Playmaker, a company specializing in sports media, reported revenue figures of $4.8 million in the third quarter of 2021. This is compared to the $22 million generated in the same period in 2020.
This business began generating revenue earlier this year with a number of acquisitions. Playmaker's pro-forma income was $5.6 million when including Yardbarker, Two-Up Agency and Futbol Sites. This represents a 109.0% increase over 2020.
Playmaker's gross profits were $4.5 million after taking into account the sales costs of $306,169.
Operating expenses for the quarter were $3.5 million. That's 42.6% less than in 2020. At $1.7 million, salary was the largest operating expense. This is down from $2.9 million last fiscal year.
When looking at other operating costs, advertising and commissions accounted for $913,589, $202,837 was spent on share-based compensation, $200,165 on professional fees and $181,272 on web services and publishing fees.
After no operating income in the third quarter of 2020, the operating income was $1.0 million.
However, listing fees were significantly lower at $84,162 (down 95.6% from $581,080) and transaction costs were $353,053 (down from $581.080). Pretax income reached $893,307, an increase from the $544,699 loss in 2020.
Pre-tax losses in the current year were $565,239, higher than the $164,022 loss from last year. After a $29,340 net loss the previous year, Playmaker's net income reached $893,307 in Q3.
Playmaker's $24 million acquisition of Yardbarker digital media company was completed in the third quarter. Jeff Gross, an investor, also supported the launch of a new sports betting content section.
Jordan Gnat, Playmaker founder and CEO, said that the company is excited to release its third-quarter results. It also continues the progress made since August's Q2 earnings report. With the acquisition of Yardbarker and Two-Up, the company is starting to see results in Q3.
"We are seeing strong momentum from all three levers of our growth engine - organic, acquisition, and synergies - and we will continue our efforts to maximize each one," he added.
Q3 was Playmaker's first quarter of trading at the TSX Venture Exchange in Toronto, Canada.
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