|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.
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