Bingo.com announces improved second quarter results
19th August, 2008
The popular online bingo community site Bingo.com has shown improved second quarter 2008 unaudited financial results, ending June 30th.
Total revenue increased 5% over the first quarter of 2008, from $1,344,347 up to $1,415,858. They posted $1,135,844 in the final quarter of 2007.
Net losses were down an impressive 10% over the same period, from $262,542 to $235,188.
CEO of Bingo.com, Tarrnie Williams, said: "In the second quarter of 2008, Bingo.com made some important strides towards returning to profitability. Despite not yet acquiring licensing status enabling us to advertise in the UK, we acquired thousands of new real-money players, increased our revenues, decreased our net loss, and further developed the entertainment available at Bingo.com. We remain focused on launching Bingo.com into new markets and enhancing the product offering of games at our website as we finalize obtaining a tier one gaming license, expected in the fourth quarter of this year. To help us achieve these goals and provide additional marketing support we secured a $600,000 private placement of our common shares for the Company. The gaming traffic to Bingo.com remains stronger than ever and we believe our strategies will return us to profitability."
An increase in advertising revenues over the same period in 2007 was a slight drop over the revenues gained in the first period of 2008. Operating costs were also higher, attributed to higher sales and marketing expenses.
The decreases in net loss were due to the launch of cash games in the UK, despite not having a license to advertise in the territory yet. The license is expected to be granted in the final quarter of 2008.
By Chris M
