28-11-2007 GigaMedia record, Parlay down, Bingo.com up

Everest Poker owner GigaMedia reported a 76% increase to $43.0 million in third quarter revenues, with a net income of $9.7 million, up 49% year-over-year. "Third-quarter results were strong, with no decline in our poker business despite the seasonal downturn," stated GigaMedia President Thomas Hui. "Over the next few quarters, we plan to add several top-tier games to our platforms and expand our strategic partnerships – key steps to driving even stronger growth," added GigaMedia CEO Arthur Wang.

Internet bingo developer Parlay Entertainment said third quarter revenues stood at $2.0 million, down 24% from Q3 2006, with earnings of $270,000, compared to $865,000 in the same period a year earlier. "With new licensing arrangements now generating revenue and with other significant arrangements on the horizon, we expect royalty revenue to expand over the next quarter and beyond" said Parlay President and CEO Scott White.

Bingo.com announced that gaming revenues increased from $265,000 in the second quarter of 2007 to over $1.0 million in the third quarter of 2007, with an operating loss of $400,000 down from $535,000 the previous quarter. "Month over month, since commencing gaming operations in the United Kingdom on April 23, 2007, we have grown our customer base, increased our market share, and reduced our operational expenses on a percentage of revenue basis, all of which has significantly increased our revenue and helped to reduce our quarterly loss as we work to return to profitability," said Bingo.com CEO Tarrnie Williams.

In other news, Playtech signed a new license contract with one of the largest Asia-facing online gaming operators. "The scale of its operations and its large and diverse base of clients across Asia make it a very valuable addition to our growing portfolio. The additional tools and features that we have deve loped for this operator will further strengthen Playtech's market leading position in the vast Asia-Pacific market," commented Playtech CEO Mor Weizer.