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Marketwired
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Bingo.com Announces Year End & Fourth Quarter Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwire) -- 03/22/11 -- Bingo.com, Ltd. (OTCBB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its financial results for the fourth quarter and the year ended December 31, 2010. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Bingo.com financial highlights for the year ended 2010 and of the fourth quarter of 2010 included:

--  Total revenue for the year ended December 31, 2010 of $1,816,804, a
    decrease of 69% from revenue of $5,825,362 in the year ended December
    31, 2009.

--  Total gaming revenue for the year ended December 31, 2010, of
    $1,718,257, a decrease of 69% from revenue of $5,629,529 in the year
    ended December 31, 2009.

--  Total loss after tax for the year ended December 31, 2010 of $878,972 an
    improvement of 26% compared to a loss of $1,188,051 for the year ended
    December 31, 2009.

--  Total revenue for the quarter ended December 31, 2010, was $110,884, a
    decrease of 93% from revenue of $1,552,320 for the same period in the
    prior year and an increase of 14% from revenue of $97,509 in the third
    quarter of 2010.

--  Total loss for the quarter ended December 31, 2010, was $260,682, an
    improvement of 9% from a loss of $286,943 for the same period in the
    prior year and a decline of 6% from a loss of $245,507 in the third
    quarter of 2010.

"2010 was a difficult year of transition for Bingo.com," said Tarrnie Williams, the Company's CEO. "During the year, Bingo.com embarked on a new strategic direction by joining the Unibet Partner Program and began a complete restructuring of all resources and business strategy. While the initial impact of the strategy on our revenues has been negative, we believe the decision was the correct one and that positive returns will be realized. During the fourth quarter of 2010 Bingo.com invested in the creation of a new marketing campaign that launched in select markets during the first quarter of 2011. While some of the cost benefits of the restructuring have been recognized in 2010's results, the expenses anticipated as a result of the transition will not be complete until the end of the second quarter 2011. However as a result of our marketing efforts over the course of the first and second quarters of 2011, we also expect significantly higher revenues."

Total revenue for the quarter ended December 31, 2010, was $110,884, a decrease of 93% from revenue of $1,552,320 for the same period in the prior year and an increase of 14% from revenue of $97,509 in the third quarter of 2010. Of the $110,884 revenue for the quarter, the gaming operations provided revenue of $93,128, a decrease of 94% from gaming revenue of $1,501,114 in the fourth quarter of 2009 and an increase of 13% from gaming revenue of $82,745 in the third quarter of 2010. During the quarter ended June 30, 2010, Bingo.com migrated its players onto the Unibet partner program. The decrease compared to the fourth quarter of 2009, is due to a decrease in cash game play, especially as a result of a second platform change within six months. The increase in gaming revenue for the fourth quarter of 2010, compared to the third quarter of 2010, is due to an increase in cash game play. Bingo.com earned advertising revenue of $17,756 in the quarter ended December 31, 2010, a decrease of 65% from advertising revenue of $51,206 in the fourth quarter of 2009 and an increase of 20% from advertising revenue of $14,764 in the third quarter of 2010. During the quarter ended March 31, 2010 the Company suspended sales of new advertising.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses decreased to $323,483 in the fourth quarter of 2010, a decrease of 58% over operating expenses of $779,273 in the fourth quarter of 2009 and an increase of 2% over operating costs of $317,386 in the third quarter of 2010. The decrease in operating expenses compared to the fourth quarter of 2009, is due a decrease in sales and marketing expenses, particularly marketing bonuses granted to players, as a result of migrating to the Unibet partner program where significantly lower bonuses are granted to players.

Sales and marketing expenses were $72,791 during the fourth quarter of 2010, a decrease of 82% over expenses of $400,485 during the fourth quarter of 2009 and an increase of 85% over sales and marketing expenses of $39,309 in the third quarter of 2010. Sales and marketing expenses principally include costs for signup bonuses, marketing, prizes for our players and other bonuses and incentives offered to gaming players. The decrease in sales and marketing expenses for the quarter ended December 31, 2010, compared to the fourth quarter of 2009, is primarily due to migration to the Unibet partner program where significantly lower marketing bonus are granted to players. The increase in sales and marketing expenses compared to the third quarter of 2010, is due to the production of advertising material especially for the increased marketing campaigns launched in the first quarter of 2011.

General and Administrative expenses consist of salaries, premises costs for our office, legal and professional fees, and other general corporate and office expenses. General and administrative expenses were $245,175 during the fourth quarter of 2010, a decrease of 39% from general and administrative expenses of $398,901, in the fourth quarter of 2009 and a decrease of 17% from expenses of $295,136 for the third quarter of 2010. The decrease in general and administrative expenses for the quarter ended December 31, 2010, compared to the fourth quarter of 2009 and the third quarter of 2010, is due to migration to the Unibet partner program whereby we have reduced many of our costs, especially the development of the Bingo.com website.

The net loss after taxation for the three months ended December 31, 2010, amounted to $260,682, a loss of $0.00 per share, compared to a net loss of $286,943 or $0.01 per share in the fourth quarter of 2009 and net loss of $245,507 or $0.00 per share in the fourth quarter of 2009. The decrease in net loss for the quarter ended December 30, 2010, compared to the fourth quarter of 2009, is due to the reduction in expenses as a result of migrating to the Unibet partner platform. The increase in net loss after taxation for the fourth quarter 2010 compared to the third quarter of 2010 is due to the production of advertising material especially for the increased marketing campaigns launched in the first quarter of 2011.

We had cash of $1,396,384 and working capital of $1,723,393 at December 31, 2010. This compares to cash of $557,251 and working deficit of $19,801 at December 31, 2009, and cash of $1,935,764 and working capital of $1,975,643 at September 30, 2010.

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. (OTCBB: 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. With over 1,995,000 registered users http://www.bingo.com 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).

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, filed with the SEC on March 21, 2011, 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.
Unaudited Consolidated Balance Sheets

December 31,                                      2010                 2009
----------------------------------------------------------------------------
Assets
Current assets:
  Cash                                $      1,396,384     $        557,251
  Accounts receivable, less
   allowance for doubtful accounts
   $150,000 (2009 - $774,550)                   57,890               43,523
  Prepaid expenses                             406,557               72,770
----------------------------------------------------------------------------
Total Current Assets                         1,860,831              673,544

Equipment, net                                  26,803              190,141

Other assets                                    20,009              148,552

Domain name rights and intangible
 assets                                      2,157,241            1,257,241

Deferred tax asset, less valuation
 allowance of $139,463 (2009 -
 $148,023)                                           -                    -
----------------------------------------------------------------------------

Total Assets                          $      2,269,478     $      2,269,478
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities and Stockholders'
 Equity
Current liabilities:
  Accounts payable                    $         12,251     $         89,419
  Accrued liabilities                          120,713              132,112
  Accounts payable and accrued
   liabilities - related party                   4,473               69,318
  Provision for progressive
   jackpots                                          -              304,683
  Players float                                      -               97,813
----------------------------------------------------------------------------
Total Current Liabilities                      137,437              693,345
----------------------------------------------------------------------------

Stockholders' equity :
  Common stock, no par value,
   unlimited shares authorized,
   63,877,703 shares issued and
   outstanding (December 31, 2009
   - 41,517,703)                            18,233,440           14,799,154
  Subscriptions received in
   advance                                           -              204,000
  Accumulated deficit                      (14,330,573)         (13,451,601)
  Accumulated other comprehensive
   loss:
    Foreign currency translation
     adjustment                                 24,580               24,580
----------------------------------------------------------------------------
Total Stockholders' Equity                   3,927,447            1,576,133
----------------------------------------------------------------------------

Total Liabilities and
 Stockholders' Equity                 $      4,064,884     $      2,269,478
----------------------------------------------------------------------------
----------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Operations
For the periods ended December 31, 2010 and 2009

                                                        Three         Three
                                                       Months        Months
                       Year ended    Year ended         ended         ended
                         December      December      December      December
                              31,           31,           31,           31,
                             2010          2009          2010          2009
                       (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
----------------------------------------------------------------------------

Advertising revenue  $     98,547  $    195,833  $     17,756  $     51,206
Gaming revenue          1,718,257     5,629,529        93,128     1,501,144
----------------------------------------------------------------------------
Total revenue           1,816,804     5,825,362       110,884     1,552,320

Operating expenses:
  Cost of producing
   revenue              1,152,020     3,836,527             -     1,051,699
  Depreciation and
   amortization            35,245        73,122         3,063        20,733
  Directors fees            7,500         6,000         1,500         1,500
  General and
   administrative         357,869       518,959        63,447       122,044
  Bad debt expense         38,736             -        38,736             -
  Salaries, wages,
   consultants and
   benefits               891,396     1,027,929       181,728       265,586
  Selling and
   marketing               68,967     1,617,542        72,791       400,485
  Stock-based
   compensation           459,817        63,677             -        11,271
----------------------------------------------------------------------------
Total operating
 expenses               3,011,550     7,143,756       361,265     1,873,318
----------------------------------------------------------------------------

Loss before other
 income (expense)
 and income taxes      (1,194,746)   (1,318,394)     (250,381)     (320,998)

Other income
 (expense):
  Foreign exchange
   gain (loss)             14,058        37,428        (4,017)       21,613
  Gain on settlement
   of debt                      -        45,069             -        10,030
  Loss on disposal
   of equipment           (32,833)       (1,240)         (914)            -
  Interest and other
   income                   3,957         1,740         1,369           299
  Reversal of
   progressive
   jackpots
   provision              193,051             -             -             -
  Profit on the sale
   of subsidiaries        177,832             -             -             -
  Profit from sale
   of US players and
   related assets           5,000        62,500             -        15,000
----------------------------------------------------------------------------

Loss before income
 taxes                   (833,681)   (1,172,897)     (253,943)     (274,056)

Income tax expense        (45,291)      (15,154)       (6,739)      (12,887)
----------------------------------------------------------------------------

Net loss             $   (878,972) $ (1,188,051) $   (260,682) $   (286,943)
----------------------------------------------------------------------------

Net loss per common
 share, basic and
 diluted             $      (0.02) $      (0.03) $      (0.00) $      (0.01)
----------------------------------------------------------------------------

Weighted average
 common shares
 outstanding, basic
 and diluted           54,716,388    40,494,148    63,877,703    41,517,703
----------------------------------------------------------------------------



BINGO.COM, LTD.
Unaudited Consolidated Statements of Stockholders' Equity
For the year ended December 31, 2010
(Unaudited)




                                                               Subscription
                                        Common stock            received in
                                Shares               Amount         advance
----------------------------------------------------------------------------

Balance, December 31,
 2008                       36,200,203  $        13,942,408  $            -

  Private placement          5,000,000              750,000               -

  Exercise of stock
   options                     317,500               31,750               -

  Stock-based
   compensation                      -               63,677               -

  Subscriptions
   received in advance               -                    -         204,000

  Issuance of
   consultant stock
   options                           -               11,319               -

  Net loss                           -                    -               -
----------------------------------------------------------------------------

Balance, December 31,
 2009                       41,517,703           14,799,154         204,000

  Private placement          1,360,000              204,000        (204,000)

  Private placement         15,000,000            2,250,000               -

  Shares issued for
   the 4% Domain Name        6,000,000              900,000

  Stock-based
   compensation                      -               68,967               -

  Issuance of
   consultant stock
   options                           -               11,319               -

  Net loss                           -                    -               -
----------------------------------------------------------------------------

Balance, December 31,
 2010                       63,877,703  $        18,233,440  $            -
----------------------------------------------------------------------------



                                       Accumulated Other
                                           Comprehensive
                                                    loss
                                       -----------------
                                        Foreign currency             Total
                           Accumulated       translation     Stockholders'
                               Deficit        adjustment            Equity
---------------------------------------------------------------------------

Balance, December 31,
 2008                   $  (12,263,550)  $        24,580  $      1,703,438

  Private placement                  -                 -           750,000

  Exercise of stock
   options                           -                 -            31,750

  Stock-based
   compensation                      -                 -            63,677

  Subscriptions
   received in advance               -                 -           204,000

  Issuance of
   consultant stock
   options                           -                 -            11,319

  Net loss                  (1,188,051)                -        (1,188,051)
---------------------------------------------------------------------------

Balance, December 31,
 2009                      (13,451,601)           24,580         1,576,133

  Private placement                  -                 -                 -

  Private placement                  -                 -         2,250,000

  Shares issued for
   the 4% Domain Name                                              900,000

  Stock-based
   compensation                      -                 -            68,967

  Issuance of
   consultant stock
   options                           -                 -            11,319

  Net loss                    (878,972)                -          (878,972)
---------------------------------------------------------------------------

Balance, December 31,
 2010                   $  (14,330,573)  $        24,580  $      3,927,447
---------------------------------------------------------------------------



BINGO.COM, LTD.
Unaudited Consolidated Statements of Cash Flows
For Year Ended December 31, 2010 and 2009


Years ended December 31,                                2010           2009
----------------------------------------------------------------------------
Cash flows from operating activities:
  Net loss                                     $    (878,972) $  (1,188,051)
  Adjustments to reconcile net loss to net
   cash used in operating activities:
    Depreciation and amortization                     35,245         73,122
    Bad debt expense                                  38,736              -
    Gain on settlement of debt                             -        (45,069)
    Loss on disposal of equipment                     32,833          1,240
    Stock-based compensation                          68,967         63,677
    Issuance of consultant stock options              11,319         11,319
    Profit from the sale of US players and
     related assets                                   (5,000)       (62,500)
    Reversal of progressive jackpots provision      (177,832)             -
    Profit on the sale of subsidiary                (193,051)             -
  Changes in operating assets and liabilities:
    Accounts receivable                              (75,308)          (284)
    Prepaid expenses                                (371,647)        50,880
    Other assets                                      24,321        (26,217)
    Accounts payable and accrued liabilities         (70,115)        93,343
    Provision for progressive jackpots                 5,522        144,885
    Players float                                    (97,813)        45,790
----------------------------------------------------------------------------
  Net cash used in operating activities           (1,652,795)      (837,865)

Cash flows from investing activities:
  Acquisition of equipment                            (5,068)       (65,550)
  Proceeds from sale of US players and related
   assets                                              5,000         62,500
  Proceeds on disposal of equipment                    5,952            414
  Proceeds on the sale of subsidiary, net of
   cash sold                                         236,044              -
----------------------------------------------------------------------------
  Net cash provided by (used in) investing
   activities                                        241,928         (2,636)

Cash flows from financing activities:
  Exercise of stock options                                -         31,750
  Private placement                                2,250,000        750,000
  Subscriptions received in advance                        -        204,000
----------------------------------------------------------------------------
  Net cash provided by financing activities        2,250,000        985,750
----------------------------------------------------------------------------
Change in cash                                       839,133        145,249

Cash, beginning of year                              557,251        412,002
----------------------------------------------------------------------------
Cash, end of year                              $   1,396,384  $     557,251
----------------------------------------------------------------------------

Supplementary information:
  Interest paid                                $           -  $           -
  Income taxes paid                            $      13,579  $       2,301
----------------------------------------------------------------------------

Shares issued in acquiring domain name rights  $     900,000  $           -
----------------------------------------------------------------------------

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(264) 461-2646
(264) 498-3805 (FAX)
ir@bingo.com
www.bingo.com

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