|By Marketwired .||
|August 5, 2014 08:49 PM EDT||
ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 08/06/14 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community www.bingo.com, today announced its unaudited financial results for the second quarter ended June 30, 2014. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Recent Bingo.com highlights include:
-- Finalized development activities readying Trophy Bingo for world wide third quarter launch. -- Total revenue for the quarter ended March 31, 2014, was $431,185, a decrease of 21% from revenue of $548,471 in the first quarter of 2014. -- Sales and marketing expenses were $205,825 for the quarter ended June 30, 2014, a decrease of 42% from expenses of $355,224 in the first quarter of 2014.
"In anticipation of a quarterly decline in our second quarter revenues," said Jason Williams, Bingo.com's CEO, "we reduced our marketing spend until mobile and tablet support for our gambling products are delivered by our technology supplier. We expect this to occur in the third quarter which should provide a boost to our European gambling business.
"We are focused on preparing for the launch of our social casino product Trophy Bingo which will initially be launched onto Android mobile and tablet devices, and shortly thereafter followed by iOS mobile devices. Trophy Bingo is an innovative product in the social bingo marketplace, containing many new features and unique Power Plays. We are enthusiastic about its market potential and look forward to its imminent launch."
Net loss for the three months ended June 30, 2014, amounted to ($350,351), a loss of ($0.01) per share, a decrease in net loss compared to a net loss of ($352,692) or loss of ($0.01) per share in the first quarter of 2014 and an increase in net loss compared to net income of $10,449, income of $0.00 per share, for the same period in 2013. Net income for the second quarter of 2014 before amortization of Trophy Bingo and the Trophy Bingo development expenses was $51,282, compared to a net loss of $23,109 before amortization of Trophy Bingo and the Trophy Bingo development expenses in the first quarter of 2014.
We had cash of $971,141 and positive working capital of $891,551 at June 30, 2014. This compares to cash of $491,203 and positive working capital of $646,015 at December 31, 2013.
Total revenue for the quarter ended June 30, 2014, was $431,185, a decrease of 21% from revenue of $548,471, in the first quarter of 2014 and a decrease of 12% from revenue of $491,259 for second quarter of 2013. Gaming Revenue was $426,920 in the quarter ended June 30, 2014, a 21% decrease from Gaming Revenue of $541,329 in the first quarter of 2014 and a decrease of 12%, compared to Gaming Revenue of $486,394 in the second quarter of 2013. The decrease compared to the first quarter of 2014, is due to the receipt of funds from an insured large jackpot winner in the first quarter of 2014. In addition, there was a decrease in players compared to first quarter of 2014 and the second quarter of 2013. We earned advertising revenue of $4,265 in the quarter ended June 30, 2014, a decrease of 40% from advertising revenue of $7,142 in the first quarter of 2014 and a decrease of 12% from advertising revenue of $4,865 in the second quarter of 2013.
Operating costs before interest, depreciation and amortization expenses, including sales and marketing and general and administrative expenses was $660,265 in the second quarter of 2014, a decrease of 15% over operating expenses of $780,033 in the first quarter of 2014 and an increase of 38% over operating expenses of $479,963 in the second quarter of 2013. The decrease in operating expenses, compared to the first quarter of 2014, is due to a reduced media budget in the second quarter of 2014 compared to the larger media expenditures in the first quarter of 2014. In the first quarter of 2014, the Company ceased to capitalize the development of Trophy Bingo and commenced expensing the current development costs. Therefore, this increased the operating costs in the second quarter of 2014 compared to the second quarter of 2013. The Company provided cash of $124,241 in operating activities compared to using cash of ($298,623) in the first quarter of 2014 by improving its collections and payable timings.
Sales and marketing expenses were $205,825 for the quarter ended June 30, 2014, a decrease of 42% from expenses of $355,224 in the first quarter of 2014 and a decrease of 32% over expenses of $303,239 in the second 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 June 30, 2014, compared to the first quarter of 2014 and the second quarter of 2013 is due to a larger media budget in the in the first quarter of 2014 and the second quarter of 2013 which was designed to drive additional players to the website and to expand into new European markets.
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://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 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 (www.unibet.com). Bingo.com is also the Publisher of Trophy Bingo (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 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 FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
Feb. 14, 2016 07:30 AM EST
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 14, 2016 07:30 AM EST
At first adopted by enterprises to consolidate physical servers, virtualization is now widely used in cloud computing to offer elasticity and scalability. On the other hand, Docker has developed a new way to handle Linux containers, inspired by version control software such as Git, which allows you to keep all development versions. In his session at 17th Cloud Expo, Dominique Rodrigues, the co-founder and CTO of Nanocloud Software, discussed how in order to also handle QEMU / KVM virtual machin...
Feb. 14, 2016 07:15 AM EST Reads: 148
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 14, 2016 05:00 AM EST
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Feb. 14, 2016 04:30 AM EST Reads: 403
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 14, 2016 04:00 AM EST Reads: 261
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 14, 2016 04:00 AM EST Reads: 489
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 14, 2016 03:45 AM EST Reads: 478
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 14, 2016 03:30 AM EST Reads: 392
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 14, 2016 02:00 AM EST Reads: 438
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 14, 2016 01:15 AM EST Reads: 297
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 13, 2016 11:15 PM EST Reads: 316
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 13, 2016 09:00 PM EST Reads: 260
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
Feb. 13, 2016 08:45 PM EST Reads: 402
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 13, 2016 08:00 PM EST Reads: 156