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Parlay Entertainment reports Q1 revenue down, expenses up

But a healthy stable of licensees augers well for the future

Parlay Entertainment Inc., a major Canadian provider of Internet and TV bingo software, has released its Q1/2010 results to end March this year. Chief executive officer Scott White says that the company has invested significant financial and human capital resources in the development of its Alderney and North American gaming platforms.

"Throughout Q1,2010, we continued the development and integration of partners into those Parlay Game Services platforms using our Parlay5 technology. At the end of the quarter, we had approximately 45 partner sites launched or launching on our Alderney-based managed solution and three sites, including our first Facebook bingo application, launched or launching into North America, said White.

"Q1,2010 revenue includes only initial, modest revenue from new partners, which we expect will continue to improve over the long-term. Although we note that Q1,2010 revenue was a sequential improvement for Parlay over Q4,2009, it has not yet recovered to the levels of Q1,2009," he added.

White said that as monthly liquidity levels increase with the launch and growth of existing and new partners, Parlay expects to see additional traction from new sales, as new brands and brands from other networks look to diversify.

"We are optimistic that 2010 will see continued improvements to revenue, earnings and cash flow, as Parlay succeeds in the growth of its multi-jurisdictional gaming platforms", he concluded.

Consolidated revenues were Cdn$ 800,000 in Q1,2010 compared to Cdn$1.0 million in Q1,2009.

Expenses in Q1,2010 were Cdn$1.4 million, up from Cdn$1.3 million in Q1,2009. Increased foreign exchange losses offset reduced operating expenses.

Net loss for the quarter was Cdn$ 500,000, larger than the corresponding loss last year of Cdn$200,000.

Parlay remains debt free and held a cash balance at March 31, 2010 of Cdn$ 800,000; the company expects to receive tax refunds of Cdn$ 300,000 soon, and a further tax refund of Cdn$600,000 in Q4,2010.

Source: InfoPowa News

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