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Bad Quarter for Online Casino Developer

Sweden’s Boss Media sees 35 percent decline in operating profit

Wednesday 31st October 2007

Online gambling software developer Boss Media has reported a decline in its operating profit for the third quarter of nearly 35 percent to $1.84 million from last year’s $2.81 million.

The Swedish company said that it had total revenues of $10.79 million, a fall of nearly 11 percent against the same period last year, with a net profit for the third quarter of $1.3 million compared with last year’s $3.61 million.

The company reported that, since the beginning of the year, its sales have fallen from $36.36 million to $36.23 million while royalty revenues fell by 8 percent to $26.60 million from $28.92 million last year. Similarly, operating profit slipped to $6.16 million from last year’s $7.04 million and net profit for the nine months was $5.53 million from the previous $8.97 million.

The company reported that the market for online gaming experienced continued moderate growth within most gaming segments during the third quarter while increased Internet penetration continued to have a positive long-term effect on growth in several markets. It said that the poker segment appears capable of continued growth, although at a slower rate than in the past, while bingo is currently the fastest growing segment.

The company said that it has undertaken determined efforts to increase sales volumes and that work on changing and strengthening the sales organisation has been initiated. It reported that ongoing launches of new and updated products would also have a favourable impact on revenues.

Source: OnlineCasinoNews

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