Press Releases 2012
Bingo.com Announces First Quarter Results
ANGUILLA, B.W.I., May 10, 2012 / 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 first quarter ended March 31, 2012. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Recent Bingo.com highlights include:
- Successful delivery of a large marketing program in target jurisdictions;
- Successful launch of Deal or No Deal Bingo and Lucky Numbers Bingo to Bingo.com’s game portfolio;
- Total revenue for the quarter ended March 31, 2012, was $406,307, an increase of 64% from revenue of $247,044 for first quarter of 2011;
- Net loss for the three months ended March 31, 2011, amounted to $24,930, an improvement of $718,402 over a net loss of $743,332 for the same period in 2011;
“The first quarter of 2012 saw increased investments into our marketing programs and a resulting increase in revenue,” said Jason Williams, Bingo.com’s CEO. “While it’s unfortunate to post a net loss for the quarter, our strategy was to make significant investments in marketing and I’m pleased that the loss is small. Our marketing campaigns continue to be effective and our brand well received in our target jurisdictions. While the number of active players is increasing, we have seen less growth in player values than previously which has impacted our total revenue growth. In the second quarter we intend to focus on player retention and with a smaller marketing investment planned, we anticipate a return to profitability.”
ANGUILLA, B.W.I., February 21, 2012 / 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 fourth quarter and the year ended December 31, 2011. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Recent Bingo.com highlights include:
- Third consecutive profitable quarter;
- Total profit for the quarter ended December 31, 2011, was $31,093, an improvement from a loss of $260,682 for the same period in the prior year and an increase of 105% from a profit of $15,158 in the third quarter of 2011;
- Total revenue for the quarter ended December 31, 2011, was $389,390, an increase of 251% from revenue of $110,884 for the same period in the prior year and a decrease of 7% from revenue of $416,732 in the third quarter of 2011;
- General and administrative expenses were $137,607 during the fourth quarter of 2011, a decrease of 44% from general and administrative expenses of $245,175, in the fourth quarter of 2010 and a decrease of 6% from expenses of $146,137 for the third quarter of 2011.
“2011 was a pivotal year for Bingo.com,” said Jason Williams, the Company’s CEO. “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. With our costs down, and revenues rising, Bingo.com recorded profits for the remaining three quarters of 2011, improving with each quarter. During the fourth quarter, with a slightly lower marketing spend our revenues declined slightly, but our profits more than doubled. 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.”