September 10 - Parlay Entertainment, leading online gaming and bingo
software provider, showed poor financial performance in the second quarter of
2009, it was revealed this week.
Headline news was that Parlay's revenues dropped a staggering 93% in a year
on year comparison in the second quarter of the year.
In the same period in 2008, revenues for Parlay were $2.38 million, whereas
this year they dropped to just under $700,000.
Parlay Entertainment put the losses down to investment and development during
this time of the year.
In terms of assets, Parlay recorded $3.11 million worth of assets, again a
drop from last year's numbers of $4.05 million. All in all, this translated into
a decline of 23%.
Expenses were down 28% to $1.35 million it was revealed.
The Chief Executive Officer for Parlay Entertainment, Scott White, commented
on the numbers and said: "Throughout our second quarter, we continued to make a
significant investment in the establishment, development and organization of our
managed solutions offering in Alderney and Canada through Parlay Games
Services."
Net income for the second quarter dropped to a loss of $500,372 - down from
$267,532 recorded in the same period in 2008.
"The remaining months of 2009 will be used to aggressively expand that
service through the addition of new customers and brands through multiple
languages and currencies," predicted White.
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