|Bingo.com Limited has revealed that its total revenues for the first quarter of the year rose by 18 percent to over $1.3 million while operating costs for the period decreased by three percent to $693,847.|
The Anguilla-based online bingo operator announced last week that it had raised $600,000 in order to fund expansion beyond the UK and stated that total revenues for the period came in at $1,344,347, which was up from 1,135,844 for the previous quarter.
“The first quarter of 2008 was another strong quarter of growth for Bingo.com,” said Tarrnie Williams, Chief Executive Officer for Bingo.com.
“We’ve increased our revenues, decreased our costs and further entrenched Bingo.com as a premier gaming operator in the United Kingdom market.
“Bingo.com has added thousands of new real-money players in the quarter and the popularity of our gaming suite is growing rapidly within the UK bingo community.
“Our strategy remains focused on leveraging the strength of the Bingo.com URL in the UK as we prepare for the launch of Bingo.com in other markets and other languages. While challenges remain, Bingo.com is in an excellent position to return to profitability.”
Bingo.com revealed a net loss for the quarter of $262,543 due to a net loss before abnormal items of $336,968 while also stating that it had received initial license approval in Alderney.
Williams said that the firm had gaming revenues of $1,260,470 for the quarter, which was a 21 percent improvement on the previous period due to an increase in player base. In addition, the firm earned $83,877 from advertising for the quarter, a decrease of seven percent from the previous period.
“We had cash of $558,082 and working capital of $408,548 on March 31, 2008,” said Williams.
“This compares to cash of $744,596 and working capital of $648,123 on December 31, 2007.”