Bingo.com Ltd. has just reported on its third-quarter financial performance. The provider is currently best known for Trophy Bingo, an innovative multi-player mobile bingo platform, as well as its main online platform Bingo.com. It works in a partnership with Malta-based online casino distributor Unibet (International) Ltd. The company can boast of millions of players from more than 200 countries. Bingo.com operates in several languages and offers its visitors a variety of currencies.
Jason Williams, managing director of the bingo provider, commented on the innovations the company introduced earlier this year. He stated that Bingo.com focused its attention on the mobile market, developing casino platforms, intended for phones and tablets and available to players from different countries. Trophy Bingo was released in Google Play Store in the beginning of the third quarter. Towards its end, iOS users were also given the opportunity to download the application from Apple App Store. Williams promised that the game will be constantly developed so as to meet the demands of both the customers and the market as a whole. Bingo.com’s CEO also shared that the company expects a rise in the revenues from Trophy Bingo in the upcoming months. Extensive promotional campaigns are to start off in the beginning of 2015.
Bingo.com announced that its net operating loss added up to $458,910. In comparison, the company generated a loss of $96,956 this time last year. Net earnings from Trophy Bingo (before expenses for its development were amortized) was $4,098 for the past three months. However, the online bingo provider marked net profit of $51,282 during the second quarter of 2014.
By the end of this third quarter, the company had cash of $1,355,229. What is more, its positive working capital amounted to $1,254,527. Up until the end of 2013, it generated cash of $491,203 and positive capital of $646,015. The overall 3Q turnover of Bingo.com added up to $385,601, scoring a 15-percent fall as compared to last year’s $452,753. By September 30, gaming turnover was $379,458, marking yet another 15-percent drop in comparison with the sum of $426,920 in the third quarter of 2013. The decrease was explained with a reduction in the number of active players.
A total of $6,143 was generated from advertising during the last quarter. Operating earnings before the subtraction of interest, depreciation, and amortization were $723,180 by the end of September. They were as much as $548,871 in 2013 or, in other words, they have risen by 32% in the course of the past year.
During this third quarter, about $180,319 were spent on sales and marketing expenses. Last year they amounted to $462,974. Generally speaking, sales and marketing costs included the money that was paid for advertising, SEO, prizes, giveaways, etc.
