Parlay Entertainment Certified In U.K.
Published: Wednesday, November 28, 2007 Online-Casinos.com
ONLINE GAMBLING SOFTWARE COMPANY CERTIFIED IN U.K.
Isle of Man and UK certifications for software developer, but weak financial performance reported
Canadian gambling software developer Parlay Entertainment's disappointing third quarter and nine month results announcement included the encouraging news that the company's product has been certified by both the Isle of Man and the UK Gambling Commission, but revenues and royalties were down on Q3 2006.
"With new licensing arrangements now generating revenue and with other significant arrangements on the horizon, we expect royalty revenue to expand over the next quarter and beyond" said Scott White, President and Chief Executive Officer.
"Multinational and brand-name companies continue to explore the Internet bingo vertical and we look forward to announcing new licensing arrangements with our growing complement of U.K. and European focused customers."
Highlights for the third quarter of fiscal 2007 include:
Successful launch of Paddy Power's bingo offering
Successful installation of Bet24's bingo offering
Parlay software certification under the auspices of the Isle of Man
Grant of Software Supply License by the U.K. Gambling Commission
Canada Revenue Agency acceptance of SR&ED claims for 2004 and 2005 Results for the third quarter of fiscal 2007 include:
- Total revenue at $2 001 531, down 24 percent from Q3 2006.
- Royalty revenue at $1 788 223, down 8 percent from Q3 2006.
- Net income at $173 492, or $0.01 per share, fully diluted, down
from $501 931 in Q3 2006.
- EBITDA(1) decreased to $271 538, from $865 023 in Q3 2006 and
EBITDA(1) margin decreased to 14 percent from 33 percent in Q3 2006.
Results for the first three quarters of fiscal 2007 include:
- Total revenue at $5 990 758, down 13 percent from the first three quarters of 2006.
- Royalty revenue at $5 438 569, down 6 percent from the first three quarters of 2006.
- Net income at $296 242, or $0.02 per share, fully diluted, down from $1 206 255 in the first three quarters of 2006.
- EBITDA(1) decreased to $583 810, from $2 082 345 in the first three quarters of 2006 and EBITDA(1) margin
decreased to 10 percent from 30 percent in the first three quarters of 2006.
Parlay generates revenue from software licensing, installation fees and support services. Consolidated revenues decreased to $2.0 million in Q3 2007 from $2.6 million in Q2 2006 or 24% quarter over quarter. The decrease represents the absence in Q3 2007 of a one-off revenue enhancement in Q3 2006 in the amount of $0.5 million and the detrimental impact on certain company licensees from changes in the business model of certain e-commerce providers. A partial offset was the continuing growth across Parlay's portfolio of licensees and the impact of new network partners during the quarter.
Parlay remains debt free, however with a cash balance at September 30, 2007 of $1.8 million.
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