Tuesday February 19,2013 : Q4-2012 RESULTS RELEASED BY BINGO.COM
25 percent rise in revenues…but losses persist, albeit significantly lower.
Bingo.com has released its Q4-2012 and FY 2012 results, highlighting the following achievements:
* Total revenue increased to $1,765,827 for the year ended December 31, 2012, an increase of 25 percent over revenue of $1,416,658 for the same period in the prior year;
* Total loss for the year ending December 31, 2012 was $46,235 compared to a loss of $689,016 for the year ending 2011;
* Total profit for Q4-2012 was $38,606, an improvement of 26 percent on profit of $30,638 for the same period in the prior year;
* Total revenue for the quarter ended December 31, 2012, was $554,031, an increase of 42 percent on the comparative period last year;
* Two separate financings in Q4 2012, of 1,000,000 common shares each, both at $0.45 per share raised $900,000 in total;
* Cash of $876,004 and working capital of $1,640,713 at December 31, 2012, compared to cash of $787,524 and working capital of $1,058,631 at December 31, 2011.
Jason Williams, CEO of the BVI-registered company said: "With our restructuring complete, we commenced an aggressive marketing strategy to increase revenue as quickly, and cost effectively, as possible. With each quarter in 2012 showing improved profitability we feel our strategy is working. We will continue this aggressive approach in existing markets, and expand into new territories in 2013.
"The financings were completed to fund our marketing efforts and the development of special internal projects. Bingo.com will be entering the social, free-to-play bingo market with an innovative multi-platform game. The game is scheduled to launch as a beta product early in the second quarter of this year. Bingo.com intends to continue investing in the strategies and areas that have the greatest potential for revenue growth and profits."