|Bingo.com, one of the leading online bingo operators, has today announced its financial results for the second quarter ending June 30.|
Financial highlights from the period include an online gaming revenue increase of 49 percent from the first quarter to $883,127, with total revenue increasing 26 percent to $896,277. The company achieved its eighth consecutive positive quarter with a recorded profit of $55, 549, a 199 percent increase on the first quarter.
The company’s decision to redirect its advertising focus resulted in a 97 percent decrease in advertising revenue from $413,978 in the same period last year, to $13,150 this time around. However the increased revenue and increased player base has satisfied company CEO Tarrnie Williams.
“We are pleased with the growth in both Revenue and Profit for the quarter,” she said. “Our move from an advertising based business plan to one focused on providing quality online Bingo, seems to have been a success. While we expect things to slow down in the summer months, we anticipate continued growth throughout the coming year.”
Operating costs before interest, depreciation and amortisation expenses increased to $590,324 in the period, an increase of 17 percent over operating costs of $505,931 in the first quarter of 2006.