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Bingo.com Announces Profitable Third Quarter

(November 14, 2011)

ANGUILLA, BRITISH WEST INDIES -- (Marketwire) -- 11/14/11 -- Bingo.com, Ltd. (OTCBB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the third quarter ended September 30, 2011. All amounts are presented in United States Dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:

-- Second consecutive profitable quarter; -- Net income for the three months ended September 30, 2011 was $15,158, a 78% increase compared to a net income of $8,520 in the second quarter of 2011; and -- Revenue of $416,732, an increase of 15% from revenue of $363,492 in the second quarter of 2011.

"Bingo.com has increased revenue and profits in the third quarter of 2011", said Jason Williams, Bingo.com's CEO. "We continue to build on the success of our restructuring program and marketing efforts. Despite the challenging summer months and a significant negative effect from currency fluctuations due to the strengthening of the United States Dollar, our reporting currency, Bingo.com has performed well. The benefits of Bingo.com's participation in the Unibet partner program are now being realized with gaming revenues increasing by 382% when compared with the same quarter in 2010. Leveraging the multi-language and multi-currency features of the Unibet platform, Bingo.com's European expansion is proving successful with several markets now contributing significant portions of our revenue. Player acquisitions and gaming activity on Bingo.com remain high and we hope to continue our success with further marketing investments in the fourth quarter."



Total revenue for the quarter ended September 30, 2011, was $416,372 an increase of 15% from revenue of $398,803 in the second quarter of 2011, and an increase of 327% from revenue of $97,509 for third quarter of 2010. Gaming Revenue was $398,803 in the quarter ended September 30, 2011, an increase of 13% from revenue of $352,413 in the second quarter of 2011, and an increase of 382% compared to Gaming Revenue of $82,745 in the third quarter of 2010. This increase compared to the second quarter of 2011 and the third quarter of fiscal 2010 is due to increased marketing efforts. We earned advertising revenue of $17,929 in the quarter ended September 30, 2011, an increase of 62% from advertising revenue of $11,079 in the second quarter of 2011, and an increase of 21% from advertising revenue of $14,764 in the third quarter of 2010.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses were $401,575 in the third quarter of 2011, an increase of 13% over operating costs of $354,947 in the second quarter of 2011 and an increase of 25% over operating expenses of $322,264 in the third quarter of 2010. The increase in operating expenses compared to the second quarter of 2011 and the third quarter of 2010, is the result of an increase in marketing efforts.

Selling and marketing expenses were $219,578 for the quarter ended September 30, 2011, an increase of 36% from expenses of $161,142 in the second quarter of 2011 and an increase over expenses of $39,309 in the third quarter of 2010. Selling and marketing expenses principally include Bingo.com marketing campaigns, affiliate commissions, Search Engine Optimization, and other promotional expenses intended to increase our player base and improve gaming revenue. The increase in selling and marketing expenses for the quarter ended September 30, 2011, compared to the second quarter of 2011 and the third quarter of 2010, is due is due to continued marketing efforts in target jurisdictions.

Salaries, wages, consultants and benefits decreased to $95,641 for the quarter ended September 30, 2011, compared to salaries, wages, consultants and benefits of $104,399 in the second quarter of 2011 and a decrease over salaries, wages, consultants and benefits of $172,757 in the third quarter of 2010. These decreases are a result of the restructuring of the Company after joining the Unibet Partner program.

General and administrative expenses consist primarily of premises costs for our office, legal and professional fees, and other general corporate and office expenses. General and administrative expenses decreased to $50,497 for the third quarter of 2011, a decrease of 40% from costs of $83,754 in the second quarter of 2011 and a decrease of 28% from costs of $70,486 for the third quarter of 2010. The decrease in general and administrative expenses compared to the second quarter of fiscal 2011, is due to the expenses incurred in holding the 2011 Annual General Meeting in June 2011 and the reduction in office space. General and administrative expenses have decreased in comparison to the prior year due to joining the Unibet's Partner Program which has enabled us to reduce many of our costs.

Net income for the three months ended September 30, 2011, amounted to $15,158, an net income of $0.00 per share, as opposed to a net income of $8,520 or $0.00 per share in the second quarter of 2011 and as opposed to a net loss of $245,507, a net loss of $0.00 per share for the same period in 2010. The switch to net profit for the quarter ended September 30, 2011, compared to net loss in the third quarter of 2010, is due to the increase in revenue as a result of marketing and a reduction in operating costs.

We had cash of $938,199 and positive working capital of $1,028,111 at September 30, 2011. This compares to cash of $886,428 and positive working capital of $1,002,277 at June 30, 2011.

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 website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCBB: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.poweredbyunibet.com).

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 21, 2011, 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.

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(264) 461-2646
[email protected]
www.bingo.com


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