Online wagering site Bingo.com has released its first quarter 2012 financial results, highlighting promising results despite posting a net loss for the quarter.
Key financial indicators for the first quarter ending March 31st were:
Total revenue of $406,307, an increase of 64% (Q1/2011: $247,044)
Gaming revenue of $231,177, up 5% over the same period last year
22% rise in advertising revenue amounting to $19,382
Net loss amounting to $24,930, indicating a decrease in net loss of 97% (Q1/2011: $743,332)
Cash of $673,999 and positive working capital of $1,034,388
Operational highlights for the quarter were:
Delivery of an extensive marketing program in target jurisdictions;
Launch of Deal or No Deal Bingo and Lucky Numbers Bingo to Bingo.com's game portfolio
Commenting on his company's performance, Bingo.com CEO Jason Williams said: "The first quarter of 2012 saw increased investments into our marketing programs and a resulting increase in revenue."
"While it's unfortunate to post a net loss for the quarter, our strategy was to make significant investments in marketing and I'm pleased that the loss is small. Our marketing campaigns continue to be effective and our brand well received in our target jurisdictions."
“In the second quarter we intend to focus on player retention and with a smaller marketing investment planned, we anticipate a return to profitability."