BINGO.COM REPORTS RESULTS FOR SECOND QUARTER; -COMPANY DOUBLES REGISTERED USER BASE, UNIQUE USERS PER DAY
MARINA DEL REY, Calif., Aug. 18 /PRNewswire/ -- Bingo.com, Inc.
(OTC Bulletin Board: BIGR), a leading online entertainment company, today
announced its results for the quarter ended June 30, 2000.
The company contracted approximately $250,000 in business during the
quarter, which includes co-branding agreements and other business that will
stretch into future months. This will be booked as revenue over the term of
the various agreements and as work is performed. For the quarter ended June
30, 2000, the company reported $57,588 in revenues compared to no revenues for
the quarter ended June 30, 1999. Revenues resulted primarily from advertising
and the sale of advertising banners on the company's Web site. The company
recorded $28,600 in barter revenue with a corresponding cost of revenue of
$28,600 included in marketing expenses.
At June 30, 2000, cash and cash equivalents were $1,747,277 versus
$4,594,304 at June 30, 1999. Working capital position at June 30, 2000 was
$1,101,101 compared to $4,880,199 at June 30, 1999. Marketing, advertising,
software and Web site development costs totaled $208,698 for the quarter ended
June 30, 2000, compared to $217,704 for the quarter ended June 30, 1999. As
of June 30, 2000 the company had 10 full-time employees and four regular
consultants located in its principal executive offices in California.
Audience growth and usages during the quarter remained strong. The
company had 211,092 registered users as of June 30, 2000, compared to
106,779 at March 31, 2000, representing a growth rate of 97% for the second
quarter. The company experienced a 32% increase in its quarterly growth rate
over the first quarter of 2000. During the second quarter of 2000, the
company attracted in excess of 27,000 unique visitors per day to its Web site,
compared to 15,000 in the first quarter of 2000. During the second quarter of
2000, the average visitor session length grew from an average of approximately
50 minutes to over 60 minutes.
During the second quarter of 2000, the company was independently ranked
among the top 10 e-businesses by Bain & Company, a leading global strategy
consulting firm. The Bain survey evaluated on-line firms on the basis of
third-party interviews and public information, and utilized a ranking criteria
that considered strategic innovation, website impact, plan execution, funding
and fame. The company achieved top ranks for innovation, impact and
execution.
In keeping with its strategy to build value through its registered user
data base, the company filed a provisional patent application with the U.S.
Patent and Trademark Office during the second quarter of 2000, entitled
"Method and Apparatus for Directing Interleaved Messages in a Network Based
Interactive Application", a software application program which the company
believes will enhance the Web site's visitors' experience and allow it to
better facilitate the delivery of its on-line advertising and merchandising
opportunities. The application will allow the users to browse products and
play games or participate in other activities simultaneously. The company
anticipates that the application will be integrated into its on-line playing
environment in the near future. The company is constructing this feature as a
modular add-on to its existing software applications and it may potentially be
able to generate related revenues through the future licensing of the
software.