Prodigy Ventures Inc. Announces Full Year and Q4 2016 Financial Results

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Prodigy Ventures Inc. Announces Full Year and Q4 2016 Financial Results

Canada NewsWire

(TSXV-PGV)

TORONTO, April 7, 2017 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the fiscal year and fourth quarter ended December 31, 2016.

"Prodigy had an extraordinary year in 2016 as we not only achieved record revenue but saw our vision of our venture builder business feeding into our service business, Prodigy Labs, begin to actualize," said Tom Beckerman, CEO of Prodigy Ventures. "With the tremendous growth in revenue, driven by Prodigy Labs, we are now a leading technology services provider for some of Canada's largest enterprises. As well, with the launch and extension of the iVideo brand over the course of 2016, we have significantly expanded our potential revenue sources and believe this creates a new and exciting opportunity for our business."

Mr. Beckerman continued, "As we progress into 2017, we continue to focus on growing our services business through attracting new talent and expanding our customer base."

Full Year 2016 Financial Results*

  • Revenue of $11,020,658 as compared to $6,187,766 for the nine months ended December 31, 2015, an increase of 78.1%.
  • Gross profit of $3,688,494 as compared to $2,265,468 for the nine months ended December 31, 2015, an increase of 62.8%.
  • Operating Expenses of $2,425,773 as compared to $1,492,015 for the nine months ended December 31, 2015, an increase of 62.6%. This is primarily attributable to an increase in R&D funding as well as the addition of key executive employees.
  • Net Income totaled $896,789 as compared to $560,695 for the nine months ended December 31, 2015, an increase of 59.9%.
  • The Company had working capital of $1,952,165 as of December 31, 2016 compared to $1,135,010 as of December 31, 2015. This positions Prodigy strongly to capitalize on future growth opportunities.

* Please note that as a result of a change in the year-end date effective December 31, 2015, audited financials are only available for the nine-month period of April 1, 2015 to December 31, 2015.

Fourth Quarter Financial Results

  • Revenue for the three-month period ended December 31, 2016 totaled $2,799,337 compared to $2,576,342 for the three-month period ended December 31, 2015, an increase of 8.7%.
  • Gross profit for the three-month period ended December 31, 2016 was $934,272 compared to $1,022,809 for the three-month period ended December 31, 2015, a decrease of 8.7%.
  • Operating expenses for the three-month period ended December 31, 2016 totaled $723,278 compared to $637,396 for the three-month period ended December 31, 2015, an increase of 13.5%.
  • Net Income for the fourth quarter ended December 31, 2016 was $140,083 or $0.00 per share, basic and diluted, as compared to $267,547 or $0.00 for the three-month period ended December 31, 2015, a decrease of 47.6%.


Three months ended
December 31


Twelve and nine months ended
December 31


2016

2015


2016

2015


$

$


$

$

Revenue

2,779,337

2,576,342


11,020,658

6,187,766

Gross Profit

934,272

1,022,809


3,688,494

2,265,468

Expenses

723,278

637,396


2,425,773

1,492,015

Net and comprehensive income for the period

140,083

267,547


896,789

560,695

Net income per share – basic and diluted

0.00

0.00


0.01

0.01

 

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

About Prodigy Ventures Inc.

Prodigy Ventures is an innovation company that has combined an enterprise services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to sell services and create new enterprise-grade platforms and apps using technologies such as mobile video, proximity, wearables, 3D & augmented reality.

Prodigy has been named as one of Canada's fastest growing technology companies in the 19th annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company's expectations with respect to revenue growth for certain products or services. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the year ended December 31, 2016, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE Prodigy Ventures Inc.

To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/April2017/07/c1114.html

Copyright CNW Group 2017

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