Prodigy Ventures Inc. Announces Record Financial Results for Q1 2018

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Prodigy Ventures Inc. Announces Record Financial Results for Q1 2018

Canada NewsWire

(TSXV-PGV)

TORONTO, May 25, 2018 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the three months ended March 31, 2018.

"Prodigy resumed strong revenue growth and continued to diversify its client base in the first quarter", said Prodigy's CEO, Tom Beckerman. "From this time last year, we have added seven net new clients, tripling our client base.  We have also initiated a new strategic partnership to deliver secure identity solutions. Gross profit declined with an increase in technology labour costs, and operating expenses grew with our continued investments in sales and marketing and R&D. These investments are now accelerating revenue growth and are expected to improve margins as new technologies and capabilities are delivered to customers."

First Quarter 2018 Financial Results

  • Revenue for the three months ended March 31, 2018 totalled $3,568,622 compared to $3,063,308 for the three months ended March 31, 2017, an increase of 16.5%.
  • Gross profit for the three months ended March 31, 2018 of $897,921 as compared to $989,384 for the three months ended March 31, 2017, a decrease of 9.2%.
  • Operating Expenses for the three months ended March 31, 2018 of $863,318 as compared to $752,850 for the three months ended March 31, 2017, an increase of 14.7%, primarily due to increases in research and development and staff costs.
  • Net Income for the three months ended March 31, 2018 totalled $24,372 as compared to $169,169 for the three months ended March 31, 2017, a decrease of 85.6%.
  • The Company had working capital of $2,331,031 as of March 31, 2018 compared to $2,292,644 as of December 31, 2017.



Three months ended
March 31



2018

$

2017

$





Revenue


3,568,622

3,063,308

Gross Profit


897,921

989,384

Expenses


863,318

752,850

Net and comprehensive income for the period


24,372

169,169

Net income per share – basic and diluted


0.00

0.00

 

The complete unaudited interim financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.

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, secure ID, voice, blockchain, artificial intelligence, payments and augmented reality.

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 growth and improved margins. 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 months ended March 31, 2018, 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/May2018/25/c1952.html

Copyright CNW Group 2018

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