Tough Times For FUNTech
Published: Wednesday, March 28, 2007 Online-Casinos.com
TOUGH TIMES FOR FUNTECH
Big losses at skill games group
Losses of US$ 128.2 million on revenues of $41.6 million clouded the results from FUN Technologies Inc, the Canadian provider of online and interactive casual and fantasy sports games this week.
Revenue from FUN Games totalled $21.4 million for the year, substantially from cash skill games platforms which include WorldWinner.com, SkillJam.com and their partner destination sites. The company also launched SCRABBLE Cubes, a 3-D adaptation of Hasbro's classic crossword game, and leveraged SkillJam's popular branded games content, including Bejeweled 2, Big Money, Chuzzle, Dynomite and Zuma, across the WorldWinner platform.
Revenue from FUN Sports totalled $20.2 million for the year.
During the year under review FUN cemented its position in the skill games market by acquiring WorldWinner.com, Inc., SkillJam's largest U.S. competitor at that time. The group also purchased Teagames, a UK-based casual games portal, in the third quarter. Teagames boasts a portfolio of 41 proprietary casual games. Adding Teagames' more than 4.6 million unique visitors per month from 19 countries to FUN's games platform allowed the company to leverage the additional traffic for advertising revenue with little incremental cost.
The company's adjusted EBITDA loss for the year ending 31st December 2006 amounted to $9.5 million.
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