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Prodigy Ventures Inc. Extends Strong Growth for Q3 2019 and Builds Senior Team

(PGV.V)

TORONTO , Nov. 26, 2019 /CNW/ - Prodigy Ventures Inc. (PGV.V) ("Prodigy" or the "Company") today announced the results for the three and nine months ended September 30, 2019 .

"Prodigy extended its strong growth in revenues and profits in the third quarter of 2019" said Tom Beckerman , Prodigy's CEO. "Prodigy continues to build its senior leadership team to deliver breakthrough results for our enterprise customers, as the Company adds new opportunities to our pipeline and practice areas of digital transformation, identity and payments."

Third Quarter 2019 Financial Results

  • Revenue for the three months ended September 30, 2019 totalled $5,162,469 compared to $4,600,786 for the three months ended September 30, 2018 , an increase of 12%.
  • Gross profit for the three months ended September 30, 2019 of $1,489,882 as compared to $1,015,498 for the three months ended September 30, 2018 , an increase of 47%.
  • Operating Expenses for the three months ended September 30, 2019 of $1,279,172 as compared to $924,990 for the three months ended September 30, 2018 , an increase of 38%, primarily due to increases in staff costs.
  • Net Income for the three months ended September 30, 2019 totalled $150,933 as compared to $60,525 for the three months ended September 30, 2018 , an increase of 149%.
  • Declared quarterly dividend of $0.001 per common share.
  • The Company had working capital of $2,854,745 as of September 30, 2019 compared to $2,688,268 as of December 31, 2018 .


Year-to-Date 2019 Financial Results

  • Revenue for the nine months ended September 30, 2019 totalled $15,330,893 compared to $12,255,683 for the nine months ended September 30, 2018 , an increase of 25%.
  • Gross profit for the nine months ended September 30, 2019 of $4,399,149 as compared to $2,933,243 for the nine months ended September 30, 2018 , an increase of 50%.
  • Operating Expenses for the nine months ended September 30, 2019 of $3,849,266 as compared to $2,674,613 for the nine months ended September 30, 2018 , an increase of 44%.
  • Net Income for the nine months ended September 30, 2019 totalled $392,456 as compared to $174,177 for the nine months ended September 30, 2018 , an increase of 125%.


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
September 30

Nine months ended
September 30


2019

$

2018

$

2019

$

2018

$






Revenue

5,162,469

4,600,786

15,330,893

12,255,683

Gross Profit

1,489,882

1,015,498

4,399,149

2,933,243

Expenses

1,279,172

924,990

3,849,266

2,674,613

Net and comprehensive income for the period

150,933

60,525

392,456

174,177

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 and 2019), Canada's Top Growing Companies (2019).

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 nine months ended September 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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