|By Marketwired .||
|May 5, 2014 08:38 PM EDT||
ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 05/05/14 -- Bingo.com, Ltd. (OTCQB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the first quarter ended March 31, 2014. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Recent Bingo.com highlights include:
-- Total revenue for the quarter ended March 31, 2014, was $548,471, an increase of 36% from revenue of $404,488 in the fourth quarter of 2013. -- Two separate financings for the quarter ended March 31, 2014, for a total of 1,750,000 common shares at $0.40 per share raising $700,000 in total. -- Soft-launch of Trophy Bingo on Android smart-phones and tablets world- wide
"We continued to implement our long-term business strategies during the first quarter of 2014" said Jason Williams, Bingo.com's CEO. "In our European cash gaming business revenues increased significantly as a result of changes to the marketing mix and favourable gaming results during the quarter. We continue to invest in select marketing campaigns that have shown the highest returns and in markets where Bingo.com's brand is the strongest," continued Williams. "In our social casino business, we soft-launched Trophy Bingo in the Google Playstore during the quarter. The game has been rated highly by players on the platform and its analytics remain strong. We continue to invest heavily in the development of Trophy Bingo as we pursue a strategy of product differentiation in the social bingo marketplace. In the first quarter of 2014 we commenced amortizing the development expenses incurred to date and are expensing the ongoing development costs as they occur. This accounting change has resulted in a large loss for the quarter despite our revenue growth"
Total revenue for the quarter ended March 31, 2014, was $548,471, an increase of 36% from revenue of $404,488, in the fourth quarter of 2013 and a decrease of 7% from revenue of $590,199 for first quarter of 2013. Gaming Revenue was $541,329 in the quarter ended March 31, 2014, a 36% increase from revenue of $398,390 in the fourth quarter of 2013 and a decrease of 7%, compared to Gaming Revenue of $582,760 in the first quarter of 2013. The increase compared to the fourth quarter of 2013, is in part due to a large insured jackpot winner whereas the decrease compared to the first quarter of 2013 is due to a large marketing campaign in new markets in the first quarter of 2013, which resulted in a short term increase in players and revenue without showing a long term benefit due to the intense competition. We earned advertising revenue of $7,142 in the quarter ended March 31, 2014, an increase of 17% from advertising revenue of $6,098 in the fourth quarter of 2013 and a decrease of 4% from advertising revenue of $7,439 in the first quarter of 2013.
Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $900,536 in the first quarter of 2014, an increase of 42% over operating costs of $632,041 in the fourth quarter of 2013 and a decrease of 15% over operating expenses of $1,060,985 in the first quarter of 2013. In the first quarter of 2014, the Company ceased to capitalize the development of Trophy Bingo and commenced amortizing the capitalized development costs, as well as expensing the current development costs. Therefore, this increased the operating costs in the first quarter of 2014 compared to the fourth quarter of 2013. The decrease in operating expenses, compared to the first quarter of 2013, is due to a reduced media budget in the first quarter of 2014 compared to the larger media expenditures in new markets in the first quarter of 2013.
Sales and marketing expenses were $355,225 for the quarter ended March 31, 2014, a decrease of 30% from expenses of $507,421 in the fourth quarter of 2013 and a decrease of 59% over expenses of $868,789 in the first 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 March 31, 2014, compared to the first and fourth quarter of 2013 is due to larger media budgets in fiscal 2013 to drive additional players to the website and to expand into new European markets.
Net loss for the three months ended March 31, 2014, amounted to $352,692, a loss of $0.01 per share, an increase in net loss compared to a net loss of $230,167 or loss of $0.00 per share in the fourth quarter of 2013 and a decrease in net loss compared to net loss of $471,189, a loss of $0.01 per share, for the same period in 2013.
We had cash of $837,550 and positive working capital of $1,111,589 at March 31, 2014. This compares to cash of $491,203 and positive working capital of $646,104 at December 31, 2013.
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://www.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 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 is also the Publisher of Trophy Bingo http://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 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 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.
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Oct. 21, 2014 11:45 PM EDT Reads: 992
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Oct. 21, 2014 11:45 PM EDT Reads: 1,186
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
Oct. 21, 2014 09:45 PM EDT Reads: 1,003
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
Oct. 21, 2014 09:00 PM EDT Reads: 1,308
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
Oct. 21, 2014 08:45 PM EDT Reads: 1,154
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
Oct. 21, 2014 07:30 PM EDT Reads: 1,190
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
Oct. 21, 2014 06:00 PM EDT Reads: 1,127
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Oct. 21, 2014 05:45 PM EDT Reads: 1,029
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
Oct. 21, 2014 05:15 PM EDT Reads: 1,138
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Oct. 21, 2014 05:00 PM EDT Reads: 1,179
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
Oct. 21, 2014 01:45 PM EDT Reads: 1,468
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
Oct. 21, 2014 09:30 AM EDT Reads: 1,508
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
Oct. 20, 2014 10:00 PM EDT Reads: 1,641
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Oct. 20, 2014 07:00 PM EDT Reads: 1,955
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...
Oct. 20, 2014 05:45 PM EDT Reads: 1,661
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business’s infrastructure required to support an effective web experience… but they are missing a critical component – Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years use...
Oct. 20, 2014 05:00 PM EDT Reads: 1,674
Oct. 20, 2014 05:00 PM EDT Reads: 1,890
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation...
Oct. 20, 2014 03:45 PM EDT Reads: 1,677
What are the benefits of using an enterprise-grade orchestration platform? In their session at 15th Cloud Expo, Jeff Tegethoff, CEO of Appcore, and Kedar Poduri, Senior Director of Product Management at Citrix Systems, will take a closer look at the architectural design factors needed to support diverse workloads and how to run these workloads efficiently as a service provider. They will also discuss how to deploy private cloud environments in 15 minutes or less.
Oct. 20, 2014 03:00 PM EDT Reads: 1,681
Headquartered in Santa Monica, California, Bitium was founded by Kriz and Erik Gustavson. The 1,500 cloud-based application using Bitium’s analytics, app management, and single sign-on services include bug trackers, customer service dashboards, Google Apps, and social networks. The firm states website administrators can do multiple tasks online without revealing passwords. Bitium’s advisors include Microsoft’s former CMO and the former senior vice president of strategy, the founder and CEO of Li...
Oct. 20, 2014 03:00 PM EDT Reads: 1,776