Cognitive Computing Authors: Elizabeth White, Gopala Krishna Behara, Sridhar Chalasani, Tirumala Khandrika, Yeshim Deniz

News Feed Item

Bingo.com Announces Third Quarter Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwire) -- 11/14/12 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the third quarter ended September 30, 2012. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:

--  Net Income for the three months ended September 30, 2012 amounted to
    $29,002 compared to net loss of ($28,908) in the third quarter of 2012; 
--  Total revenue for the quarter ended September 30, 2012, was $457,748, an
    increase of 32% from revenue of $347,742 in the second quarter of 2012.

"The third quarter of 2012 was a strong one for Bingo.com," commented Jason Williams, Bingo.com's CEO. "Our strategy in the quarter was to increase our marketing activity to generate a large inflow of new players and increase our revenues. Our marketing during the quarter was well received by our target demographic and gaming activity on Bingo.com was improved across all categories. While many challenges remain, we are confident that with the current strategy in place, Bingo.com will continue to grow its player base, increase its revenues, and generate profits in future quarters."

Total revenue for the quarter ended September 30, 2012, was $457,748, an increase of 10% from revenue of $416,732 for third quarter of 2011 and an increase of 32% from revenue of $347,742, in the second quarter of 2012. Gaming Revenue was $445,237, an increase of 12% in the quarter ended September 30, 2012, compared Gaming Revenue of $398,803 in the third quarter of 2011 and an 31% increase from revenue of $339,869 in the second quarter of 2012. The increase compared to the third quarter of 2011 and the second quarter of fiscal 2012 is due to an increase in players as a result of increased marketing. We earned advertising revenue of $12,511 in the quarter ended September 30, 2012, a decrease of 30% from advertising revenue of $17,929 in the third quarter of 2011 and an increase of 59% from advertising revenue of $7,873 in the second quarter of 2012.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $427,773 in the third quarter of 2012, an increase of 7% over operating expenses of $400,444 in the third quarter of 2011 and an increase of 14% over operating costs of $375,748 in the second quarter of 2012. The increase in operating expenses compared to the third quarter of 2011 and the second quarter of 2012, is due to the increase in marketing expenses.

Sales and marketing expenses were $310,712 for the quarter ended September 30, 2012, an increase of 42% over expenses of $219,578 in the third quarter of 2011 and an increase of 65% from expenses of $188,411 in the second quarter of 2012. Sales and marketing expenses principally include costs for Bingo.com marketing campaigns, affiliate commissions, search engine optimization, and other promotional expenses intended to increase our player base and improve gaming revenue. The increase in sales and marketing expenses for the quarter ended September 30, 2012, compared to the third quarter of 2011 and the second quarter of 2012 is due to a larger media budget in the third quarter of fiscal 2012 to drive additional players to the website.

Net income for the three months ended September 30, 2012, amounted to $29,002, a gain of $0.00 per share, an increase in net income compared to net income of $15,158, a gain of $0.00 per share for the same period in 2011 and an increase in net income compared to a net loss of ($28,908) or loss of ($0.00) per share in the second quarter of 2012.

We had cash of $574,787 and positive working capital of $980,660 at September 30, 2012. This compares to cash of $787,524 and positive working capital of $1,058,631 at December 31, 2011.

For full details of the Companies operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCQB:BNGOF) is the parent company of the Bingo.com group of companies which own the popular online gaming community http://www.bingo.com. The Bingo.com website offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. The Bingo.com website has attracted millions of visitors from over 200 countries and is one of the most recognized and most visited bingo entertainment destinations on the Internet. Bingo.com operates its multi-language and multi-currency bingo and casino system as part of the Unibet partner program (http://www.poweredbyunibet.com). Bingo.com, Ltd. (OTCQB:BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with a U.S. regulator. Investors can find real time quotes and market information for the Company at http://www.otcmarkets.com/stock/BNGOF/quote.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-K/A, filed with the SEC on August 9, 2012, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.

Bingo.com, Ltd.
Henry Bromley
(264) 461-2646
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...