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Prodigy Ventures Inc. Delivers Record Revenue in Q2 2018

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Prodigy Ventures Inc. Delivers Record Revenue in Q2 2018

Canada NewsWire

(TSXV:PGV)

TORONTO, Aug. 14, 2018 /CNW/ - Prodigy Ventures Inc. (TSXV:PGV) ("Prodigy" or the "Company") today announced the results for the three and six months ended June 30, 2018.

"Prodigy posted its strongest revenue in Company history in the second quarter", said Prodigy's CEO, Tom Beckerman. "Our growth acceleration is based on new client acquisition, our investments in emerging technology R&D, and new strategic partnerships. Operating expenses grew with increases in management and staff costs. Gross profit increased in Q2 with the sizable revenue growth".

Year-to-Date 2018 Financial Results

  • Revenue for the six months ended June 30, 2018 totalled $7,654,897 compared to $6,170,964 for the six months ended June 30, 2017, an increase of 24.0%.
  • Gross profit for the six months ended June 30, 2018 of $1,917,745 as compared to $1,946,727 for the six months ended June 30, 2017, a decrease of 1.5%.
  • Operating Expenses for the six months ended June 30, 2018 of $1,749,622 as compared to $1,544,127 for the six months ended June 30, 2017, an increase of 13.3%, primarily due to increases in staff costs.
  • Net Income for the six months ended June 30, 2018 totalled $113,652 as compared to $285,684 for the six months ended June 30, 2017, a decrease of 60.2%.
  • The Company had working capital of $2,499,667 as of June 30, 2018 compared to $2,292,644 as of December 31, 2017.

Second Quarter 2018 Financial Results

  • Revenue for the three months ended June 30, 2018 totalled $4,086,275 compared to $3,107,656 for the three months ended June 30, 2017, an increase of 31.5%.
  • Gross profit for the three months ended June 30, 2018 of $1,019,824 as compared to $957,343 for the three months ended June 30, 2017, an increase of 6.5%.
  • Operating Expenses for the three months ended June 30, 2018 of $886,304 as compared to $791,278 for the three months ended June 30, 2017, an increase of 12.0%.
  • Net Income for the three months ended June 30, 2018 totalled $89,280 as compared to $116,515 for the three months ended June 30, 2017, a decrease of 23.4%.

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
June 30

Six months ended
June 30


2018

$

2017

$

2018

$

2017

$






Revenue

4,086,275

3,107,656

7,654,897

6,170,964

Gross Profit

1,019,824

957,343

1,917,745

1,946,727

Expenses

886,304

791,278

1,749,622

1,544,127

Net and comprehensive income for the period

89,280

116,515

113,652

285,684

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 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. 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 six months ended June 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.

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