Bingo.com Announces Profitable Second Quarter

ANGUILLA, B.W.I., August 15, 2011 / Bingo.com, Ltd. (OTC BB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the second quarter ended June 30, 2011. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights included:

• First profitable quarter since the second quarter of 2006.
• Net income for the three months ended June 30, 2011 was $8,520 compared to a net loss of
• $743,332 in the first quarter of 2011.
• Revenue of $363,492, an increase of 47% from revenue of $247,044 in the first quarter of 2011.

“Bingo.com has returned to profitability in the second quarter of 2011”, said Jason Williams, Bingo.com’s CEO. “In the first quarter of 2011, we completed the restructuring of Bingo.com’s strategy, technology, and personnel and are pleased to see the positive results that have been achieved. As a member of the Unibet partner program, Bingo.com’s international player acquisitions and revenues have greatly improved. The combination of a multi-language and multi-currency approach with a wide selection of premium bingo and casino games has resulted in high player values from a number of countries. With the launch of Bingo.com’s marketing initiatives in January 2011 and the rise of our active player base, Bingo.com’s revenues have climbed steadily. Now with higher revenues and lower operating costs, Bingo.com has been able to secure its first profitable quarter since the second quarter of 2006. Moving forward, Bingo.com will continue to invest in targeted marketing initiatives with the intention of growing revenues and profits.”

Total revenue for the quarter ended June 30, 2011, was $363,492, an increase of 47% from revenue of $247,044 in the first quarter of 2011, and an increase of 3% from revenue of $353,619 for second quarter of 2010. Gaming Revenue was $352,413 in the quarter ended June 30, 2011, an increase of 52% from revenue of $231,177 in the first quarter of 2011, and an increase of 6%, compared to Gaming Revenue of $333,115 in the second quarter of 2010. This increase compared to the first quarter of 2011 and the second quarter of fiscal 2010 is due to a targeted television marketing campaign. We earned advertising revenue of $11,079 in the quarter ended June 30, 2011, a decrease of 30% from advertising revenue of $15,867 in the first quarter of 2011 and a decrease of 46% from advertising revenue of $20,504 in the second quarter of 2010. During the quarter ended March 31, 2010 the Company suspended sales of new advertising.

Continue reading

Bingo.com Appoints Jason Williams as President and CEO

ANGUILLA, B.W.I., June 16, 2011 / Bingo.com, Ltd. (OTC BB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced that it has appointed Jason Williams as President and CEO of the Bingo.com organization. Mr. Tarrnie Williams, who has been Chairman, President, and CEO of the Company since 2001, will continue to serve as Chairman of Bingo.com’s board of directors. Other matters approved at today’s Annual General Meeting, held in The Valley, Anguilla, included the election of Ebba Ljungerud, Head of Maria Bingo within the Unibet Group, to the Company’s board of directors; the reappointment of the current Bingo.com board members excepting Petter Nylander, the previous Unibet Group representative; the appointment of Davidson & Company LLP, Chartered Accountants as independent auditors for the Company for the 2010 fiscal year; and other general business items which all passed as proposed.

“It’s now been over a decade since I assumed control of Bingo.com and I’m confident the organization is once again on the path to financial success,” said Tarrnie Williams. “Therefore, the board and I agree that the time has come for Jason Williams to assume the roles of President and CEO of Bingo.com. Jason, a member of the management team since 2001, has been leading our operations in Europe for the past four years as Bingo.com’s Vice President of Business Development and Marketing Director. We’re confident Jason has the skills, vision, and experience to make Bingo.com a success. I look forward to working with Jason in the years to come and will continue to assist him in my role as Chairman.”

Continue reading

Bingo.com Announces First Quarter Results

ANGUILLA, B.W.I., May 12, 2011 / Bingo.com, Ltd. (OTC BB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its preliminary unaudited financial results for the first quarter ended March 31, 2011. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights included:

• First quarter revenue of $247,044, an increase of 123% from revenue of $110,884 in the fourth quarter of 2010.
• A 95% increase in total monthly active customers in the first quarter of 2011 from the fourth quarter of 2010.
• Completed cost reduction restructuring program of the Bingo.com organization • Launch of television marketing campaign: http://www.youtube.com/watch?v=yDDXHmerMz8

“The first quarter of 2011 marks two milestones with the launch of our new marketing initiatives and the completion of our restructuring efforts,” said Tarrnie Williams, Bingo.com’s CEO. “I’m pleased to see our increased revenue and an increase in the total monthly active players, although the results have come at a significant cost. We invested heavily into marketing placements in the first quarter and the response from our target market has been extremely positive. However, given the large size of our investment, we believe it will take many months before the full benefits of the campaign are realized and returns secured. We continue to support the marketing in target jurisdictions with lower intensity. Bingo.com has recorded a significant loss in the first quarter of 2011. This is primarily a result of the high marketing costs and large one-time charges stemming from our restructuring efforts which are now complete. The remaining future costs of Bingo.com are now focused on the marketing function of the organization as we invest to generate increasing amounts of targeted traffic to build a large base of valuable customers.”

Continue reading