Business Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--BIGR--
Bingo.com, Inc. (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 dollars and in
accordance with United States Generally Accepted Accounting
Principles.
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. "We intend to continue this trend throughout 2004
and work towards achieving profitability. In addition on April 16,
2004, the Convertible Debenture "A" of $1,250,000 and the accrued
interest thereon were converted into common stock of the Company at an
average price of $0.138 cents per share. 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 of 1995 provides a
"safe harbor" 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, 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.
KEYWORD: NEW YORK
INDUSTRY KEYWORD: GAMING EARNINGS
SOURCE: Bingo.com, Inc.
CONTACT INFORMATION:
Bingo.com, Inc.
Henry Bromley
(604) 694-0300
Fax: (604) 694-0301
Email: ir@bingo.com
Website: www.bingo.com
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Due Da Due......But Be Quick About It!!!!!
DaDog
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