|Bingo.com reinforced its status as the Internetís top Bingo site today, after reporting strong financial results for the second quarter ending June 30th, 2004. Revenue increased to US$247,752 for the quarter ended June 30, 2004, an increase of 21% from in the previous year.|
The Company has also increased its advertising rates by approximately 10% and obtained a greater number of individual advertisers, thereby providing a more diverse and increased revenue stream.
'I am pleased to see the positive results that our revenue growth initiatives have achieved,' Tarrnie Williams, the Company's President and CEO told the Financial Times newspaper. 'We intend to continue this trend throughout 2004 and work towards achieving profitability. In addition on July 2, 2004, the Convertible Debenture 'B' of US$145,000 and the accrued interest thereon were converted into common stock of the Company at an average price of $0.158 cents per share. This will reduce our interest expense and increase our shareholders equity.'