VANCOUVER, Canada, April 3, 2002 / Bingo.com, Inc. (OTC BB: BIGR),
operator of the Internet’s pre-eminent bingo portal, today announced
its financial results for the fourth quarter and year end December 31, 2001.
All amounts are presented in United States dollars and in accordance with
United States Generally Accepted Accounting Principles.
Bingo.com, Inc. (the “Company”) ended the 2001 year with total revenue
of $1,734,000, a 55% increase over the previous year’s revenue of $1,200,000.
Revenue for the fourth quarter of 2002 decreased to $343,000 from $514,000
a year earlier, a drop of 33%. The majority of the Company’s revenue
was earned from the sale of advertising on its Web portal, www.bingo.com,
which experienced strong traffic throughout the year.
Operating costs before interest, depreciation and amortization expenses dropped
significantly in 2001 to $1,776,000, from $2,993,000 for the prior year, a
decline of 41%. Operating costs before interest, depreciation and amortization
expenses were $252,000 for the quarter ended December 31, 2001, a reduction
of 46% compared to costs of $471,000 for the same period in the prior year.
The significant decrease in operating costs compared to the prior year demonstrates
the effectiveness of the Company’s efforts to reduce expenses in the
latter half of fiscal 2001. Interest, depreciation and amortization totaled
$745,000 and $149,00 for the year and quarter ended December 31, 2001, respectively,
compared to $584,000 and $201,000 for the year and quarter ended December
31, 2000, respectively.
The Company ended the 2001 year with a net loss of $1,879,000, or $0.18 per
share, a per share improvement of 45% compared to a loss of $3,335,000 or
$0.33 per share for the prior fiscal year. The net loss for the quarter ended
December 31, 2001 amounted to $301,000, or $0.02 per share, a 60% improvement
over the per share loss of $0.05 for the same period in the prior year, a
loss of $584,000.
"I am pleased to see the positive results that our cost control measures have achieved,"
remarked Tarrnie Williams, the Company's President and CEO. "The decrease in the net
loss per share to $0.18 from $0.33 per share last year is very satisfying. We intend to
continue this trend into 2002 and to work towards increasing revenue and achieving profitability."