Casinos.co.uk News
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Tuesday 14th August 2012
Bingo.com Limited, operator of popular online gaming site Bingo.com, has released its financial results for the second quarter of 2012 showing a four percent year-on-year decline in total revenues to $347,743.
The Anguilla-based firm had earlier reported a 64 percent year-on-year increase in total revenues to $406,307 for the first quarter of 2012 while its net loss for that period had improved from $743,332 for the same three-month stage in 2011 to $24,930 up to and including March 31.
Bingo.com stated that its profit from continuing operations before foreign exchange for the second quarter of 2012 came in at $47, which compared favourably to its loss of $65,061 over the first three months of the year, while its net deficit for the quarter up to June 30 rose by almost $4,000 quarter-on-quarter to hit $28,908.
“The second quarter of 2012 was challenging for Bingo.com as, despite increased gaming activity across many products, our revenues declined,” said Jason Williams, Chief Executive Officer for Bingo.com.
“Our strategy with the second quarter was to reduce our marketing costs and focus on player development and retention, which was successful. While we achieved our objective of improving our total operating margin, low gross margins in our casino products late in the quarter and a negative impact from currency fluctuations combined to give us a net loss for the quarter. However, our task is to post an annual net profit for Bingo.com and with the third quarter off to a strong start we believe that milestone will still be reached.”
Bingo.com declared that total revenues for the second quarter had decreased 14 percent quarter-on-quarter while those from gaming at $339,869 represented a fall of twelve percent when compared with the previous three-month period.
“This decrease compared to the second quarter of 2011 and the first quarter of fiscal 2012 is due to unfavourable gaming results late in the quarter,” read a statement from Bingo.com.
“We earned advertising revenues of $7,873 in the quarter ended June 30, 2012, a decrease of 29 percent from advertising revenue of $11,079 in the second quarter of 2011 and a decrease of 59 percent from advertising revenue of $19,382 in the first quarter of 2012.”
Source: OnlineCasinoNews
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