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Best year in the company's history says CEO
Canadian bingo provider Parlay Entertainment reported quarterly and full year results this week, lauded by CEO Scott White as "the best year in Parlay's corporate history."
The Internet bingo software specialist said year on year increases in cash reserves totalledb 146 percent, ending the year with US$3.1 million.
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"2006 was the best year in Parlay's corporate history," said White. "We achieved or exceeded all of the key objectives set for 2006. Historic levels of revenue, earnings and cash generated were realised primarily by our growth in Europe and the United Kingdom. While being first movers in the UK, and participating in the explosive growth of Internet bingo in anticipation of UK regulation in 2007, we also saw licensees and partners in continental Europe test and softly enter Internet bingo.
"We expect additional explosive penetration from these and other jurisdictions in 2007 and beyond, which will continue to increase the size of the Internet bingo marketplace."
White went on to describe the positive as well as negative impact of recent US anti-online gambling legislation, which could work to Parlay's advantage when it targets key suppliers, governments and Native Americans, which are not impacted by recent legislative changes in the United States."
"In addition to these North American-facing opportunities," commented White, "Parlay's licensees in Europe, the UK and Latin America, will continue to contribute increasing percentages of our royalty revenue.
"We are delighted with our record performance in 2006. We increased total revenues 52 percent year over year and established a new corporate record for both total revenue and net income. Our net income increased 88 percent year over year, which demonstrates the scalability of our business model.
"We still believe that we are at the very early stages of bingo's emergence on the Internet. Because Internet bingo is a game played primarily for entertainment and community participation there are opportunities available to suppliers such as Parlay that are not well understood by traditional Internet gaming software suppliers. We understand that Internet bingo has excellent revenue generating components which are outside the traditional Internet gambling arena. All of these new opportunities are perfectly legal in most jurisdictions."
Highlights for fiscal 2006 include:
* New corporate record for revenue at $9 028 079, up 52 percent from the prior record for 2005.
* New corporate record for royalty revenue at $7 813 982, up 43 percent from the prior record for 2005.
* New corporate record for net income at $1 238 846 or $0.09 per share, fully diluted.
* EBITDA(1) increased to $2 192 804 from $869 425 in 2005 and EBITDA(1) margin increased to 24 percent from 15 percent in 2005.
* New corporate record for cash at $3.1 million, up 146 percent from December 31, 2005. Parlay remains debt free.
White listed as achievements last year the existing bingo network St. Minver Limited, which launched additional network partners with 32 in place at December 31, 2006, including Butlins and Littlewoods bingo. St. Minver also launched a Swedish language offering transacting in Kronor.
Another existing bingo network, The Gaming Network Limited, added additional network partners to their network with 15 in place at December 31, 2006, including the recently announced launch of Paddy Power's bingo offering.
Unibet International Limited, one of the largest privately-owned gambling operators in the European market with 1 340 000 customers in over 100 countries, launched Unibet Bingo from Parlay. Expekt.com also launched its European facing bingo site to complement an existing on-line gaming offering.
The company also released Parlay 4.2, the latest version of Parlay's award-winning online bingo product, and appointed ex Tribeca md Steve Cook as European managing director to enhance Parlay's presence in the UK and European marketplaces.
"We have announced synergistic partnerships in 2006, such as our partnership with [UK white label company] Orbis," concluded White. "We are developing additional partnerships with suppliers to the Internet and land-based bingo markets, which we hope to announce in the coming months."
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