Prodigy Ventures Inc. Third Quarter 2018 Revenue Grows 55.3% From Third Quarter 2017

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Prodigy Ventures Inc. Third Quarter 2018 Revenue Grows 55.3% From Third Quarter 2017

Canada NewsWire

(TSXV: PGV)

TORONTO, Nov. 15, 2018 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the three and nine months ended September 30, 2018.

"With another quarter of record revenue growth, Prodigy continued to invest in growing its management and customer support teams", said Prodigy's CEO, Tom Beckerman. "The company continues to land new customers while aggressively developing new products and services to realize future growth opportunities. I am very excited about our prospects for 2019 and beyond."

Third Quarter 2018 Financial Results

  • Revenue for the three months ended September 30, 2018 totalled $4,600,786 compared to $2,962,484 for the three months ended September 30, 2017, an increase of 55.3%.
  • Gross profit for the three months ended September 30, 2018 of $1,015,498 as compared to $855,805 for the three months ended September 30, 2017, an increase of 18.7%.
  • Operating Expenses for the three months ended September 30, 2018 of $924,990 as compared to $771,052 for the three months ended September 30, 2017, an increase of 20.0%.
  • Net Income for the three months ended September 30, 2018 totalled $60,525 as compared to $56,534 for the three months ended September 30, 2017, an increase of 7.1%.

Year-to-Date 2018 Financial Results

  • Revenue for the nine months ended September 30, 2018 totalled $12,255,683 compared to $9,133,449 for the nine months ended September 30, 2017, an increase of 34.2%.
  • Gross profit for the nine months ended September 30, 2018 of $2,933,243 as compared to $2,802,533 for the nine months ended September 30, 2017, an increase of 4.7%.
  • Operating Expenses for the nine months ended September 30, 2018 of $2,674,613 as compared to $2,315,180 for the nine months ended September 30, 2017, an increase of 15.5%, primarily due to increases in staff costs.
  • Net Income for the nine months ended September 30, 2018 totalled $174,177 as compared to $342,219 for the nine months ended September 30, 2017, a decrease of 49.1%.
  • The Company had working capital of $2,615,846 as of September 30, 2018 compared to $2,292,644 as of December 31, 2017.

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.

 


Three months ended
September 30

Nine months ended
September 30


2018

$

2017

$

2018

$

2017

$






Revenue

4,600,786

2,962,484

12,255,683

9,133,449

Gross Profit

1,015,498

855,805

2,933,243

2,802,533

Expenses

924,990

771,052

2,674,613

2,315,180

Net and comprehensive income for the period

60,525

56,534

174,177

342,219

Net income per share – basic and diluted

0.00

0.00

0.00

0.00

 

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 the 19th, 20th and 21st 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. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.

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. 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, 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/November2018/15/c8926.html

Copyright CNW Group 2018

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