17th of August 2011 Author: Glo Wood
The second quarter results showed a nice profit for Bingo.com for the first time since 2006. The online bingo site went through a complete overhaul and it seems it was well worth it.
"Bingo.com has returned to profitability in the second quarter of 2011", said Jason Williams, Bingo.com's CEO. "In the first quarter of 2011, we completed the restructuring of Bingo.com's strategy, technology, and personnel and are pleased to see the positive results that have been achieved.
"As a member of the Unibet partner program, Bingo.com's international player acquisitions and revenues have greatly improved. The combination of a multi-language and multi-currency approach with a wide selection of premium bingo and casino games has resulted in high player values from a number of countries.
"With the launch of Bingo.com's marketing initiatives in January 2011 and the rise of our active player base, Bingo.com's revenues have climbed steadily. Now with higher revenues and lower operating costs, Bingo.com has been able to secure its first profitable quarter since the second quarter of 2006. Moving forward, Bingo.com will continue to invest in targeted marketing initiatives with the intention of growing revenues and profits."
A profit of $8,520 in the second quarter compared to the first quarter of a net loss of $743,332 has certainly had to put a smile on investors faces.
Bingo.com has over 1,997,500 registered players.
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Bingo.com was running at a loss? Hmm I guess anything can be achieved with poor management.
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