|By Marketwired .||
|August 5, 2014 08:49 PM EDT||
ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 08/05/14 -- 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.
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 28, 2017 12:00 AM EDT Reads: 1,225
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 28, 2017 12:00 AM EDT Reads: 8,352
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 27, 2017 11:30 PM EDT Reads: 3,056
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 27, 2017 09:45 PM EDT Reads: 3,632
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Mar. 27, 2017 09:45 PM EDT Reads: 3,047
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Mar. 27, 2017 08:15 PM EDT Reads: 6,318
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 27, 2017 07:45 PM EDT Reads: 2,194
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Mar. 27, 2017 07:30 PM EDT Reads: 4,592
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Mar. 27, 2017 06:45 PM EDT Reads: 12,928
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.
Mar. 27, 2017 06:00 PM EDT Reads: 3,011
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 27, 2017 03:45 PM EDT Reads: 1,427
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 27, 2017 03:30 PM EDT Reads: 2,968
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 27, 2017 02:45 PM EDT Reads: 1,977
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 27, 2017 02:30 PM EDT Reads: 4,037
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Mar. 27, 2017 02:30 PM EDT Reads: 4,343