In the second quarter 2006, the leading developer of internet bingo solutions reported corporate revenue for $2.2m, up 9% from Q1 2006 and 72% from Q2 2005, and earnings for $0.7m, up from $0.1m in Q2 2005. For the six-month periods ended June 30, consolidated revenues, including revenues from software licensing, installation fees and support services, were up 62% to $4.2m from the same perion in 2005. Profit before exceptional items increased to $1.2m from $0.3m in 2005.
As of June 30, the St Minver bingo network had a total of 18 network partners, including Butlins and Littlewoods, while The Gaming Network had a total of 12 partners, including the recent addition of Paddy Power Bingo.
“While we are pleased with our record financial results for Q2 2006, as they were in line with our budget and our expectations, we acknowledge that the World Cup held back additional royalty growth from existing customers. We also observed that the World Cup delayed two new customer launches, which impacted on additional royalty revenue from these new sources,” said Scott F. White, President and CEO of Parlay Entertainment.
“Our business continues to expand, with our award winning technology now licensed by 41 direct licensees and used by some 30 network partners. Some of these new licensees, and new network partners, will add to royalty, installation, support and professional services revenue commencing in Q3 2006. As a result of our revenue growth, we added nine new staff in Q2 2006. Our staffing levels will increase marginally in the short term to give us the capacity to fulfill our obligation to develop and deliver leading edge software. With our cash position climbing to more than $2.1 million at the end of Q2, we now have adequate cash to consider investments in new business opportunities, new technologies and people, which we expect will generate a return in late 2006. We continue to be very excited with Parlay\’s prospects and the prospects of online bingo in general,” added White.
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