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Bingo.com Revenues Sinking
5/17/10 - Bingo.com chief executive Tarrnie Williams presented the 2010 first quarter results for the company this week, posting a 13 percent decline in revenues to GBP 773 974 compared to Q1/2009, and 17 percent down on Q4/2009.
The company reported a net loss of $344 806 in the first quarter of 2010.
The company recently sold 25.9 percent of its equity to the Unibet group for $2 250 000 and joined the Unibet roster of software licensees and network.
“Bingo.com was in a period of transition during the first quarter of 2010,” said Williams. “Early in the quarter, Bingo.com changed to a new software system. While the transition to the system was smooth, the results were not positive enough to warrant a significant marketing investment in the competitive UK market.
"As we recognized a change in strategy was necessary, we began talks regarding a partnership with Unibet. During the quarter we signed on to the Unibet partner program. However, the technology required development and we were not able to go live until just this week, almost half way through the second quarter. Play Online Bingo Now.
"The traffic to Bingo.com is strong and new player acquisitions are occurring from dozens of countries worldwide as we now support 23 languages on the Unibet platform. Now that our desired business strategy is in place, we believe it is only a matter of time before profitability will be achieved.
"The Company’s revenues are primarily received in Pounds Sterling whereas the majority of its fixed expenses are in both Canadian and United States Dollars. The large swings in the exchange rates of these currencies have negatively affected our operations."
Williams revealed that total group revenue decreased to $1 254 792 for the quarter ended March 31, 2010, a decrease of 5 percent from the first quarter of 2009, and a decrease of 19 percent from revenue of $1 552 320 in the fourth quarter of 2009.
Gaming revenue decreased to $1 209 269, a decline of 6 percent in the quarter ended March 31, 2010, compared gaming revenue of $1 284 732 in the first quarter of 2009 and a 19 percent decrease from revenue achieved in the fourth quarter of 2009.
"When measured in Pounds Sterling, presently our depositing currency, the gaming operations provided revenue of GBP 773 974, a decrease of 13 percent from gaming revenue of GBP 894 738 for the first quarter of 2009 and a decrease of 17 percent from gaming revenue generated in the fourth quarter of 2009," said Williams.
Operating costs before interest, depreciation and amortization expenses, including sales and marketing and general and administrative expenses increased to $719 373 in the first quarter of 2010, an increase of 1 percent over the corresponding period in 2009.
Net loss for the quarter ended March 31, 2010, amounted to $344 806, an increase of 41 percent compared to a net loss of $243 974 in the first quarter of 2009, and an increase of 20 percent compared to Q4/2009.
The company has approximately $2 328 000 in cash as at May 14, 2010.
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