The internet bingo software developer, which generates revenue from software licensing, installation fees and support services, reported consolidated revenues for $2.01m, up 13% from the prior record for Q4 2005 and up 52% from Q1 2005.
Royalty revenues for the quarter increased to $1.86m, up respectively 15% from Q4 2005 and 64% from Q1 2005, while profit before tax more than doubled year-on-year up to $0.51m.
During the quarter, Parlay released a new version of its award-winning online bingo product, Parlay 4, adding many enhancements to the already popular bingo suite which offers both 75-number and 90-number bingo versions. As of March 31, Parlay\’s existing bingo networks, St. Minver and The Gaming Network, had respectively 13 and 10 partners, including Virgin, Yahoo, MSN and Littlewoods Gaming.
“Our financial results for Q1 2006 met our expectations and position us well to continue our growth experience through fiscal 2006, ” said Scott F. White, President and CEO of Parlay Entertainment.
“We continue to see growth from our new and existing licensees who are UK and European facing, but we are also seeing growth, and in some cases significant growth, from our customers who are US facing. We have announced a number of new license and network partner relationships over the past fiscal year, and only certain of these new arrangements have added significantly to revenue through March 31, 2006. It is our expectation that additional contributions will be made from previously announced licensees and network partners as they invest more time and resources in the advertising and promotion of their Internet bingo offerings,” continued White.
“As a result of our revenue growth, we made further investments in human capital and other resources in Q1 2006, and these investments have been necessary to increase our capacity to develop and deliver software and services to our licensees and to enable us to better manage the development and delivery of software. We will make further investments in our human capital throughout 2006 in order to support the increasing international demand for Parlay\’s software and Internet bingo in general,” he concluded.
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