Prodigy Ventures Inc. Announces Q3 2017 Financial Results

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Prodigy Ventures Inc. Announces Q3 2017 Financial Results

Canada NewsWire

(TSXV-PGV)

TORONTO, Nov. 23, 2017 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the three and nine months ended September 30, 2017.

"Prodigy continued its profitable growth in the third quarter," said Tom Beckerman, Prodigy's CEO. "Expense increases relating to sales and advisory services impacted our net income for Q3, but our increased investment in sales positions us well for profitable growth. The Company has taken measures to reduce advisory expenses."

Year-to-Date 2017 Financial Results

  • Revenue for the nine-month period ended September 30, 2017 totalled $9,133,449 compared to $8,221,321 for the nine months ended September 30, 2016, an increase of 11.1%.
  • Gross profit for the nine-month period ended September 30, 2017 of $2,802,533 as compared to $2,754,222 for the nine-month period ended September 30, 2016, an increase of 1.8%.
  • Operating Expenses for the nine-month period ended September 30, 2017 of $2,315,180 as compared to $1,702,494 for the nine-month period ended September 30, 2016, an increase of 36.0%, primarily due to increases in sales staff costs and professional fees.
  • Net Income for the nine-month period ended September 30, 2017 totalled $342,219 as compared to $756,706 for the nine-month period ended September 30, 2016, a decrease of 54.8%.
  • The Company had working capital of $2,211,283 as of September 30, 2017 compared to $1,952,165 as of December 31, 2016.

Third Quarter 2017 Financial Results

  • Revenue for the three-month period ended September 30, 2017 totalled $2,962,484 compared to $2,816,743 for the three months ended September 30, 2016, an increase of 5.2%.
  • Gross profit for the three-month period ended September 30, 2017 of $855,805 as compared to $889,132 for the three-month period ended September 30, 2016, a decrease of 3.7%.
  • Operating Expenses for the three-month period ended September 30, 2017 of $771,052 as compared to $653,251 for the three-month period ended September 30, 2016, an increase of 18.0%.
  • Net Income for the three-month period ended September 30, 2017 totalled $56,534 as compared to $167,550 for the three-month period ended September 30, 2016, a decrease of 66.3%.



Three months ended
September 30

Nine months ended
September 30



2017

2016

2017

2016



$

$

$

$







Revenue


2,962,484

2,816,743

9,133,449

8,221,321

Gross Profit


855,805

889,132

2,802,533

2,754,222

Expenses


771,052

653,251

2,315,180

1,702,494

Net and comprehensive income for the period


56,534

167,550

342,219

756,706

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, augmented reality, 3D, voice, payments and blockchain.

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 the reduction of advisory expenses. 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 three and nine months ended September 30, 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/November2017/23/c4118.html

Copyright CNW Group 2017

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