Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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                    $           -  $           - 
----------------------------------------------------------------------------

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(246) 461-2646
[email protected]
www.bingo.com

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
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, discussed key challenges and solutions to powering a ride sharing and/or multimodal model in the age ...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
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)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...