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Poor Financial Results for Online Casino Software Firm

Parlay Entertainment reports Isle of Man and UK certifications as financial performance drops

Friday 30th November 2007



Canadian gambling software developer Parlay Entertainment has announced its third quarter results, revealing that revenues, royalties and income were all down on last year’s figures.

The Ontario firm stated that total revenues were down by 13 percent from the first three quarters of last year to just over $5.9 million with royalties also falling by six percent to a little over $5.4 million. The company’s net income fell to $296,242 from $1.2 million with earnings before interest decreasing to $583,810 from $2.1 million in 2006.

However, the company stated that it remains debt free with a cash balance of $1.8 million with its product recently being certified by the Isle of Man and UK Gambling Commission.

'With new licensing arrangements now generating revenue along 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 for Parlay.

'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 UK and European-focused customers.'

 


Source: OnlineCasinoNews