|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.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 30, 2015 04:00 PM EDT Reads: 136
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 30, 2015 01:30 PM EDT Reads: 175
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 30, 2015 01:30 PM EDT Reads: 209
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 30, 2015 01:00 PM EDT Reads: 266
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 30, 2015 12:00 PM EDT Reads: 257
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 30, 2015 11:00 AM EDT Reads: 164
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 30, 2015 10:30 AM EDT Reads: 427
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 30, 2015 10:30 AM EDT Reads: 865
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Aug. 30, 2015 10:15 AM EDT Reads: 212
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 30, 2015 10:00 AM EDT Reads: 330
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 30, 2015 10:00 AM EDT Reads: 218
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 30, 2015 09:45 AM EDT Reads: 185
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 30, 2015 09:15 AM EDT Reads: 606
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 30, 2015 09:15 AM EDT Reads: 435
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 30, 2015 08:45 AM EDT Reads: 337