August 20, 2004
Bingo.com Announces Second Quarter Results
VANCOUVER, Canada, August 20th, 2004 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internets pre-eminent bingo portal, today announced its financial results for the second quarter ending June 30th, 2004. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Revenue increased to $247,752 for the quarter ended June 30, 2004, an increase of 21% from revenue of $203,947 for the same period in the prior year and an increase of 1% from revenue of $246,189 for the first quarter of 2004. The Company has increased its advertising rates by approximately 10% overall from the prior year and obtained a greater number of individual advertisers, thereby providing a more diverse and increased revenue stream.
Operating costs before interest expenses were $133,605 for the quarter ended June 30, 2004, a decrease of 14.6% compared to costs of $156,461 for the same period in the prior year and a decrease of 20.5% compared to costs of $168,090 for the first quarter of 2004. The decrease in operating costs compared to the prior year were a result of managements continued efforts to control operating costs, especially legal and accounting costs. During the quarter end June 30, 2004, the holders of the Convertible Debenture A converted the debenture and the accrued interest thereon into common stock of the Company. In addition, the Warrants issued in relation to the Convertible Debenture A expired unexercised. On the expiration of the warrants the Company expensed the unamortized portion of the Warrant Debenture Discount of $221,383.
Net loss for the three months ended June 30, 2004, amounted to $137,168, a loss of $0.01 per share, compared to a loss of $48,837 or $0.00 per share for the same period in 2003 and compared to a loss of $38,479 or $0.00 per share in the first quarter of 2004. This increase in losses is largely due to the write off of the unamortized portion of the Warrant Debenture Discount. This is offset by the Companys managements continued efforts to control operating costs and to increase revenue streams.
I am pleased to see the positive results that our revenue growth initiatives have achieved, remarked Tarrnie Williams, the Companys President and CEO. We intend to continue this trend throughout 2004 and work towards achieving profitability. In addition on July 2, 2004, the Convertible Debenture B of $145,000 and the accrued interest thereon were converted into common stock of the Company at an average price of $0.158 cents per share. This will reduce our interest expense and increase our shareholders equity.
For more information contact:
- Henry Bromley
- (264) 461-2646