News Feed Item

Bingo.com Announces Second Quarter Results

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.

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 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.

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
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 depl...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, discussed how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He also discussed how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors an...
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 ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
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...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
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 to 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 D...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...