|Canadian online bingo software provider Parlay Entertainment Incorporated has revealed that its total revenues for the first quarter of the year rose by two percent year-on-year to $2.01 million.|
The Ontario firm released its first quarter results last week with royalty revenues down three percent to $1.76 million from the same period in 2007 and also divulged a net loss for the period of $299,776, which was also down from net income of $109,882 for the first quarter of last year.
'In the first quarter of 2008, Parlay generated revenue which was consistent with previous quarters,' said Scott White, Chief Executive Officer for Parlay.
'Although our cost base was higher than usual, primarily resulting from one time charges, we have recently made adjustments to our recurring cost base to bring it more in line with current revenue.'
The company’s earnings before tax decreased to $396,994 from the $234,481 that was seen in the first quarter of last year while its margins also fell to 20 percent from the twelve percent seen in 2007.
'Given Parlay's recently announced divestiture and our exclusive focus on licensing and supporting technologies in regulated jurisdictions, the reminder of 2008 will be devoted to expanding Parlay's footprint in the United Kingdom and Europe,” said White.
“We will be assisting our existing customers to expand their businesses, launch new bingo offerings and, most importantly, expand our licensee base through new licensing and network partnership arrangements. As a result of our divestiture, we now have a record cash position of approximately $3.6 million, which will support our plan to invest in the advancement of significant licensing opportunities throughout the balance of 2008 and 2009.'
The firm revealed that it remains debt free with a cash balance of $1.1 million with expenses for the three-month period coming in at $2.5 million, which was up from $1.8 million for the same period last year.