Prodigy Ventures Inc. Announces Financial Results for the Quarter Ended March 31, 2016
Toronto, Ontario--(Newsfile Corp. - May 12, 2016) - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced results for the three months ended March 31, 2016.
"Prodigy has extended its run of record revenue and profit for another quarter with the Q1 2016 results released today," said Prodigy CEO Tom Beckerman. "Our financial results are the direct result of growing relationships with our expanding list of enterprise clients. And, we continue to ramp up our R&D investments in our new ventures in mobile video, proximity, wearables, 3D and augmented reality".
Financial Highlights for the Quarter Ended March 31, 2016:
- Revenue increased $1,815,319 from $881,948 to $2,697,267, a year-over-year increase of 206%. The increase in revenue was due to a number of new service contracts entered into by the Company.
- Gross profit increased $816,103 from $187,221 to $1,003,324, a year-over year increase of 436%.
- Operating expenses increased $343,271 from $146,735 to $490,006. The increase was primarily due to increased management and staff costs as well as increased research and development expenditures during the period.
- Net income totalled $372,303 or $0.00 per share, basic and diluted, as compared to $34,294, or $0.00 per share, basis and diluted, in the comparative period.
- The Company ended the quarter with working capital of approximately $1,490,624 as compared to $1,135,010 at December 31, 2015.
A full set of unaudited financial statements and related notes have been filed on SEDAR and are available on 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.
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company. These include, but are not limited to, the ability to continue to grow the Company in the coming years. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
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PRODIGY VENTURES INC.
Chief Financial Officer