02/22/2012 : BINGO.COM IMPROVES RESULTS
But still records sixth consecutive annual loss
Bingo.com, Ltd. presented its unaudited financial results for the fourth quarter 2011 showing an improvement in fortunes following a restructuring but not enough to escape its sixth consecutive annual loss.
Key performance indicators for the quarter ended December 31, 2011 include:
– Third consecutive profitable quarter;
– Total profit of $ 31 093 (Q4/2010: $ -260 682).
– Total revenue amounted to $389 390 (Q4/2010: $110 884), indicating an increase of 251 percent.
– Gaming operations provided $367 560 towards total revenue (Q4/2010: $93 128), an increase of 295 percent which was attributed to an increase in cash play following increased marketing efforts.
– General and administrative expenses were $137 607, a decrease of 44 percent over Q4/2010.
Jason Williams, chief executive officer of Bingo.com commented: "2011 was a pivotal year for Bingo.com. During the first quarter, Bingo.com completed its restructuring initiatives and launched an aggressive new marketing campaign. The execution of these two strategies resulted in a large loss for Q1-2011, but set the stage for Bingo.com's return to profitability.
"While we are concentrating on retaining profitability in 2012, our major focus will be to increase revenues and market share. Therefore, we will be investing significant resources into our marketing programs in the first quarter of 2012, which could result in a net loss for the quarter. However, we expect to continue to see long term positive returns on our marketing investments and believe that our current strategy is the correct one."