Welcome!

News Feed Item

Bingo.com Announces First Quarter Results

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.

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 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.

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
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...