Prodigy Ventures Inc. Announces Record Financial Results
Toronto, Ontario--(Newsfile Corp. - November 10, 2016) - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced results for the three and nine months ended September 30, 2016.
"Prodigy has continued its run of record revenue with its Q3 2016 results released today," commented Tom Beckerman, Prodigy's CEO. "Our growth is based upon delivering continued success for our enterprise clients. And, our expanded R&D investments in our new ventures in mobile video, proximity, wearables, 3D and augmented reality will be reflected in upcoming product launches in 2016 and 2017."
Year-to-Date Financial Highlights:
Revenue increased $3,727,949 from $4,493,372 to $8,221,321, a year-over-year increase of 83%.
Gross profit increased $1,303,069 from $1,451,153 to $2,754,222, a year-over year increase of 90%.
Operating expenses increased $679,867 from $1,022,627 to $1,702,494.
Net income totalled $756,706 or $0.01 per share, basic and diluted, as compared to $327,442, or $0.00 per share, basic and diluted, in the comparative period.
The Company ended the period with working capital of approximately $1,841,906 as compared to $1,135,010 at December 31, 2015, leaving Prodigy in a good position to grow the Company in 2017.
Third Quarter Financial Highlights:
Revenue increased $480,772 from $2,335,971 to $2,816,743, a year-over-year increase of 21%. The increase in revenue was due to new service contracts entered into by the Company.
Gross profit decreased $41,986 from $931,118 to $889,132, a year-over year decrease of 4.5%.
Operating expenses increased $3,389 from $649,862 to $653,251. The Company incurred increased management and staff costs as well as increased research and development expenditures during the period. In the comparative period the Company had incurred a number of non-recurring expenses associated with the Company's Qualifying Transaction.
Net income totalled $167,550 or $0.00 per share, basic and diluted, as compared to $204,153, or $0.00 per share, basis and diluted, in the comparative period.
|Three months ended|
|Nine months ended |
|Net and comprehensive income for the period||167,550||204,153||756,706||327,442|
|Net income per share - basic and diluted||0.00||0.00||0.01||0.00|
To review the complete unaudited Consolidated Interim Financial Statements and the Q3 2016 MD&A, please see the Company's SEDAR filings under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.
All dollar amounts are stated in Canadian dollars.
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.
Certain statements in this press release may constitute "forward looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such statements include the Company's ability to grow its relationships with its enterprise clients and the Company's anticipated launch of new products. When used in this press release, such statements may use such words as "may", "will", expect", "believe", "plan" and other similar terminology. All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking information" within the meaning of Canadian securities laws. This information represents Prodigy's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified personnel; market competition in the rapidly evolving information technology industry; general economic and business conditions; and other risks identified in the MD&A, and Prodigy's financial statements for the three and nine months ended September 30, 2016 as well as assumptions regarding the foregoing. Forward-looking statements speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking information. Prodigy disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on this forward-looking information.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
PRODIGY VENTURES INC.
Chief Financial Officer