Welcome!

News Feed Item

Bingo.com Announces 2013 Year End Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 01/25/14 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2013. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:

--  Total revenue increased to $1,938,699 for the year ended December 31,
    2013, an increase of 10% over revenue of $1,765,828 for the same period
    in the prior year. 
--  Total loss for the year ending December 31, 2013 was $814,178 compared
    to a loss of $46,235 for the year ending 2012. 
--  Completed transition to new desktop gaming platform in Q4 which enables
    a mobile and tablet solution to launch in the first quarter of 2014. 
--  Finalized beta testing of Trophy Bingo, our social casino game and
    completed preparations for a world wide launch on Android mobiles and
    tablets in the first quarter of 2014. 
--  Two separate financings in 2013 for a total of 2,000,000 common shares
    at $0.45 per share raising $900,000 in total. 

"2013 was filled with highs and lows for Bingo.com," said Jason Williams, the Company's CEO. "During the year, we were completely focused on two strategic initiatives; to increase revenue in our cash gaming business, and to spearhead the development of our social casino game Trophy Bingo."

"We invested heavily in our marketing campaigns with mixed results. While we believe our position within established markets has improved, player values have weakened. Increased competition and significant inflation in media prices have combined to make the environment more challenging."

"While the cash gambling market has opportunities, we believe that the social casino sector currently has more potential for a bingo focused product. Trophy Bingo will be a totally unique bingo game in the market and features patent-pending game mechanics. Development on Trophy Bingo continues at a rapid pace and we anticipate our first platform world wide release to be very soon."

"2014 will be a pivotal year for Bingo.com with the power of the Bingo.com URL harnessed under both of our business segments. The gambling business will finally be supported with a mobile product suite and Trophy Bingo will reach a global audience on multiple platforms. We continue to believe in our strategy and look forward to the year ahead."

Total revenue increased to $1,938,699 for the year ended December 31, 2013, an increase of 10% over revenue of $1,765,828 for the same period in the prior year. Gaming revenue increased to $1,913,566 for the year ended December 31, 2013, an increase of 11% over gaming revenue of $1,721,135 for the same period in the prior year. This increase compared to the prior year is due to an increase in players to the website as a result of increased marketing, especially in the first quarter of 2013. Advertising Revenue decreased to $25,133 for the year ended December 31, 2013, a decrease of 44% over revenue of $44,693 for the same period in the prior year.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $2,748,176 for the year ended 2013, an increase of 52% over operating expenses of $1,807,558 for the year ended 2012. The increase in operating expenses compared to the year ended 2012, is primarily due to a 78% increase in marketing expenses.

Sales and marketing expenses were $2,168,031 for the year ended 2013, an increase of 78% over expenses of $1,217,416 for the year ended 2012. Sales and marketing expenses principally include costs for television marketing, Search Engine Optimization expenses, prizes for our players and other bonuses and incentives offered to gaming players. This large increase in sales and marketing expenses in 2013 did not prove as effective as anticipated and the ineffective Television campaigns have been terminated.

The net loss after taxation for the twelve months ended December 31, 2013, amounted to $814,178, a loss of ($0.01) per share, compared to a net loss of ($46,235) or ($0.00) per share in the twelve months ending December 31, 2012.

We had cash of $491,203 and working capital of $619,699 at December 31, 2013. This compares to cash of $876,004 and working capital of $1,640,713 at December 31, 2012.

For full details of the Companies operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCQB:BNGOF) is the parent company of the Bingo.com group of companies which own the popular online gaming community http://www.bingo.com. The Bingo.com website offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. The Bingo.com website has attracted millions of visitors from over 200 countries and is one of the most recognized and most visited bingo entertainment destinations on the Internet. Bingo.com operates its multi-language and multi-currency bingo and casino system as part of the Unibet partner program (http://www.unibet.com). Bingo.com, Ltd. (OTCQB:BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with a U.S. regulator. Investors can find real time quotes and market information for the Company at http://www.otcmarkets.com/stock/BNGOF/quote.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-K, filed with the SEC on March 29, 2013, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.

BINGO.COM, LTD.
Unaudited Consolidated Balance Sheets

December 31,                                              2013         2012
---------------------------------------------------------------------------
Assets                                                                     
Current assets:                                                            
  Cash                                               $ 491,203    $ 876,004
  Accounts receivable, less allowance for                                  
   doubtful accounts $150,000 (2010 - $150,000)        281,257      364,184
  Prepaid expenses                                     112,095      506,133
---------------------------------------------------------------------------
Total Current Assets                                   884,555    1,746,321
                                                                           
Equipment, net                                           7,770       10,280
                                                                           
Other assets                                         1,457,557      348,212
                                                                           
Domain name rights and intangible assets             1,257,241    1,257,241
                                                                           
Deferred tax asset, less valuation allowance of                            
 $143,944 (2012 - $79,681)                                   -            -
                                                                           
---------------------------------------------------------------------------
Total Assets                                       $ 3,607,123  $ 3,362,054
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
Liabilities and Stockholders' Equity                                       
Current liabilities:                                                       
  Accounts payable                                   $ 186,114     $ 24,465
  Accrued liabilities                                   67,466       65,593
  Accounts payable and accrued liabilities -                               
   related party                                        11,275       15,550
---------------------------------------------------------------------------
Total Current Liabilities                              264,855      105,608
---------------------------------------------------------------------------
                                                                           
Stockholders' equity :                                                     
  Common stock, no par value, unlimited shares                             
   authorized, 67,877,703 shares issued and                                
   outstanding (December 31, 2012 - 65,877,703)     20,097,690   19,197,690
  Accumulated deficit                              (16,780,002) (15,965,824)
  Accumulated other comprehensive loss:                                    
    Foreign currency translation adjustment             24,580       24,580
---------------------------------------------------------------------------
Total Stockholders' Equity                           3,342,268    3,256,446
                                                                           
---------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity         $ 3,607,123  $ 3,362,054
---------------------------------------------------------------------------
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Operations
For the periods ended December 31, 2013 and 2012

                                                          Three       Three
                                                         Months      Months
                             Year ended  Year ended       ended       ended
                               December    December    December    December
                               31, 2013    31, 2012    31, 2013    31, 2012
                             (Unaudited) (Unaudited) (Unaudited) (Unaudited)
---------------------------------------------------------------------------
                                                                           
Advertising revenue            $ 25,133    $ 44,693     $ 6,098     $ 4,927
Gaming revenue                1,913,566   1,721,135     398,390     549,104
---------------------------------------------------------------------------
Total revenue                 1,938,699   1,765,828     404,488     554,031
                                                                           
Operating expenses:                                                        
  Depreciation and                                                         
   amortization                   4,687       4,755       1,903       1,192
  Directors fees                 12,000      11,500       2,500       2,500
  General and                                                              
   administrative               296,581     230,849      68,127      50,155
  Salaries, wages,                                                         
   consultants and benefits     272,496     339,943      63,806      48,933
  Selling and marketing       2,168,031   1,217,416     533,029     419,954
  Stock-based compensation            -      60,005           -           -
---------------------------------------------------------------------------
Total operating expenses      2,753,795   1,864,468     669,365     522,734
---------------------------------------------------------------------------
                                                                           
(Loss) Income before other                                                 
 income (expense) and                                                      
 income taxes                  (815,096)    (98,640)   (264,877)     31,297
                                                                           
Other income (expense):                                                    
  Foreign exchange gain                                                    
   (loss)                           932      52,155       9,106       8,051
  Interest and other income         840       1,258         143         206
  Profit on sale of                                                        
   subsidiary                       812           -         812           -
---------------------------------------------------------------------------
                                                                           
(Loss) Income before income                                                
 taxes                         (812,512)    (45,227)   (254,816)     39,554
                                                                           
Income tax expense               (1,666)     (1,008)     (1,666)       (948)
---------------------------------------------------------------------------
                                                                           
Net (loss) income            $ (814,178)  $ (46,235) $ (256,482)   $ 38,606
---------------------------------------------------------------------------
                                                                           
Net (loss) income per                                                      
 common share, basic            $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
Net (loss) income per                                                      
 common share, diluted          $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
---------------------------------------------------------------------------
                                                                           
Weighted average common                                                    
 shares outstanding, basic   67,165,374  64,156,392  67,877,703  64,986,399
Weighted average common                                                    
 shares outstanding,                                                       
 diluted                     67,165,374  64,156,392  67,877,703  65,877,703
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Stockholders' Equity
For the year ended December 31, 2013
(Unaudited)

---------------------------------------------------------------------------
                                                          Accumu-
                                                           lated           
                                                           Other           
                                                          Compre-          
                                                         hensive           
                                                          income           
                                                        --------           
                                                         Foreign           
                                                        currency      
                                                           trans-     Total
                                                          lation      Stock-
                         Common stock      Accumulated    adjust-   holders'
                      Shares      Amount       Deficit      ment     Equity
---------------------------------------------------------------------------
Balance, January                                                           
 1, 2012          63,877,703 $18,237,685  $(15,019,134) $ 24,580 $3,243,131
                                                                           
  Stock-based                                                              
   compensation            -      60,005             -         -     60,005
                                                                           
  Private                                                                  
   placement       1,000,000     450,000             -         -    450,000
                                                                           
  Private                                                                  
   placement       1,000,000     450,000             -         -    450,000
                                                                           
  Net loss                 -           -      (688,561)        -   (688,561)
---------------------------------------------------------------------------
Balance, December                                                          
 31, 2012         65,877,703 $19,197,690  $(15,965,824) $ 24,580 $3,256,446
                                                                           
  Private                                                                  
   placement       2,000,000     900,000             -         -    900,000
                                                                           
  Net loss                 -           -      (814,178)        -   (814,178)
---------------------------------------------------------------------------
Balance, December                                                          
 31, 2013         67,877,703 $20,097,690  $(16,780,002) $ 24,580 $3,342,268
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Cash Flows
For Year Ended December 31, 2013 and 2012

---------------------------------------------------------------------------
Years ended December 31,                                    2013       2012
---------------------------------------------------------------------------
Cash flows from operating activities:                                      
  Net loss                                            $ (814,178) $ (46,235)
  Adjustments to reconcile net loss to net cash used                       
   in operating activities:                                                
    Depreciation and amortization                          4,687      4,755
    Profit on disposal of subsidiary                        (812)         -
    Stock-based compensation                                   -     60,005
  Changes in operating assets and liabilities:                             
    Accounts receivable                                   81,609   (216,065)
    Prepaid expenses                                     394,038   (286,854)
    Other assets                                             788       (330)
    Accounts payable and accrued liabilities             161,377      9,317
---------------------------------------------------------------------------
  Net cash used in operating activities                 (172,491)  (475,407)
                                                                           
Cash flows from investing activities:                                      
  Acquisition of equipment                                (2,177)      (208)
  Software development                                (1,110,133)  (335,905)
---------------------------------------------------------------------------
  Net cash (used in) provided by investing                                 
   activities                                         (1,112,310)  (336,113)
                                                                           
Cash flows from financing activities:                                      
  Private placement                                      900,000    900,000
---------------------------------------------------------------------------
  Net cash provided by financing activities              900,000    900,000
                                                                           
---------------------------------------------------------------------------
Change in cash                                          (384,801)    88,480
                                                                           
Cash, beginning of year                                  876,004    787,524
---------------------------------------------------------------------------
Cash, end of year                                      $ 491,203  $ 876,004
---------------------------------------------------------------------------
                                                                           
Supplementary information:                                                 
  Interest paid                                              $ -        $ -
  Income taxes paid                                      $ 1,480    $ 1,510
---------------------------------------------------------------------------
                                                                           
Non-cash financing activity                                  $ -        $ -
Non-cash investing activity                                  $ -        $ -
---------------------------------------------------------------------------

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(264) 461-2646
(264) 498-3805 (FAX)
[email protected]
www.bingo.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...