Jackpot for Bingo.com Q1 results
Bingo.com, Ltd, owner of the popular online gaming community announced its unaudited financial results for the first quarter ended March 31, 2012. Total revenue for the quarter ended March 31, 2012, was $406,307, an increase of 64% from revenue of $247,044 for first quarter of 2011 and an increase of 4% from revenue of $389,390 in the fourth quarter of 2011.
“The first quarter of 2012 saw increased investments into our marketing programs and a resulting increase in revenue,” said Jason Williams, Bingo.com’s CEO. “While it’s unfortunate to post a net loss for the quarter, our strategy was to make significant investments in marketing and I’m pleased that the loss is small. Our marketing campaigns continue to be effective and our brand well received in our target jurisdictions. While the number of active players is increasing, we have seen less growth in player values than previously which has impacted our total revenue growth. In the second quarter we intend to focus on player retention and with a smaller marketing investment planned, we anticipate a return to profitability.”
Gaming Revenue was $386,925, an increase of 67% in the quarter ended March 31, 2012, compared Gaming Revenue of $231,177 in the first quarter of 2011 and a 5% increase from revenue of $367,560 in the fourth quarter of 2011. This increase compared to the first and fourth quarter of fiscal 2011 is due to an increase in the number of players as a result of our marketing campaigns. We earned advertising revenue of $19,382 in the quarter ended March 31, 2012, an increase of 22% from advertising revenue of $15,867 in the first quarter of 2011 and a decrease of 11% from advertising revenue of $21,830 in the fourth quarter of 2011.
