Posted 3/25/11 : Restructuring of resources and business strategy cited for another round of disappointing results.
Bingo.com, Ltd. announced disappointing financial results for the fourth quarter and year ended December 31, 2010 period, this week.
Fiscal highlights for the year ended December 31, 2010 include:
– Total revenue $1 816 804, a decrease of 69 percent (2009: $5 825 362)
– Total gaming revenue of $1 718 257, a decrease of 69 percent (2009: $5 629 529)
– Total loss after tax of $878,972.
Tarnie Williams, CEO, Bingo.com commented on the results:
"2010 was a difficult year of transition for Bingo.com. During the year, Bingo.com embarked on a new strategic direction by joining the Unibet Partner Program and began a complete restructuring of all resources and business strategy. While the initial impact of the strategy on our revenues has been negative, we believe the decision was the correct one and that positive returns will be realized.
"During the fourth quarter of 2010 Bingo.com invested in the creation of a new marketing campaign that launched in select markets during the first quarter of 2011. While some of the cost benefits of the restructuring have been recognized in 2010's results, the expenses anticipated as a result of the transition will not be complete until the end of the second quarter 2011. However as a result of our marketing efforts over the course of the first and second quarters of 2011, we also expect significantly higher revenues."