Bingo.com has announced its unaudited financial results for the second quarter ending 30th June 2011. The company reported its first profitable quarter since 2006 and net income for the three months was $8,520 compared to a net loss of $743,332 in the first quarter of 2011. The company reported revenues of $363,492 which was an increase of 47% from revenue of $247,044 in the first quarter of 2011.

"Bingo.com has returned to profitability in the second quarter of 2011", commented Jason Williams the company CEO. "In the first quarter of 2011, we completed the restructuring of Bingo.com's strategy, technology, and personnel and are pleased to see the positive results that have been achieved. As a member of the Unibet partner program, Bingo.com's international player acquisitions and revenues have greatly improved. The combination of a multi-language and multi-currency approach with a wide selection of premium bingo and casino games has resulted in high player values from a number of countries. With the launch of Bingo.com's marketing initiatives in January 2011 and the rise of our active player base, Bingo.com's revenues have climbed steadily. Now with higher revenues and lower operating costs, Bingo.com has been able to secure its first profitable quarter since the second quarter of 2006. Moving forward, Bingo.com will continue to invest in targeted marketing initiatives with the intention of growing revenues and profits."

Gaming revenue increased by 52% over the previous quarter to $352,413, advertising revenue declined by 30% to $11,079, this was also 46% down on the same period in 2010.

Operating costs were $354,947 in the second quarter of 2011, a decrease over operating costs of $987,749 in the first quarter of 2011 and a decrease over operating expenses of $425,892 in the second quarter of 2010.

Sales and marketing expenses were $161,142 for the quarter ended June 30, 2011, a decrease from expenses of $496,679 in the first quarter of 2011 and an increase over expenses of $33,630 in the second quarter of 2010.

General and administrative expenses were $83,754 for the second quarter of 2011, an increase of 11% from costs of $75,430 in the first quarter of 2011 and a decrease of 4% from costs of $87,130 for the second quarter of 2010.

Net income for the three months ended 30th June 2011, amounted to $8,520, an income of $0.00 per share, as opposed to a net loss of $743,332 or $0.01 per share in the first quarter of 2011 and as opposed to a net loss of $27,977, a loss of $0.00 per share for the same period in 2010.

The company had cash of $886,428 and positive working capital of $1,002,277 at 30th June 2011 which compares to cash of $1,396,384 and positive working capital of $1,723,394 at 31st December 2010.

About Bingo.com

Bingo.com website offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. The site has more than 1,997,500 registered users.