Bingo.com, Ltd. (OTCBB: BNGOF), operator of the World's Largest Bingo Hall, today announced its financial results for the second quarter ended June 30, 2006. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Bingo.com highlights of the second quarter of 2006 included:
- Online gaming revenue increased to $883,127, an increase of 49% over gaming revenue of $593,965 in the first quarter of 2006.
- Total revenue increased to $896,277, an increase of 26% over revenue of $710,011 in the first quarter of 2006.
- Recorded profit of $55,549, the eighth consecutive positive quarter.
"We are pleased with the growth in both Revenue and Profit in the quarter," commented Tarrnie Williams, the Company's CEO. "Our move from an advertising based business plan to one focused on providing a great place to play Bingo, whether for cash or for free seems to be attracting a greater number of players every day. While we expect things to slow down a bit in the summer months, we anticipate continued growth throughout all of the coming year."
Of the $896,277 revenue for the quarter, gaming provided revenue of $883,127, a substantial increase from gaming revenue of $43,361 in the second quarter of 2005 and an increase of 49% from gaming revenue of $593,965 in the first quarter of 2006. We recorded advertising revenue of $13,150 in the quarter ended June 30, 2006, a decrease of 97% from advertising revenue of $413,978 in the second quarter of 2005 and a decrease of 89% from advertising revenue of $116,046 in the first quarter of 2006. This decrease is due to Managements decision to suspend the sale of advertising available to third parties in order to increase the number of players on our cash games, thereby increasing revenue. Total revenue increased to $896,277 for the quarter ended June 30, 2006, an increase of 96% from revenue of $457,339 for the same period in the prior year and an increase of 26% from revenue of $710,011 in the first quarter of 2006. The increase in revenue over the second quarter of 2005 and the first quarter of 2006, is due to an increase in the number of players paying to play at Bingo.com. The Company commenced offering cash gaming on its website during the second quarter of 2005.
Operating costs before interest, depreciation and amortization expenses increased to $590,324 in the second quarter of 2006, an increase of 17% over operating costs of $505,931 in the first quarter of 2006. The increase in operating expenses is primarily due to the increase in bonuses and incentives offered to players and an increase in the marketing of Bingo.com.
Net income for the quarter ended June 30, 2006, amounted to $55,549, an increase of 199% in net income compared to net income of $18,594 for the first quarter of 2006, and an increase compared net income of $1,522 in the second quarter in the prior year. The increase is due to an increase in gaming revenue as a result of an increase in the number of players in our cash games.
The Company had cash of $849,748 and working capital of $747,637 at June 30, 2006. This compares to cash of $1,071,088 and working capital of $581,855 at December 31, 2005.
About Bingo.com
Bingo.com, Ltd. operates the popular web portal www.bingo.com offering free and cash games including multiplayer bingo, video poker, sweepstakes, slot machines, and more. With over 1,650,000 registered users and more than 800 new users everyday, www.bingo.com is one of the most recognized and most visited Bingo entertainment destinations on the web.
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-KSB, filed with the SEC on March 29, 2006, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005, 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.
Contacts: Bingo.com, Ltd. Henry Bromley CFO (264) 461-2646 (604) 694-0301 (FAX) ir@bingo.com www.bingo.com
SOURCE: Bingo.com, Ltd.
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