April 5, 2004
Bingo.com Announces Fourth Quarter and Year End Results
VANCOUVER, Canada, April 5th, 2004 / 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, 2003. 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 2003 year with total revenue of $888,888, a 24% increase over the previous year�s revenue of $717,192. Revenue for the fourth quarter of 2003 increased to $273,713 from $158,345 a year earlier, an increase of 73%. 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 in 2003 to $598,380, from $650,042 for the prior year, a decline of 8%. Operating costs before interest, depreciation and amortization expenses were $121,841 for the quarter ended December 31, 2003, a reduction of 34% compared to costs of $184,855 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 fiscal 2003. Interest, depreciation and amortization totaled $317,699 and $80,021 for the year and quarter ended December 31, 2003, respectively, compared to $469,155 and $106,797 for the year and quarter ended December 31, 2002, respectively.
The Company ended the 2003 year with a net loss of $235,491, or $0.02 per share, an improvement of 76% compared to a net loss of $968,708 or $0.09 per share for the prior fiscal year. The net loss for the quarter ended December 31, 2003 amounted to $26,095, an 88% improvement over net loss of $219,387 for the same period in the prior year.
“I am pleased to see the positive results that both our revenue growth initiatives and cost control measures have achieved,” remarked Tarrnie Williams, the Company’s President and CEO. “The decrease in the net loss per share to $0.02 from $0.09 per share last year is very satisfying. We intend to continue this trend into 2004 and to work towards achieving profitability. In addition on April 16, 2004, the Convertible Debenture “A” of $1,250,000 and the accrued interest thereon will be converted into common stock of the Company at an average price of $0.138 cents per share. This will significantly reduce our interest expense and reduce our stockholders deficit.”
For more information contact:
- Henry Bromley
- (264) 461-2646