Candian bingo software developer Parlay Entertainment is experiencing tough times, judging by its latest financial disclosures, which reveal that the firm has sustained a 93% drop in revenues in Q2,2009 compared with the same period in 2008.
Second quarter revenues sank to $696,649 (Q2,2008: $2.38 million), bringing half year 2009 revenues down 55% to $1.62 million.
Unaudited net income for Q2,2009 showed a loss of $500,372 compared to the same period last year when net income reached $267,532 . Parlay revealed it was in the red $673,974 over the first half of 2009.
The software company has total current assets of $3.11 million, down 23% year-on-year from $4.05 million last year, while Q2 EBITDA recorded a loss of $645,954 (Q2,2008: $507,651). The first half numbers were even gloomier, showing EBITDA of -$886,203 (H1,2008: $145,096).
On the positive side, Parlay managed to cut Q2 expenses by 28% to $1.35 million due to 'reduced compensation expenses together with the absence of certain non-recurring expenses from the second quarter of 2008'. At the half-year mark, expenses were $2.53 million - down from $4.17 million last year and for the same reasons.
"Throughout our second quarter, we continued to make a significant investment in the establishment, development and organisation of our managed solutions offering in Alderney and Canada through Parlay Games Services," said Scott White, Chief Executive Officer for Parlay.
"The remaining months of 2009 will be used to aggressively expand that service through the addition of new customers and brands across multiple languages and currencies."
Source: InfoPowa News