Click here to close now.




















Welcome!

Microsoft Cloud Authors: Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White, Pat Romanski

News Feed Item

Bingo.com Announces 2012 Year End and Profitable Q4 Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwire) -- 02/19/13 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community www.bingo.com, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2012. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:


--  Total revenue increased to $1,765,827 for the year ended December 31,
    2012, an increase of 25% over revenue of $1,416,658 for the same period
    in the prior year; 
    
--  Total loss for the year ending December 31, 2012 was $46,235 compared to
    a loss of $689,016 for the year ending 2011; 
    
--  Total profit for the quarter ended December 31, 2012, was $38,606, an
    improvement of 26% from profit of $30,638 for the same period in the
    prior year and an increase of 33% from a profit of $29,002 in the third
    quarter of 2012; 
    
--  Total revenue for the quarter ended December 31, 2012, was $554,031, an
    increase of 42% from revenue of $389,390 for the same period in the
    prior year and an increase of 21% from revenue of $457,748 in the third
    quarter of 2012; 
    
--  Two separate financings in Q4 2012, of 1,000,000 common shares each,
    both at $0.45 per share raising $900,000 in total. 

"2012 was an excellent year for Bingo.com," said Jason Williams, the Company's CEO. "With our restructuring complete, we commenced an aggressive marketing strategy to increase revenue as quickly, and cost effectively, as possible. With each quarter in 2012 showing improved profitability we feel our strategy is working. We will continue this aggressive approach in existing markets, and expand into new territories in 2013."

"The financings," said Williams, "Were completed to fund our marketing efforts and the development of special internal projects. Bingo.com will be entering the social, free-to-play bingo market with an innovative multi-platform game. The game is scheduled to launch as a beta product early in the second quarter of this year. Bingo.com intends to continue investing in the strategies and areas that have the greatest potential for revenue growth and profits."

Total revenue increased to $1,765,827 for the year ended December 31, 2012, an increase of 25% over revenue of $1,416,658 for the same period in the prior year. Gaming revenue increased to $1,721,134 for the year ended December 31, 2012, an increase of 27% over gaming revenue of $1,349,953 for the same period in the prior year. This increase compared to the prior year is due to an increase in players to the website as a result of increased marketing. Advertising Revenue decreased to $44,693 for the year ended December 31, 2012, a decrease of 33% over revenue of $66,705 for the same period in the prior year.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $513,491 in the fourth quarter of 2012, an increase of 44% over operating expenses of $356,521 in the fourth quarter of 2011 and an increase of 20% over operating costs of $427,773 in the third quarter of 2012. The increase in operating expenses compared to the fourth quarter of 2011 and the third quarter of 2012, is due an increase in sales and marketing expenses to increase player activity.

Sales and marketing expenses were $419,954 during the fourth quarter of 2012, an increase of 113% over expenses of $197,172 during the fourth quarter of 2011 and an increase of 35% over sales and marketing expenses of $310,712 in the third quarter of 2012. Selling and marketing expenses principally include 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 December 31, 2012, compared to the fourth quarter of 2011, and the third quarter of 2012, is due to an increase in active marketing campaigns.

General and Administrative expenses consist of salaries, premises costs for our offices, legal and professional fees, and other general corporate and office expenses. General and administrative expenses were $50,155 during the fourth quarter of 2012, an increase of 5% from general and administrative expenses of $47,594, in the fourth quarter of 2011 and a decrease of 13% from expenses of $57,570 for the third quarter of 2012. General and administrative expenses have decreased since joining the Unibet Partner Program as it has enabled us to reduce many of our costs.

The net income after taxation for the three months ended December 31, 2012, amounted to $38,606, a gain of $0.00 per share, compared to a net loss of ($30,638) or ($0.00) per share in the fourth quarter of 2011 and an increase of 33% on a profits, of $29,002 or $0.00 per share in the third quarter of 2012.

The net loss after taxation for the twelve months ended December 31, 2012, amounted to $46,235, a loss of ($0.00) per share, compared to a net loss of ($689,016) or ($0.01) per share in the twelve months ending December 31st, 2011.

We had cash of $876,004 and working capital of $1,640,713 at December 31, 2012. This compares to cash of $787,524 and working capital of $1,058,631 at December 31, 2011, and cash of $574,787 and working capital of $980,660 at September 30, 2012.

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 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 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 (www.unibet.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 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.                                                             
Unaudited Consolidated Balance Sheets                                       
                                                                            
----------------------------------------------------------------------------
December 31,                                             2012          2011 
----------------------------------------------------------------------------
Assets                                                                      
Current assets:                                                             
  Cash                                           $    876,004  $    787,524 
  Accounts receivable, less allowance for                                   
   doubtful accounts $150,000 (2010 - $150,000)       364,184       148,119 
  Prepaid expenses                                    506,133       219,279 
----------------------------------------------------------------------------
Total Current Assets                                1,746,321     1,154,922 
Equipment, net                                         10,280        14,827 
Other assets                                          348,212        11,977 
Domain name rights and intangible assets            1,257,241     1,257,241 
Deferred tax asset, less valuation allowance of                             
 $143,944 (2011 - $141,699)                                 -             - 
----------------------------------------------------------------------------
Total Assets                                     $  3,362,054  $  2,438,967 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Stockholders' Equity                                        
Current liabilities:                                                        
  Accounts payable                               $     24,465  $     13,261 
  Accrued liabilities                                  65,593        72,349 
  Accounts payable and accrued liabilities -                                
   related party                                       15,550        10,681 
----------------------------------------------------------------------------
Total Current Liabilities                             105,608        96,291 
----------------------------------------------------------------------------
Stockholders' equity :                                                      
  Common stock, no par value, unlimited shares                              
   authorized, 65,877,703 shares issued and                                 
   outstanding (December 31, 2011 - 63,877,703)    19,197,690    18,237,685 
  Accumulated deficit                             (15,965,824)  (15,919,589)
  Accumulated other comprehensive loss:                                     
    Foreign currency translation adjustment            24,580        24,580 
----------------------------------------------------------------------------
Total Stockholders' Equity                          3,256,446     2,342,676 
----------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity       $  3,462,054  $  2,438,967 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
BINGO.COM, LTD.                                                             
Unaudited Consolidated Statements of Operations                             
For the periods ended December 31, 2012 and 2011                            
                                                                            
                                                        Three         Three 
                                                       Months        Months 
                       Year ended    Year ended         ended         ended 
                         December      December      December      December 
                              31,           31,           31,           31, 
                             2012          2011          2012          2011 
                      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
----------------------------------------------------------------------------
                                                                            
Advertising revenue  $     44,693  $     66,705  $      4,927  $     21,830 
Gaming revenue          1,721,135     1,349,953       549,104       367,560 
----------------------------------------------------------------------------
Total revenue           1,765,828     1,416,658       554,031       389,390 
                                                                            
Operating expenses:                                                         
  Depreciation and                                                          
   amortization             4,755         7,774         1,192         1,691 
  Directors fees           11,500        11,500         2,500         2,500 
  General and                                                               
   administrative         230,849       257,275        50,155        47,594 
  Loss on disposal                                                          
   of equipment                 -         9,209             -             - 
  Salaries, wages,                                                          
   consultants and                                                          
   benefits               339,943       733,581        48,933        90,013 
  Selling and                                                               
   marketing            1,217,416     1,074,571       419,954       197,172 
  Stock-based                                                               
   compensation            60,005             -             -             - 
----------------------------------------------------------------------------
Total operating                                                             
 expenses               1,864,468     2,093,910       522,734       338,970 
----------------------------------------------------------------------------
(Loss) Income before                                                        
 other income                                                               
 (expense) and                                                              
 income taxes             (98,640)     (677,252)       31,297        50,420 
Other income                                                                
 (expense):                                                                 
  Foreign exchange                                                          
   gain (loss)             52,155       (10,959)        8,051       (19,242)
  Interest and other                                                        
   income                   1,258         2,887           206           501 
----------------------------------------------------------------------------
(Loss) Income before                                                        
 income taxes             (45,227)     (685,324)       39,554        31,679 
Income tax expense         (1,008)       (3,692)         (948)       (1,041)
----------------------------------------------------------------------------
Net (loss) income    $    (46,235) $   (689,016) $     38,606  $     30,638 
----------------------------------------------------------------------------
Net (loss) income                                                           
 per common share,                                                          
 basic               $      (0.00) $      (0.01) $       0.00  $       0.00 
Net (loss) income                                                           
 per common share,                                                          
 diluted             $      (0.00) $      (0.01) $       0.00  $       0.00 
----------------------------------------------------------------------------
Weighted average                                                            
 common shares                                                              
 outstanding, basic    64,156,392    63,877,703    64,986,399    63,877,703 
Weighted average                                                            
 common shares                                                              
 outstanding,                                                               
 diluted               65,877,703    63,877,703    65,877,703    63,877,703 
----------------------------------------------------------------------------
                                                                            
                                                                            
BINGO.COM, LTD.                                                             
Unaudited Consolidated Statements of Stockholders' Equity
For the Year Ended December 31, 2012                                      
(Unaudited)                                                                 
                                                                            
----------------------------------------------------------------------------
                                                    Accumulated             
                                                          Other             
                                                  Comprehensive             
                                                         Income             
                                                      ---------             
                                                        Foreign             
                                                       currency             
                                                         trans-       Total 
                                                         lation      Stock-
                       Common stock       Accumulated   adjust-    holders' 
                    Shares       Amount       Deficit      ment      Equity 
----------------------------------------------------------------------------
Balance,                                                                    
 January 1,                                                                 
 2011           63,877,703 $ 18,233,440 $ (14,330,573) $ 24,580 $ 3,927,447 
  Issuance of                                                               
   consultant                                                               
   stock                                                                    
   Options               -        4,245             -         -       4,245 
  Net loss               -            -      (688,561)        -    (688,561)
----------------------------------------------------------------------------
Balance,                                                                    
 December 31,                                                               
 2011           63,877,703 $ 18,237,685 $ (15,019,134) $ 24,580 $ 3,243,131 
  Stock-based                                                               
   compensation          -       60,005             -         -      60,005 
  Private                                                                   
   placement     1,000,000      450,000             -         -     450,000 
  Private                                                                   
   placement     1,000,000      450,000             -         -     450,000 
  Net loss               -            -       (46,235)        -     (46,235)
----------------------------------------------------------------------------
Balance,                                                                    
 December 31,                                                               
 2012           65,877,703 $ 19,197,690 $ (15,965,824) $ 24,580 $ 3,256,446 
----------------------------------------------------------------------------
                                                                            
                                                                            
BINGO.COM, LTD.                                                             
Unaudited Consolidated Statements of Cash Flows                             
For Year Ended December 31, 2012 and 2011                                   
                                                                            
Years ended December 31,                                2012           2011 
----------------------------------------------------------------------------
Cash flows from operating activities:                                       
  Net loss                                     $     (46,235) $    (689,016)
  Adjustments to reconcile net loss to net                                  
   cash used in operating activities:                                       
    Depreciation and amortization                      4,755          7,774 
    Loss on disposal of equipment                          -          9,209 
    Issuance of consultant stock options                   -          4,245 
    Stock-based compensation                          60,005              - 
  Changes in operating assets and liabilities:                              
    Accounts receivable                             (216,065)       (90,229)
    Prepaid expenses                                (286,854)       187,278 
    Other assets                                        (330)         8,032 
    Accounts payable and accrued liabilities           9,317        (41,146)
----------------------------------------------------------------------------
  Net cash used in operating activities             (475,407)      (603,853)
Cash flows from investing activities:                                       
  Acquisition of equipment                              (208)        (5,007)
  Software development                              (335,905)             - 
----------------------------------------------------------------------------
Net cash (used in) provided by investing                                    
 activities                                         (336,113)        (5,007)
Cash flows from financing activities:                                       
  Private placement                                  900,000              - 
----------------------------------------------------------------------------
  Net cash provided by financing activities          900,000              - 
----------------------------------------------------------------------------
Change in cash                                        88,480       (608,860)
Cash, beginning of year                              787,524      1,396,384 
----------------------------------------------------------------------------
Cash, end of year                              $     876,004  $     787,524 
----------------------------------------------------------------------------
Supplementary information:                                                  
  Interest paid                                $           -  $           - 
  Income taxes paid                            $       1,510  $       5,380 
----------------------------------------------------------------------------
Non-cash financing activity                    $           -  $           - 
Non-cash investing activity                    $           -  $           - 
----------------------------------------------------------------------------

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.

@ThingsExpo Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.