TORONTO - Score Media Inc. (TSX: SCR) says its year-end profit sank to $2.8 million or three cents per share compared to $13 million or 14 cents per share in the prior year.
The company said revenues for the year ended Aug. 31 were $33.5 million compared to $29.1 million the year before.
Score said the increase in revenues is a result of higher television subscriber revenue, increased television advertising revenue, and revenues from its Hardcore Sports Radio and Score Media's interactive properties.
However, the company said it had higher costs including production and other direct expenses of $14.2 million for the year compared to $12.9 million in the prior year.
Selling, general and administrative expenses were $9.9 million compared to $8.9 million in the prior year, while program rights were $3.6 million compared to $2 million.
As well, the company said it recorded a future income tax expense for the year of $900,000 compared to a future income tax recovery of $9.1 million for the year ended August 31, 2006.
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