO, 
theScore, Inc. "We are very pleased with our users' response to our new iPad 
app. Our entire team is energized and focused on executing our product 
roadmap and delivering our users a unique, mobile-first sports experience."

FISCAL 2013 Q1 FINANCIAL RESULTS

Revenue for the three months ended November 30, 2012 was $1.5 million compared 
to $1.0 million in the same period of the previous year, an increase of 50%.

EBITDA loss for the three months ended November 30, 2012 was $2.1 million 
compared to $1.5 million in the same period in the previous year, primarily as 
a result of the increased investment in personnel, and associated facilities 
and infrastructure costs, related to the development of theScore's mobile 
sports platform.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in policies of the TSX Venture Exchange) accepts 
responsibility for the adequacy or accuracy of this release.

About theScore, Inc.
theScore, Inc. creates, aggregates and distributes sports content via 
established and emergent digital media assets, including mobile sports 
applications and its website, theScore.com. theScore's mission is to create 
the ultimate digital service for sports fans across web and mobile platforms.

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or 
performances are forward-looking statements. Any statement containing words 
such as "may", "would", "could", "will", "believes", "plans", "anticipates", 
"estimates", "expects" or "intends" and other similar statements which are not 
historical facts contained in this release are forward-looking, and these 
statements involve risks and uncertainties and are based on current 
expectations. Such statements reflect theScore's current views with respect to 
future events and are subject to certain risks, uncertainties and assumptions. 
Many factors could cause the Company's actual results, performance or 
achievements to be materially different from any future results, performance 
or achievements that may be expressed or implied by such forward looking 
statements, including among other things, those which are discussed under the 
heading "Risk Factors" in the Company's Listing Application as filed with the 
TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in 
documents that theScore files from time to time with securities regulatory 
authorities. Should one or more of these risks or uncertainties materialize, 
or should assumptions underlying the forward-looking statements prove 
incorrect, actual results could differ materially from the expectations 
expressed in these forward-looking statements. The Company does not intend, 
and does not assume any obligation, to update these forward-looking statements 
except as required by applicable law or regulatory requirements.   


(1) Source: Nielsen State of the Media: 2012 Year in Sports. Top 10 Sports 
Apps for 2012 by average monthly time spent per user. January 22, 2013.



theScore, Inc. 
Condensed Consolidated Interim Statements of Financial Position 
(in thousands of Canadian dollars) 
(unaudited) 
                              November 30, 2012     August 31, 2012 
                                                                    
Assets                                                                  


                                                                       

Current assets:                                                        

  Cash                          $             8,099   $               -

  Accounts receivable                         2,419               1,124

  Other receivables                           3,663               1,863

  Due from Remaining Group                        -                  80

  Prepaid expenses and                          450                 142
  deposits
                                             14,631               3,209
                                                                       

Non-current assets:                                                    

  Equipment                                     444                 246

  Intangible assets                           7,747               7,206

  Investment in equity                          902                 916
  accounted investee
                                              9,093               8,368
                                                                       

 Total assets                   $            23,724   $          11,577
                                                                       

Liabilities and Shareholders'                                          
Equity/Funded Deficiency
                                                                       

Current liabilities:                                                   

  Accounts payable and          $             2,829   $           1,799
  accrued liabilities

  Due to Former Parent                            -              23,574

  Due to Remaining Group                          -               8,840
                                              2,829              34,213
                                                                       

Funded deficiency                                 -            (22,636)

Shareholders' Equity                         20,895                    
                                                                       

Commitments and contingencies                                          
                                                                       
                                                                       

 Total liabilities and                       23,724              11,577
shareholders' equity/funded     $                     $
deficiency 



theScore, Inc.                                                      

Condensed Consolidated Interim Statements of                        
Comprehensive Loss

(in thousands of                                                    
Canadian dollars)

(unaudited)                                                         
                                                                    
                                              Three months ended
                                  November 30,     November 30, 2011
                                      2012
                                                                    

Revenue                         $        1,506   $             1,015
                                                                    

Operating costs                                                     

  Personnel                              1,715                   713

  Content                                  380                   195

  Technology                               789                   920

  Facilities,                              683                   479
  administrative,                               
  and other

  Management fees                           48                   194

  Depreciation of                           24                    20
  equipment

  Amortization of                          599                   158
  intangible                                    
  assets
                                         4,238                 2,679
                                                                    

Operating loss                         (2,732)               (1,664)
                                                                    

Finance costs                               99                   119

Share of loss (profit) of                    2                  (12)
equity accounted investee
                                                                    

Loss and                        $      (2,833)   $           (1,771)
comprehensive loss
                                                                    

Earnings per share              $       (0.03)                (0.02)
- basic and                                      $
diluted



theScore, Inc.           

Reconciliation of Net and Comprehensive Income to EBITDA
                                                 Three months ended
                                  November 30,     November 30, 2011
                                      2012
                                                                    

Net and                                (2,833)               (1,771)
comprehensive loss             $                 $
for the period
                                                                    

Adjustments:                                                        

  Share of loss (profit) of                  2                  (12)
  equity accounted investee

  Finance costs                             99                   119

  Depreciation and                         623                   178
  amortization
                                                                    

EBITDA loss                     $      (2,109)   $           (1,486)





Tom Hearne Chief Financial Officer theScore, Inc. 416-977-6787 x2206 
tom.hearne@thescore.com

SOURCE: theScore, Inc.

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CO: theScore, Inc.
ST: Ontario
NI: INTERNET SPORTS ERN 

-0- Jan/29/2013 12:00 GMT


 
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