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Gambling: Parlay q1 Earnings
The Canadian Internet bingo software developer Parlay Entertainment has reported another disappointing quarterly result in its numbers for Q1 2009, with revenues declining to $1 million (Q1 2008: $2 million).
However, the company managed to substantially reduce expenses from $2.5 million in the same period last year to $1.3 million in the first quarter 2009. The company's net loss over the quarter was $200 000, lower than the $300 000 loss recorded in Q1 2008.
Scott White, Parlay's Chief Executive Officer commented: "2009 marks an important transitional year for Parlay as we deploy Parlay5 across our licensee base and provide enhanced technology solutions through our Parlay Games Services division in Alderney.
"With Parlay5 representing the most sophisticated and robust Internet bingo software commercially available today, our ability to support some 11 languages in a multi-currency environment, gives us a platform to service increasingly sophisticated licensees offering gaming opportunities across multiple languages and currencies.
"Through the use of this new generation of Parlay bingo, our integration of new content from our recently announced technology partners, our launch of complete remote gaming services in the UK and North America and our enhanced customer relationships, as well as opportunities to use the Parlay5 platform outside of traditional Internet gaming, will give Parlay the ability to recoup the revenue streams divested in 2008."
Parlay remains debt free and the firm's cash balance at March 31, 2009 was $3 million.
White said that the company had anticipated that both revenue and cost-base would shrink in Q1 2009 as plans to move out of non-regulated markets developed.
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