Bingo.com, one of the world’s largest online bingo halls, have announced their financial results for the third quarter of 2007 and they make happy reading for the company.  Bingo.com’s financial results are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Speaking about these results, Tarrnie Williams, Bingo.com’s CEO said, “The third quarter has been a particularly satisfying quarter for Bingo.com.  Month after month, since commencing gaming operations in the United Kingdom on April 23, 2007, we have grown our customer base, increased our market share, and reduced our operational expenses on a percentage of revenue basis, all of which has significantly increased our revenue and helped to reduce our quarterly loss as we work to return to profitability.”

Highlights for the third quarter include:

Added a ‘Speed Bingo’ 80 ball bingo room.
An increase in Gaming Revenue from $265,650 in the second quarter of 2007 to $1,048,338 in the third quarter of 2007.
Reduced loss from $535,912 in the second quarter of 2007 to $399,528 in the third quarter of 2007.

Bingo.com’s total revenue had an increase from $277,650 in the second quarter of 2007 to $1,083,099 in the third quarter of 2007.  This is an increase of a staggering 290 percent.  Gaming revenue increased from £265,650 to $1,048,338 over the same period.  Advertising revenue also increased, from $12,000 in the second quarter of 2007 to $34,761 in the third quarter of 2007.

Cost of revenue rose from $172,176 in the second quarter of 2007 to $484,521 in the third quarter of 2007, a rise of 181 percent.  Cost of revenue for Bingo.com mainly consists of bonuses given on deposits made by players to encourage them to continue gambling on the website.  Sales and marketing costs increased from $308,240 in the second quarter of 2007 to $640,660 in the third quarter, a rise of 108 percent.  These costs consist of sign up bonuses and incentives, advertising, commissions and other costs intended to increase the number of players and gaming revenue.  General and Administrative expenses increased from $320,474 in the second quarter of 2007 to $360,469 in the third quarter of 2007, a rise of 12 percent.  These costs are made up from salaries, premises costs for the office, legal and professional fees, and other general corporate and office expenses.

Bingo.com’s net loss for the third quarter of 2007 was £399,528, which is a loss of $0.01 per share.  The company have improved their position as net loss for the second quarter of 2007 was $535,912, a loss of $0.02 per share.  The company’s cash has decreased from $1,243,308 in the second quarter of 2007 to $960,592 in the third quarter of 2007.  Working capital has also decreased, this time from $1,180,150 in the second quarter to $819,387 at the end of the third quarter of 2007.

For full details of Bingo.com’s financial results please visit the Securities and Exchange Commission website at  HYPERLINK "http://www.sec.gov" www.sec.gov or go to the Bingo.com website at  HYPERLINK "http://www.bingo.com" www.bingo.com.

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