Losses Mount at Parlay Entertainment in Q330th November 2009 9:00 am GMT
Bingo software developer Parlay Entertainment Inc. has reported a 70% fall in third quarter revenues to CAD$0.78 million versus the same period last year following a troubled year for the company in which accumulated losses climbed to $1.68 million.
Despite the substantial fall in revenues, Parlay's expenses for the quarter amounted to $1.49 million versus $1.72 million a year ago as a result of continued investment in the company's Parlay Game Services managed solutions offering in Alderney and Canada.
As a result the company posted a pre-tax loss of $0.7 million for the quarter and a net loss of $0.55 million or -$0.05 per share.
"Throughout our third quarter, we continued to make a significant investment in the establishment, development and organization of our managed solutions offering in Alderney and Canada through Parlay Game Services," said Scott White, Chief Executive of Parlay.
"Parlay Game Services is now operational with the first brand launched in the quarter with a number of additional launches scheduled for Q4 2009 and Q1 2010. As we noted in our previous disclosures, it is Parlay's intention to aggressively expand our managed solutions offering to accommodate the addition of new customers and brands across multiple languages and currencies."
For the nine month period ended September 30th, Parlay reported revenues of $2.57 million, a fall of 65% year-on-year, with a pre-tax loss of $1.7 million versus a profit of $1.0 million last year.
As at September 30th 2009, Parlay held cash and cash equivalents of $1.04 million.
Shares in Parlay Entertainment Inc. (Co. Profile) (TSX:PEI) will commence trading today at $0.36 per share in Toronto.