Press Releases 2002
May 14, 2002
Bingo.com Announces First Quarter Results
Results show improvement in working capital and cash flow
VANCOUVER, Canada, May 14, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the three months ended March 31, 2002. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Bingo.com, Inc. (the “Company”) ended the first quarter of 2002 with total revenue of $237,000, a 59% decrease over revenue of $583,000 for the same period in the previous year. The majority of the Company’s revenue was earned from the sale of advertising on its Web portal, www.bingo.com, which experienced strong traffic during the quarter.
April 3, 2002
Bingo.com Announces Fourth Quarter and Year End Results
VANCOUVER, Canada, April 3, 2002 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the fourth quarter and year end December 31, 2001. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Bingo.com, Inc. (the “Company”) ended the 2001 year with total revenue of $1,734,000, a 55% increase over the previous year’s revenue of $1,200,000. Revenue for the fourth quarter of 2002 decreased to $343,000 from $514,000 a year earlier, a drop of 33%. The majority of the Company’s revenue was earned from the sale of advertising on its Web portal, www.bingo.com, which experienced strong traffic throughout the year.
Operating costs before interest, depreciation and amortization expenses dropped significantly in 2001 to $1,776,000, from $2,993,000 for the prior year, a decline of 41%. Operating costs before interest, depreciation and amortization expenses were $252,000 for the quarter ended December 31, 2001, a reduction of 46% compared to costs of $471,000 for the same period in the prior year. The significant decrease in operating costs compared to the prior year demonstrates the effectiveness of the Company’s efforts to reduce expenses in the latter half of fiscal 2001. Interest, depreciation and amortization totaled $745,000 and $149,00 for the year and quarter ended December 31, 2001, respectively, compared to $584,000 and $201,000 for the year and quarter ended December 31, 2000, respectively.
The Company ended the 2001 year with a net loss of $1,879,000, or $0.18 per share, a per share improvement of 45% compared to a loss of $3,335,000 or $0.33 per share for the prior fiscal year. The net loss for the quarter ended December 31, 2001 amounted to $301,000, or $0.02 per share, a 60% improvement over the per share loss of $0.05 for the same period in the prior year, a loss of $584,000.
March 27, 2002
Bingo Games Onlines and Casinoandsportsbooks.com Join Bingo.com Affiliate Program
VANCOUVER, Canada, March 27, 2002 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced that Bingo Games Online and Casinoandsportbooks.com, online directories of casino and bingo games, have joined the Bingo.com affiliate program. As Bingo.com affiliates, these sites earn revenue from each new player they send to Bingo.com that subsequently plays BiG’r Bingo.
BiG’r Bingo is a pay-for-play skill Bingo game where 100% of the prize pool is paid out to participants. Bingo.com charges each player a small Network Maintenance Fee to join a game. Under the BiG’r Bingo affiliate program, partner sites will have the opportunity to earn up to 30% of total revenue generated from every new user who joins and plays. Web portals, publishers, media companies, charitable organizations, and other groups looking to raise money through online bingo will be able to share in the success of Bingo.com’s skill games.
March 14, 2002
Bingo.com to Integrate Findwhat.com Search Engine
New Revenue Stream Established with Pay-For-Performance Search Functionality
VANCOUVER, Canada, March 14, 2002 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced that it will integrate FindWhat.com search results into the Bingo.com portal. FindWhat.com is a leading developer and marketer of performance-based advertising services for the Internet featuring the FindWhat.com pay-for-performance search engine. Under the terms of the agreement, Bingo.com will provide pay-for-performance search results to its visitors and members in exchange for a percentage of the revenue generated by each click.
March 20, 2002
Gamewinner.com Joins Bingo.com Affiliate Program
VANCOUVER, Canada, March 20, 2002 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced that Gamewinner.com, one of the web’s oldest continuous free gaming sites, has joined the Bingo.com affiliate program. As a Bingo.com affiliate, Gamewinner.com earns revenue from each new player they send to Bingo.com that subsequently plays BiG’r Bingo.
BiG’r Bingo is a pay-for-play skill Bingo game where 100% of the prize pool is paid out to participants. Bingo.com charges each player a small Network Maintenance Fee to join a game. Under the BiG’r Bingo affiliate program, partner sites will have the opportunity to earn up to 30% of total revenue generated from every new user who joins and plays. Web portals, publishers, media companies, charitable organizations, and other groups looking to raise money through online bingo will be able to share in the success of Bingo.com’s skill games.