Bingo.com narrows FY losses
Fourth-quarter revenues up 251% year-on-year but down on the previous quarter.
Bingo.com has seen its losses for the last financial year drop below US$700,000, the company has revealed in its results for the 12 months ended 31 December 2011.
The $688,561 losses after tax mark a 21.7% decrease compared to 2010, with fourth-quarter revenues helping the business continue its recovery in a year described by CEO Jason Williams as “pivotal”.
Revenues for the three months ended 31 December rose 251% to $389,390, although the figure is slightly down on the third-quarter total of $416,732, while the Q4 was the third consecutive quarter in which Bingo.com has recorded a profit.
However losses of US$743,332 in Q1 2011, the result of restructuring and an aggressive marketing campaign mean the company failed to return to profit over the course of the year.
Jason Williams, who replaced Tarrnie Williams as CEO last June, said the company “expect[s] to continue to see long term positive returns on our marketing investments and believe[s] that our current strategy is the correct one.
However he admitted that “[W]e will be investing significant resources into our marketing programs in the first quarter of 2012, which could result in a net loss for the quarter.”