Prodigy Ventures Inc. Announces Full Year and Q4 2017 Financial Results

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Prodigy Ventures Inc. Announces Full Year and Q4 2017 Financial Results

Canada NewsWire

(TSXV-PGV)

TORONTO, March 28, 2018 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the year and fourth quarter ended December 31, 2017.

"Profitable growth continued in Prodigy's fourth quarter." said Tom Beckerman, Prodigy's CEO. "Gross profit declined with an increase in technology labour costs, and operating expenses grew with our continued investment in sales and marketing. Prodigy continues to expand its client base, and our investments in R&D are targeted to create new, higher margin revenue opportunities for 2018 and beyond."

Full Year 2017 Financial Results

  • Revenue for the year ended December 31, 2017 totalled $12,140,692 compared to $11,020,658 for the year ended December 31, 2016, an increase of 10.2%.
  • Gross profit for the year ended December 31, 2017 of $3,599,780 as compared to $3,688,494 for the year ended December 31, 2016, a decrease of 2.4%.
  • Operating Expenses for the year ended December 31, 2017 of $3,093,319 as compared to $2,425,773 for the year ended December 31, 2016, an increase of 27.5%, primarily due to increases in staff costs and professional fees.
  • Net Income for the year ended December 31, 2017 totalled $347,528 as compared to $896,789 for the year ended December 31, 2016, a decrease of 61.3%.
  • The Company had working capital of $2,292,644 as of December 31, 2017 compared to $1,952,165 as of December 31, 2016.

Fourth Quarter 2017 Financial Results

  • Revenue for the three-month period ended December 31, 2017 totalled $3,007,244 compared to $2,799,337 for the three months ended December 31, 2016, an increase of 7.4%.
  • Gross profit for the three-month period ended December 31, 2017 of $797,247 as compared to $934,272 for the three-month period ended December 31, 2016, a decrease of 14.7%.
  • Operating Expenses for the three-month period ended December 31, 2017 of $778,139 as compared to $723,278 for the three-month period ended December 31, 2016, an increase of 7.6%.
  • Net Income for the three-month period ended December 31, 2017 totalled $5,310 as compared to $140,083 for the three-month period ended December 31, 2016, a decrease of 96.2%.


Three months ended
December 31

Year ended
December 31


2017

$

2016

$

2017

$

2016

$






Revenue

3,007,244

2,799,337

12,140,692

11,020,658

Gross Profit

797,247

934,272

3,599,780

3,688,494

Expenses

778,139

723,278

3,093,319

2,425,773

Net and comprehensive income for the period

5,310

140,083

347,528

896,789

Net income per share – basic and diluted

0.00

0.00

0.00

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 is an innovation company that has combined an enterprise technology services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, voice, augmented reality, artificial intelligence, blockchain and secure identity.

Prodigy has been named as one of Canada's fastest growing technology companies in both the 19th and 20th 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 profitable growth and higher margin revenue opportunities in 2018 and beyond. 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, 2017, 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.

View original content: http://www.newswire.ca/en/releases/archive/March2018/28/c1932.html

Copyright CNW Group 2018

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