|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.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 30, 2015 10:00 PM EST Reads: 273
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Nov. 30, 2015 06:30 PM EST
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Nov. 30, 2015 03:45 PM EST
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Nov. 30, 2015 03:30 PM EST
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 30, 2015 03:15 PM EST Reads: 245
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 30, 2015 03:00 PM EST Reads: 494
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 30, 2015 02:00 PM EST Reads: 368
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 30, 2015 01:45 PM EST Reads: 433
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 30, 2015 01:45 PM EST Reads: 437
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 30, 2015 01:00 PM EST Reads: 541
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 30, 2015 12:45 PM EST Reads: 343
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 30, 2015 12:45 PM EST Reads: 291
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 30, 2015 11:00 AM EST Reads: 223
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 30, 2015 10:45 AM EST Reads: 463
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 30, 2015 10:30 AM EST Reads: 359