Thursday July 25,2013 : BACK IN THE BLACK AT BINGO.COM
Q2 profit is small but promising
After years of battling, online bingo operator Bingo.com had some positive news for investors this week, releasing Q2-2013 results that show a return to profit of $10,449 following a rise of 41 percent year-on-year in revenues to $491,259.
It will be a welcome change; the Anguilla-based firm posted a loss of $471,189 for the first three months of 2013, and the ink was all in red for a negative $28,908 in Q2-2012.
The company will have to watch its costs going forward: operating costs before interest and depreciation expenses rose by 28 percent year-on-year to $479,963, and sales and marketing expenses soared 61 percent over Q2-2012 to $303,239.
Nevertheless, chief executive officer Jason Williams was clearly relieved by the return to black ink, noting:
“We are very pleased with our return to profitability. With an increased focus on retention and monetisation of the players we acquired in the first quarter, we were able to secure a small profit despite reduced gaming activity."
Williams has high hopes for the company's iOS and Android apps in the social gaming space, saying that so far results have been positive and his staff is working on improvements to the social features.
The second milestone Bingo.com achieved during the quarter was the migration of its entire website and gaming technology to a new platform provided by Unibet
"With this migration complete, Bingo.com can now offer its cash players a wider range of casino games, bonuses and other incentives designed to increase player activity,” Williams said.