theScore Hits 10.2 Million Monthly Active Users; Achieves Record Quarterly Revenue

- Mobile sports company releases fiscal 2015 first quarter results

TORONTO, Jan. 15, 2015 /CNW/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three months ended November 30, 2014 in accordance with International Financial Reporting Standards ("IFRS").

FISCAL 2015 Q1 OPERATIONAL HIGHLIGHTS

• Average monthly active users of theScore's mobile platforms reached a record 10.2 million in Q1 F2015, an increase of 112% compared to the same period in F2014.
  
  
  • Average monthly active users of theScore's mobile apps reached 4.8 million in Q1 F2015, an increase of 15% compared to the same period in F2014.*
    
    
  • Average monthly active users of theScore's mobile web platform reached 5.4 million in Q1 F2015, an increase of 776% compared to the same period in F2014.*
    
    
• Average monthly sessions of theScore's mobile apps reached 298 million in Q1 F2015, an increase of 56% compared to the same period in F2014.* 
  
  
• Achieved record quarterly revenue of $3.05 million in Q1 F2015
  
  
  • Advertising revenue for Q1 F2015 increased by 49% compared to the same period the previous year.

"2015 is off to a great start with more than 10 million sports fans now using theScore as their go-to mobile sports platform," said John Levy, Founder and CEO of theScore.

"The recent acquisition of daily fantasy sports game Swoopt also further strengthened and diversified our offering, giving us a strategic entry point into the daily fantasy sports space with a product that enjoys a clear fit with theScore's existing user base. Coupled with the record quarterly revenue we enjoyed in Q1, theScore is well on course to reinforce its position as a leader in mobile sports during 2015."

Q1 F2015 OPERATIONAL HIGHLIGHTS

• theScore was named "one of the world's greatest" apps by Business Insider as part of the influential media outlet's annual 'App 100' list.
  
  
• theScore for iOS and Android was updated with a host of new features designed to take football fans closer to the gridiron than ever before, including rich scoring play visuals and detailed graphics that track each pass, drive, penalty and kick.
  
  
• theScore for iOS and Android was updated with Feed Filters, allowing users to create additional customized Feeds to track their favorite leagues, teams and players, making it perfect for even deeper fantasy sports tracking.
  
  
• theScore for iOS was updated to be fully optimized for the newly released iPhone 6 and iPhone 6 Plus devices.

Q1 F2015 FINANCIAL RESULTS

Revenue for the three months ended November 30, 2014 was $3.05 million compared to $2.1 million the previous year, an increase of 45%. EBITDA loss for the three months ended November 30, 2014 was $1.5 million compared to $2.3 million the previous year, an improvement of 35%.

* User metrics from Q1 F2014 exclude theScore's secondary mobile sports application, SportsTap, which was retired September 30, 2013.

Stay connected to theScore!

http://thescore.com/
http://facebook.com/thescore
http://twitter.com/thescore
http://www.youtube.com/thescore
http://www.linkedin.com/company/thescore-inc-?trk=hb_tab_compy_id_2812971

About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to what they love through an addictive combination of real-time news, scores, fantasy information and alerts while creating and curating content that is mobile optimized, comprehensive, customizable and seamlessly shareable. theScore is available on iOS, Android, BlackBerry and Windows Phone devices.

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 Annual Information Form 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.

theScore, Inc.
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)
			November 30, 2014			August 31, 2014
ASSETS
Current assets:
	Cash and cash equivalents		$	16,863		$	21,363
	Accounts receivable		2,769			1,472
	Tax credits recoverable		2,060			2,060
	Prepaid expenses and deposits		557			559
			22,249			25,454
Non-current assets:
	Property and equipment		2,262			2,155
	Intangible assets		4,985			4,959
	Investment		760			760
	Tax credits recoverable		5,035			4,485
			13,042			12,359
Total assets			$	35,291		$	37,813
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable and accrued liabilities		$	2,357		$	3,052
Non-current liabilities:
	Deferred lease obligation		517			513
Shareholders' equity			32,417			34,248
Commitments and contingencies
Subsequent events
Total liabilities and shareholders' equity			$	35,291		$	37,813

theScore, Inc.
Condensed Consolidated Interim Statements of Comprehensive Loss
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
		Three months ended November 30, 2014			Three months ended  November 30, 2013
Revenue		$	3,046		$	2,130
Operating expenses:
	Personnel	2,475			2,212
	Content	234			251
	Technology	408			315
	Facilities, administrative and other	907			958
	Marketing	518			678
	Depreciation of property and equipment	126			128
	Amortization of intangible assets	458			670
		5,126			5,212
	Operating loss	(2,080)			(3,082)
	Finance income, net	(65)			(34)
Net and comprehensive loss		$	(2,015)		$	(3,048)
Loss per share - basic and diluted		$	(0.01)		$	(0.02)

theScore, Inc.
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
			Three months ended November 30, 2014		Three months ended November 30, 2013
Cash flows from (used in) operating activities
Net and comprehensive loss			$	(2,015)	$	(3,048)
Adjustments for:
		Depreciation and amortization	584		798
		Share-based compensation	176		80
			(1,255)		(2,170)
Change in non-cash operating assets and liabilities:
		Accounts receivable	(1,297)		(302)
		Other receivables	-		230
		Tax credits recoverable	(340)		(150)
		Prepaid expenses and deposits	2		(124)
		Accounts payable and accrued liabilities	(695)		(158)
		Deferred lease obligation	4		5
			(2,326)		(499)
Net cash used in operating activities			(3,581)		(2,669)
Cash flows from financing activities
		Exercise of stock options	8		-
		Funding provided from Arrangement	-		1,800
Net cash from financing activities			8		1,800
Cash flows used in investing activities
		Additions of property and equipment	(233)		(218)
		Additions of intangible assets	(694)		(471)
Net cash used in investing activities			(927)		(689)
Decrease in cash and cash equivalents			(4,500)		(1,558)
Cash and cash equivalents, beginning of period			21,363		14,524
Cash and cash equivalents, end of period			$	16,863	$	12,966

The following tables reconcile net and comprehensive loss to EBITDA

		Three months ended		Three months ended
		November 30, 2014		November 30, 2013
Loss and comprehensive loss		$	(2,015)	$	(3,048)
Adjustments for:
	Amortization	584		798
	Finance income	(65)		(34)
EBITDA		(1,496)		(2,284)

SOURCE theScore, Inc.

James Bigg, Manager, Communications, theScore, Inc., Tel: [phone] ext. 2366, Email: [email protected]; Tom Hearne, Chief Financial Officer, theScore, Inc., Tel: [phone] ext. 2206, Email: [email protected]