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| | | December 1 - Parlay Entertainment has announced a disappointing third quarter performance for the third quarter of 2009.
The group, which targets the online bingo market, saw its revenues plunge to $800,000 compared to the third quarter of 2008, when revenues were reported to be $2.5 million.
Nevertheless, the Chief Executive of Parlay Entertainment, Scott White, said that the company continued to focus on establishing its managed solutions offering through Parlay Game Services.
"Throughout our third 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 Game Services," said White.
"Parlay Game Services is now operational with the first brand launched in the quarter with a number of additional launches scheduled for Q4 2009 and Q1 2010," he said. "As we noted in our previous disclosures, it is Parlay's intention to aggressively expand our managed solutions offering to accommodate the addition of new customers and brands across multiple languages and currencies," he added.
Net loss for Parlay was $600,000 (or $0.05 per diluted share).
The group managed to bring its expenses down from $1.7 million in the third quarter of last year to $1.5 million this year. This was also due to lower foreign exchange losses and reduced compensation costs.
The group also said that expenses in the first three quarters of the year were $4.3 million - less than the $6.3 million reported in the first three quarters of 2008.
On a high note, Parlay Entertainment is a debt free group and had a cash balance of $1 million at the end of September.
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| | 12/1/2009 4:29:08 PM |
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