REVENUES UP, ROYALTIES DOWN AT PARLAY

5 September 2008

Bingo software provider releases mixed results


Despite a 16 percent growth in half yearly revenues, Canadian bingo software provider Parlay Entertainment had to report a loss of US$8 546 this week, thanks mainly to an 18 percent dip in royalty income and rising operational expenses. The company has also just settled a patent dispute with 1st Technologies LLC for an as yet undisclosed sum (see previous InfoPowa report) which will probably impact the bottom line in the second half of the year.

Revenues for the first half of 2008 reached $4 626 120, up 16 percent on H1 2007 as a result of increases in income from software licensing, but an 18 percent decline in royalty income, allied to a similar increase in operating expenses, eroded the positive result.

The positive revenue numbers in the second quarter this year were also enhanced by an undetailed increase in cash flow and revenues from what the company termed a "divestiture transaction”.

CEO Scott White said that the company was looking forward to adding to its existing licensee base following the release of Parlay 5 - the latest generation of its bingo software platform. "As operators become more competitive, require true differentiation and demand increased player liquidity across multiple languages and currencies, Parlay's latest technology offering will become the industry standard”, White opined.

Online Casino News courtesy of InfoPowa