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