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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Sometimes I write a blog just to formulate and organize a point of view, and I think it’s time that I pull together the bounty of excellent information about Machine Learning. This is a topic with which business leaders must become comfortable, especially tomorrow’s business leaders (tip for my next semester University of San Francisco business students!). Machine learning is a key capability that will help organizations drive optimization and monetization opportunities, and there have been some...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.