Canadian online bingo software solutions provider Parlay Entertainment Incorporated has released its results for the previous six months showing total revenues of over four million dollars, a 16 percent rise from the first half of 2007.
The Ontario firm revealed that total revenues for the period hit $4,626,120 while earnings before tax decreased to $175,133 from $312,272 in the first half of 2007 with its earnings margin decreasing by four percent from last year’s eight percent. Parlay announced that royalty revenues were $2,975,808, an 18 percent drop over last year, with software licensing fees of $1,305,000.
In addition, the Oakville-based firm reported that earnings for the second quarter of the year came in at $2,608,452, a 29 percent rise from the second quarter of last year, while royalty revenues were $1,213,893, a 34 percent decrease from the same period in 2007. Parlay revealed that earnings before tax for the second quarter increased to $572,127 from $77,791 last year while the margin increased from four percent to 22 percent.
'In the second quarter of 2008, we consummated a divestiture transaction, which had a positive impact on both revenues and cash flow for the quarter,' said Scott White, Chief Executive Officer for Parlay.
'As a result of that transaction, we have also made a number of adjustments to our recurring cost base in the quarter, which brings it more in line with current recurring revenue.
'With the demand growing for more sophisticated and flexible Internet and television bingo applications, we are pleased to have launched our next generation of gaming technologies in our release of Parlay5. As operators become more competitive, require true differentiation and demand increased player liquidity across multiple languages and currencies, Parlay's latest technology offering will become the industry standard. We look forward to being able to add to our existing licensee-base throughout 2008 and beyond.'