Bingo.com Announces First Quarter Results.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 25, 2004 Bingo.com, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BIGR), operator of the Internet's pre-eminent bingo portal (http://www.bingo.com), today announced its financial results for the first quarter ending March 31st, 2004. All amounts are presented in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dollars and in accordance with United States Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Revenue increased to $246,189 for the quarter ended March 31, 2004, an increase of 41% from revenue of $174,470 for the same period in the prior year. The Company has increased its advertising rates by approximately 10% overall and obtained a greater number of individual advertisers, thereby providing a more diverse and increased revenue stream. Operating costs before interest, depreciation and amortization expenses were $168,090 for the quarter ended March 31st, 2004, an increase of 27% compared to costs of $132,837 for the same period in the prior year. The increase in operating costs compared to the prior year were a result of increased prizes granted to players on the website and an increase in payroll costs coupled with a weakness in the US Dollar in relation to the Canadian Dollar. Net loss for the three months ended March 31, 2004, amounted to $38,479, a loss of $0.00 per share, compared to a loss of $134,177 or $0.01 per share for the same period in 2003. This decrease in losses is due to the Company's managements continued efforts to control operating costs and to increase revenue streams. "I am pleased to see the positive results that our revenue growth initiatives have achieved," remarked Tarrnie Williams, the Company's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We intend to continue this trend throughout 2004 and work towards achieving profitability. In addition on April 16, 2004, the Convertible Debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. "A" of $1,250,000 and the accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereon were converted into common stock of the Company at an average price of $0.138 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This will significantly reduce our interest expense and reduce our stockholders deficit." About Bingo.com Bingo.com, Inc. operates the popular web portal www.bingo.com offering free games including multiplayer bingo, video poker, sweepstakes, slot machines, and more. With over 950,000 registered users and more than 800 new users everyday, www.bingo.com is one of the most recognized and most visited Bingo entertainment destinations on the web. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , filed with the SEC on March 26, 2004 for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Inc. |
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