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Bingo.com post second quarter loss
Bingo.com has just released their results for the second quarter in 2010, up to 30th June 2010, and posted a loss of $27,977. However, this is still a huge improvement on the same period last year and also the previous three months. There was also a 76% decrease of revenue compared to the same period last year.
The loss of $29,977 is far better than the $266,702 loss that Bingo.com posted in the second quarter of 2009, and is a huge improvement on the $344,806 loss that they had in the first 3 months of this year. The massive fall in revenue, from $1.5 million last year to just less than $370,000 in the past 3 months, has been largely blamed on the loss of gaming activity caused when the company changed their software provider. They are now on the Unibet platform after negotiating a deal whereby Unibet acquired a 26% stake in Bingo.com for $2.25 million.
The CEO of Bingo.com, Tarrnie Williams, said; ” The second quarter of 2010 was an eventful quarter for Bingo We secured an equity investment of $2,250,000 from Unibet thereby significantly strengthening the balance sheet and ensuring sufficient capital to meet our revised business plan for the next few years. In addition, Bingo.com sold two subsidiaries, no longer required for the revised business plan, for $250,000, recording a profit of $177,832 on their sale. We are pleased that our loss is considerably reduced but we will continue to suffer losses for the next few quarters until our revised business plan is fully operational.”
Thanks to the deal with Unibet Bingo.com is now able to offer itself worldwide, and as it is not just restricted to the UK market future results are expected to improve.
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