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Prodigy Ventures Inc. Announces Strong Growth with 2019 Results and Provides Business Update

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(TSXV:PGV)

TORONTO, April 7, 2020 /CNW/ - Prodigy Ventures Inc. (TSXV:PGV) ("Prodigy" or the "Company") today announced strong growth for the year ended December 31, 2019.

"Prodigy had another strong year of growth in revenues and profits in 2019" said Jeff Watts, Prodigy's CEO. "The Company continues to expand its practice areas of digital identity, payments, and digital transformation, and is also building new strategic partnerships to enhance future opportunities."

Full Year 2019 Financial Results

  • Revenue for the year ended December 31, 2019 totalled $20,330,350 compared to $16,943,045 for the year ended December 31, 2018, an increase of 20%.
  • Gross profit for the year ended December 31, 2019 of $5,641,723 as compared to $4,050,984 for the year ended December 31, 2018, an increase of 39%.
  • Operating Expenses for the year ended December 31, 2019 of $5,149,103 as compared to $3,782,792 for the year ended December 31, 2018, an increase of 36%, primarily due to increases in staff costs.
  • Net Income for the year ended December 31, 2019 totalled $343,311 as compared to $175,595 for the year ended December 31, 2018, an increase of 96%.
  • The Company had working capital of $2,728,512 as of December 31, 2019 compared to $2,688,268 as of December 31, 2018.

Fourth Quarter 2019 Financial Results

  • Revenue for the three-month period ended December 31, 2019 totalled $4,999,457 as compared to $4,687,362 for the three months ended December 31, 2018, an increase of 7%.
  • Gross profit for the three-month period ended December 31, 2019 of $1,242,574 as compared to $1,117,740 for the three-month period ended December 31, 2018, an increase of 11%.
  • Operating Expenses for the three-month period ended December 31, 2019 of $1,299,837 as compared to $1,108,179 for the three-month period ended December 31, 2018, an increase of 17%.
  • Net Loss for the three-month period ended December 31, 2019 totalled $49,145 as compared to Net Income of $1,418 for the three-month period ended December 31, 2018.


Three months ended
December 31

Year ended
December 31


2019 $

2018 $

2019 $

2018 $






Revenue

4,999,457

4,687,362

20,330,350

16,943,045

Gross Profit

1,242,574

1,117,740

5,641,723

4,050,984

Expenses

1,299,837

1,108,179

5,149,103

3,782,792

Net and comprehensive income (loss) for the period

(49,145)

1,418

343,311

175,595

Net income (loss) per share – basic and diluted

(0.00)

0.00

0.00

0.00

 

The complete audited 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.

COVID-19 UPDATE

Prodigy continues to carefully monitor and assess the evolving situation related to COVID-19 and the potential impact to its business, employees and customers. Although the impact to the future demand for the Company's services remains unknown, the Company has a continuing pipeline of work which is being delivered remotely without interruption. Furthermore, in the spirit of prudent management, the Company has taken steps to reduce its overhead and ongoing expenses to ensure it maintains a strong cash position. As a result, we believe the Company is well positioned to absorb economic impacts and maintain its long-term viability.

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company develops software and services with emerging technologies for digital transformation, identity and payments. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth 500 (2018 and 2019), Canada's Top Growing Companies (2019).

Forward-Looking and Cautionary 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. Forward looking statements in this press release include statements regarding the impact of COVID-19 on the Company's business.  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 year ended December 31, 2019, 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.

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.

SOURCE Prodigy Ventures Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/April2020/07/c4886.html

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