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Bingo.com Announces Third Quarter Results(October 30, 2013)
ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 10/30/13 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the period ending September 30, 2013. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Highlights from the quarter include:
-- Total revenue for the nine months ended September 30, 2013, was $1,534,211, an increase of 26% from revenue of $1,211,797 from the nine months ending September 30, 2012. -- Total revenue for the quarter ended September 30, 2013, was $452,753, a decrease of 1% from revenue of $457,748 in the third quarter of 2012. -- Completed transition to new desktop gaming platform enabling a mobile and tablet solution for the fourth quarter of 2013. -- Finalized Trophy Bingo social casino game development modifications in preparation for a fourth quarter of 2013 world wide launch.
"The third quarter of 2013 was challenging," said Jason Williams, Bingo.com's CEO. "The quarter was difficult as we had to overcome the latent effects of our platform migration, an increasingly competitive market environment, and the challenge of marketing a desktop only product suite in a market increasingly dominated by mobile and tablet visitors. Bingo.com has been working closely with its technology provider to ensure that a mobile and tablet solution is delivered soon to ensure players can access the Bingo.com suite of games on all of their devices."
"Bingo.com's social casino entry Trophy Bingo continues to be actively played by our beta test audience and has received a 4.5 star rating by reviewers on Apple's App Store and a 4.4 star rating by users on Google Play. The game is currently in late stages of development on a variety of social features which will facilitate increased organic player acquisition when the game is launched worldwide during the fourth quarter of 2013."
"We remain confident in the potential of both our European online gambling operation and our social casino product. For the fourth quarter we have configured our gambling promotions and allocated our marketing budgets to return to revenue growth."
Total Revenue for the quarter ended September 30, 2013, was $452,753, a decrease of 1% from revenue of $457,748 for third quarter of 2012 and a decrease of 8% from revenue of $491,259, in the second quarter of 2013. Gaming revenue was $446,022, a slight increase in the quarter ended September 30, 2013, compared gaming revenue of $445,237 in the third quarter of 2012 and a 8% decrease from revenue of $486,394 in the third quarter of 2013. This decrease in revenue compared to the third quarter of 2012 and the second quarter of 2013, is due a decline in play as a result of the continued disruption from the website migration. We earned advertising revenue of $6,731 in the quarter ended September 30, 2013, a decrease of 46% from advertising revenue of $12,511 in the third quarter of 2012 and an increase of 38% from advertising revenue of $4,865 in the second quarter of 2013.
Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $548,871 in the third quarter of 2013, an increase of 28% over operating expenses of $427,773 in the third quarter of 2012 and an increase of 14% over operating costs of $479,963 in the second quarter of 2013. The increase in operating expenses compared to the third quarter of 2012 and the second quarter of 2013, is due to the increase in marketing expenses.
Sales and marketing expenses were $462,974 for the quarter ended September 30, 2013, an increase of 49% over expenses of $310,712 in the third quarter of 2012 and an increase of 53% from 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 increase in sales and marketing expenses for the quarter ended September 30, 2013, compared to the third of 2012 is due to a larger media budget in the third quarter of fiscal 2013 in order to regain the lost traction from the website migration.
Net loss for the three months ended September 30, 2013, amounted to ($96,956), a loss of ($0.00) per share, a decrease in net income compared to net profit of $29,002, an income of $0.00 per share for the same period in 2012 and a decrease in net income compared to a net profit of $10,449 or loss of $0.00 per share in the second quarter of 2013.
We had cash of $586,273 and positive working capital of $1,071,464 at September 30, 2013. This compares to cash of $876,004 and positive working capital of $1,640,713 at December 31, 2012.
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, Ltd. (OTCQB:BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with a 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 29, 2013, 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.
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