'Stickiest Site on the Internet' Registers 10.5 Million Visits During Three-Month Period; Growth for Year Remains Strong
MARINA DEL REY, Calif., Nov. 14 /PRNewswire/ -- Bingo.com, Inc.
(OTC Bulletin Board: BIGR), a fast-growing entertainment site and game
application service provider (ASP), today announced revenues of $544,416 for
the fiscal quarter ended Sept. 30, 2000, compared with no revenues for the
same year-earlier quarter. The most recent quarter's performance represented
a 945 percent rise over revenues of $57,588 in the quarter ended June 30,
2000.
The revenues improvement resulted from the sale of advertising on
http://www.bingo.com and co-branding agreements with other popular Web sites. During
the quarter, Bingo.com was rated "The Stickiest Site on the Internet" by the
renowned A.C. Neilsen/Net Ratings organization which determined that the
average Bingo.com player spends approximately nine hours per month playing on
the company's Web site.
Net loss for the three months ended Sept. 30, 2000, was $1,088,564 or
$0.11 per share, compared with a loss of $699,212 or $0.07 per share for the
period ended Sept. 30, 1999. The increase in loss is attributable to
significant non-cash items recorded in the quarter. Excluding the non-cash
items, the loss of the three months ended Sept. 30, 2000 is $620,690, compared
to $663,361 for the same period in 1999. The non-cash items included in the
loss figures are depreciation and amortization, primarily associated with the
amortization of the company's domain name, totaling $179,880, stock-based
compensation costs of $247,833, provisions for non-collectable accounts of
$21,126, and imputed interest charges on the domain name costs of $19,035.
The only non-cash item in the same period in 1999 was depreciation and
amortization of $35,851.
Shane Murphy, Bingo.com's CEO, said, "We are pleased to report that our
company has been experiencing tremendous growth this year, reaching
339,300 registered users as of Sept. 30, 2000, a 61 percent rise over the
211,100 registered users at the end of the second quarter and 218 percent over
the first quarter." He said the site attracted in excess of 38,000 unique
visitors per day in the third quarter, compared with 27,000 unique visitors
per day during the second quarter and 15,000 in the first. There were
approximately 10.5 million visitors to the site during the most recent
quarter, including some 3.3 million player sessions offered to the company's
registered users. The visitor session length grew to an average of
approximately 65 minutes, compared to a 50 minute average in the first quarter
and 62 minutes in the second quarter.
"The average user session on 99 percent of Internet sites is a matter of a
few minutes," Murphy said. "We believe this attractiveness of our product
will not only help advertising sales and co-branding, but plays into our plan
to expand our proven business model into other industries. This growth is
also a positive example of how our business model is maturing despite a
turbulent time in the technology market. The fact that we progressed so
strongly during this difficult period is a testament to the hard work and
commitment of our employees and evidence that demand for our unique products
is strong. "
During the nine months ended Sept. 30, 2000, the company reported revenues
of $606,284 compared with no revenues for the nine months ended Sept. 30,
1999. Net loss for the nine months ended Sept. 30, 2000, was $2,751,363, or
$0.27 per share, compared with a loss of $1,438,971, or $0.16 per share, for
the same prior-year nine-month period. The increase in loss was attributed to
the relocation of the company's primary office, expansion of Web site
capacity, increased amortization expense associated with the amortization of
the company's domain name, the final steps of dissolving Antigua-based
operations, and a downward re-pricing of company stock options.
Bingo.com is in the business of developing and operating an entertainment
based Web site and application service provider (ASP). Their primary Web
presence, http://www.bingo.com is enormously popular and was recently named "The
Stickiest Site on the Internet" by NetRatings, Inc., the Internet arm of AC
Nielsen Ratings.
Bingo.com relocated its principal executive offices to Los Angeles,
Calif., earlier in the year, to facilitate the implementation of its revised
business plan, which focuses on the on-line entertainment industry. The
relocation provides the company with access to the industry talent pool, a
larger prize sponsor base and audience for future revenue generation,
financing and partnering opportunities.
For more information about Bingo.com, please visit the company's Web site
at http://www.bingo.com.