|By Marketwired .||
|May 5, 2014 08:38 PM EDT||
ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 05/06/14 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the first quarter ended March 31, 2014. 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 for the quarter ended March 31, 2014, was $548,471, an increase of 36% from revenue of $404,488 in the fourth quarter of 2013. -- Two separate financings for the quarter ended March 31, 2014, for a total of 1,750,000 common shares at $0.40 per share raising $700,000 in total. -- Soft-launch of Trophy Bingo on Android smart-phones and tablets world- wide
"We continued to implement our long-term business strategies during the first quarter of 2014" said Jason Williams, Bingo.com's CEO. "In our European cash gaming business revenues increased significantly as a result of changes to the marketing mix and favourable gaming results during the quarter. We continue to invest in select marketing campaigns that have shown the highest returns and in markets where Bingo.com's brand is the strongest," continued Williams. "In our social casino business, we soft-launched Trophy Bingo in the Google Playstore during the quarter. The game has been rated highly by players on the platform and its analytics remain strong. We continue to invest heavily in the development of Trophy Bingo as we pursue a strategy of product differentiation in the social bingo marketplace. In the first quarter of 2014 we commenced amortizing the development expenses incurred to date and are expensing the ongoing development costs as they occur. This accounting change has resulted in a large loss for the quarter despite our revenue growth"
Total revenue for the quarter ended March 31, 2014, was $548,471, an increase of 36% from revenue of $404,488, in the fourth quarter of 2013 and a decrease of 7% from revenue of $590,199 for first quarter of 2013. Gaming Revenue was $541,329 in the quarter ended March 31, 2014, a 36% increase from revenue of $398,390 in the fourth quarter of 2013 and a decrease of 7%, compared to Gaming Revenue of $582,760 in the first quarter of 2013. The increase compared to the fourth quarter of 2013, is in part due to a large insured jackpot winner whereas the decrease compared to the first quarter of 2013 is due to a large marketing campaign in new markets in the first quarter of 2013, which resulted in a short term increase in players and revenue without showing a long term benefit due to the intense competition. We earned advertising revenue of $7,142 in the quarter ended March 31, 2014, an increase of 17% from advertising revenue of $6,098 in the fourth quarter of 2013 and a decrease of 4% from advertising revenue of $7,439 in the first quarter of 2013.
Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $900,536 in the first quarter of 2014, an increase of 42% over operating costs of $632,041 in the fourth quarter of 2013 and a decrease of 15% over operating expenses of $1,060,985 in the first quarter of 2013. In the first quarter of 2014, the Company ceased to capitalize the development of Trophy Bingo and commenced amortizing the capitalized development costs, as well as expensing the current development costs. Therefore, this increased the operating costs in the first quarter of 2014 compared to the fourth quarter of 2013. The decrease in operating expenses, compared to the first quarter of 2013, is due to a reduced media budget in the first quarter of 2014 compared to the larger media expenditures in new markets in the first quarter of 2013.
Sales and marketing expenses were $355,225 for the quarter ended March 31, 2014, a decrease of 30% from expenses of $507,421 in the fourth quarter of 2013 and a decrease of 59% over expenses of $868,789 in the first quarter of 2013. 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. The decrease in sales and marketing expenses for the quarter ended March 31, 2014, compared to the first and fourth quarter of 2013 is due to larger media budgets in fiscal 2013 to drive additional players to the website and to expand into new European markets.
Net loss for the three months ended March 31, 2014, amounted to $352,692, a loss of $0.01 per share, an increase in net loss compared to a net loss of $230,167 or loss of $0.00 per share in the fourth quarter of 2013 and a decrease in net loss compared to net loss of $471,189, a loss of $0.01 per share, for the same period in 2013.
We had cash of $837,550 and positive working capital of $1,111,589 at March 31, 2014. This compares to cash of $491,203 and positive working capital of $646,104 at December 31, 2013.
For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com corporate website at http://www.corporate.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 is also the Publisher of Trophy Bingo http://www.trophybingo.com. Bingo.com, Ltd. (OTCQB: BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with the 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 25, 2014, 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.
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Sep. 25, 2016 06:45 AM EDT Reads: 1,728
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 25, 2016 06:30 AM EDT Reads: 2,794
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Sep. 25, 2016 05:45 AM EDT Reads: 1,602
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 25, 2016 05:30 AM EDT Reads: 977
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Sep. 25, 2016 04:45 AM EDT Reads: 1,498
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 25, 2016 04:15 AM EDT Reads: 1,678
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 25, 2016 04:15 AM EDT Reads: 1,380
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 25, 2016 03:15 AM EDT Reads: 3,349
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Sep. 25, 2016 03:00 AM EDT Reads: 1,470
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 25, 2016 02:45 AM EDT Reads: 1,711
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 25, 2016 02:45 AM EDT Reads: 874
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Sep. 25, 2016 02:15 AM EDT Reads: 1,212
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Sep. 25, 2016 12:45 AM EDT Reads: 1,929
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 25, 2016 12:45 AM EDT Reads: 1,037
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 25, 2016 12:30 AM EDT Reads: 1,600