Canadian bingo software company reveals decrease in revenues, earnings and royalties for the year.
Monday 31st March 2008
Canadian online bingo software supplier Parlay Entertainment Incorporated has announced a full-year net loss of $76,608 for 2007, which was down from the previous year’s profit of over $1.2 million.
The Ontario firm stated that total revenues for the period decreased by eleven percent to $8,032,100 while earnings before tax also fell to $86,378 from 2006’s $2,192,804.
In addition, royalty revenue for the Oakville-based supplier also fell six percent to $7,322,353 for the year with the earnings before tax margins decreasing to one percent from 24 percent in 2006.
'In 2007, Parlay was faced with a number of challenges, which most importantly required that the company adjust to a changing US regulatory environment,” said Scott White, Chief Executive Officer for Parlay.
“While these changes had a negative impact on revenue and earnings, Parlay made significant investments in technology, sales and marketing. These investments have allowed for the completion of several new UK and European-facing licensing arrangements and, as these arrangements transition into active businesses throughout 2008, we anticipate that they will make a meaningful contribution to royalty revenue.
'As multinational and brand-name companies continue to express interest in Internet bingo, we look forward to announcing new licensing arrangements with our growing complement of UK and European focused customers and strategic partners.'
Parlay has recently been the subject of three unsuccessful acquisition bids but White stated that the firm remains debt-free and boasts a positive cash balance of $1.8 million, $1.3 million less than the year before.
Canadian online bingo software supplier Parlay Entertainment Incorporated has announced a full-year net loss of $76,608 for 2007, which was down from the previous year’s profit of over $1.2 million.