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Prodigy Ventures Inc. Announces Record Results for H1 2019 and a Growing Opportunity Pipeline

(PGV.V)

TORONTO , Aug. 13, 2019 /CNW/ - Prodigy Ventures Inc. (PGV.V) ("Prodigy" or the "Company") today announced the results for the three and six months ended June 30, 2019 .

"Prodigy produced significant increases in both revenues and profits in the first half of 2019" said Tom Beckerman , Prodigy's CEO. "Our Technology Partnership with SecureKey Technologies Inc.'s Verified.Me digital identity platform continues to add new opportunities to our pipeline, and our practice areas of digital transformation, identity and payments are all resonating with existing customers and new prospects. Prodigy has added new business development staff to realize these significant growth opportunities."

Second Quarter 2019 Financial Results

  • Revenue for the three months ended June 30, 2019 totalled $5,290,696 compared to $4,086,275 for the three months ended June 30, 2018 , an increase of 29%.
  • Gross profit for the three months ended June 30, 2019 of $1,547,908 as compared to $1,019,824 for the three months ended June 30, 2018 , an increase of 52%.
  • Operating Expenses for the three months ended June 30, 2019 of $1,412,734 as compared to $886,304 for the three months ended June 30, 2018 , an increase of 59%, primarily due to increases in staff costs.
  • Net Income for the three months ended June 30, 2019 totalled $96,701 as compared to $89,280 for the three months ended June 30, 2018 , an increase of 8%.
  • The Company had working capital of $2,807,716 as of June 30, 2019 compared to $2,688,268 as of December 31, 2018 .


Year-to-Date 2019 Financial Results

  • Revenue for the six months ended June 30, 2019 totalled $10,168,424 compared to $7,654,897 for the six months ended June 30, 2018 , an increase of 33%.
  • Gross profit for the six months ended June 30, 2019 of $2,909,267 as compared to $1,917,745 for the six months ended June 30, 2018 , an increase of 52%.
  • Operating Expenses for the six months ended June 30, 2019 of $2,570,093 as compared to $1,749,622 for the six months ended June 30, 2018 , an increase of 47%.
  • Net Income for the six months ended June 30, 2019 totalled $241,523 as compared to $113,652 for the six months ended June 30, 2018 , an increase of 113%.


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


2019

$

2018

$

2019

$

2018

$






Revenue

5,290,696

4,086,275

10,168,424

7,654,897

Gross Profit

1,547,908

1,019,824

2,909,267

1,917,745

Expenses

1,412,734

886,304

2,570,093

1,749,622

Net and comprehensive income for the period

96,701

89,280

241,523

113,652

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 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).

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, 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.

SOURCE Prodigy Ventures Inc.


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