May 14, 2002
Bingo.com Announces First Quarter Results
Results show improvement in working capital and cash flow
VANCOUVER, Canada, May 14, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the three months ended March 31, 2002. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Bingo.com, Inc. (the “Company”) ended the first quarter of 2002 with total revenue of $237,000, a 59% decrease over revenue of $583,000 for the same period in the previous year. The majority of the Company’s revenue was earned from the sale of advertising on its Web portal, www.bingo.com, which experienced strong traffic during the quarter.
Operating costs before interest, tax, depreciation and amortization expenses dropped significantly during the three months ended March 31, 2002 to $153,000, from $706,000 for the same period in the prior year, a decline of 78%. The significant decrease in operating costs compared to the prior year demonstrates the effectiveness of the Company’s efforts to reduce operating expenses in the latter half of fiscal 2001 and in 2002. Interest, depreciation and amortization totaled $195,000 for the quarter ended March 31, 2002, compared to $174,000 for the quarter ended March 31, 2001.
The Company ended the first quarter of 2002 with a net loss of $268,000, or $0.02 per share, a per share improvement of 75% compared to a net loss of $762,000 or $0.08 per share for the same period in the prior fiscal year.
The Company also achieved an improvement in its working capital from December 31, 2001, showing a working capital deficiency of $1,046,000 at March 31, 2002, compared to a deficiency of $1,055,000 at December 31, 2001.
I am pleased to see the positive results that our cost control measures have achieved, remarked Tarrnie Williams, the Company’s president and CEO. The continued improvement in the net loss per share compared to last year is very satisfying. We intend to continue our efforts to improve working capital in 2002 and to work toward increasing revenue and achieving profitability.
For more information contact:
- Henry Bromley
- (264) 461-2646