Parlay Entertainment Announces Record Financial Results for Q1 2006
April 29, 2006
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OAKVILLE, ONTARIO — (MARKET WIRE) — 04/27/2006 — Global leader in Internet bingo software maintains profitable operations.
All amounts in United States Dollars
Parlay Entertainment Inc. (TSX VENTURE:PEI), the world’s leading supplier of Internet bingo solutions, today announced record results for the three-month period ended March 31, 2006.
Highlights for the first quarter of fiscal 2006 include:
- New corporate record for revenue at $2,013,218, up 13% from the prior record for Q4 2005 and up 52% from Q1 2005.
- Sixth sequential new corporate record for royalty revenue at $1,868,886, up 15% from the prior record for Q4 2005 and up 64% from Q1 2005.
- New corporate record for net income at $291,661 or $0.02 per share, fully diluted, up from $103,861 recorded in Q1 2005.
- EBITDA(1) increased to $512,572 from $236,496 in Q1 2005 and EBITDA(1) margin increased to 25% from 18% in Q1 2005.
Achievements for the first quarter include:
- Existing bingo network, St. Minver Limited, launches additional network partners with 13 in place at March 31, 2006.
- Existing bingo network, The Gaming Network Limited, adds additional network partners to their network with 10 in place at March 31, 2006.
- Release of Parlay 4, the latest version of Parlay’s award-winning online bingo product. The release includes many additions and enhancements to Parlay’s software suite, which is already the most popular Internet bingo technology in the world.
“Our financial results for Q1 2006 met our expectations and position us well to continue our growth experience through fiscal 2006, ” said Scott F. White, President and CEO. “We continue to see growth from our new and existing licensees who are UK and European facing, but we are also seeing growth, and in some cases significant growth, from our customers who are US facing. We have announced a number of new license and network partner relationships over the past fiscal year, and only certain of these new arrangements have added significantly to revenue through March 31, 2006. It is our expectation that additional contributions will be made from previously announced licensees and network partners as they invest more time and resources in the advertising and promotion of their Internet bingo offerings.”
“As a result of our revenue growth, we made further investments in human capital and other resources in Q1 2006, and these investments have been necessary to increase our capacity to develop and deliver software and services to our licensees and to enable us to better manage the development and delivery of software,” continued Mr. White. “We will make further investments in our human capital throughout 2006 in order to support the increasing international demand for Parlay’s software and Internet bingo in general.”
Parlay generates revenue from software licensing, installation fees and e-digital and support services. Consolidated revenues increased to $2.0 million in Q1 2006 from $1.3 million in Q1 2005 or 52% quarter over quarter. The results represent continuing growth across Parlay’s portfolio of licensees and the impact of new licensees during the quarter.
Expenses in Q1 2006 were $1.5 million, up from $1.1 million in Q1 2005. The increase represented the impact of higher compensation costs and higher costs to support licensees.
Net income for the quarter was $0.3 million, or $0.02 per diluted share, compared to $0.1 million, or $0.01 per diluted share in Q1 2005.
Parlay remains debt free and Parlay’s cash balance at March 31, 2006 was $1.0 million.
PARLAY ENTERTAINMENT INC.
CONSOLIDATED BALANCE SHEETS
(incorporated under the laws of the province of Ontario)
in whole U.S. dollars
——————————–
(Unaudited) (Audited)
March 31, December 31,
ASSETS 2006 2005
——————————–
Current assets:
Cash and cash equivalents $ 1,029,759 $ 1,272,510
Accounts receivable:
Trade, less allowance of
approximately $354,000 1,357,525 1,066,166
($297,000 – 2005)
Other 48,692 47,306
Income taxes recoverable 228,077 228,077
Prepaid expenses, deposits and
other assets 156,320 94,261
——————————–
Total current assets 2,820,373 2,708,320
Equipment – net 229,128 210,540
Future income tax asset 40,000 40,000
——————————–
$ 3,089,501 $ 2,958,860
——————————–
——————————–
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 506,676 $ 533,877
Income taxes payable 169,176 379,789
Deferred revenue 237,423 262,775
——————————–
Total current liabilities 913,275 1,176,441
——————————–
Shareholders’ equity:
Common shares, an unlimited number of
shares authorized, 12,850,765 shares
issued and outstanding
(12,728,265 – 2005) 1,261,960 1,206,876
Contributed surplus 1,781,453 1,734,391
Retained earnings (accumulated deficit) (867,187) (1,158,848)
——————————–
2,176,226 1,782,419
——————————–
$ 3,089,501 $ 2,958,860
——————————–
——————————–
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME AND
RETAINED EARNINGS (ACCUMULATED DEFICIT)
(in whole U.S. dollars, except for per share amounts)
Three-Months Ended
——————————–
March 31,
——————————–
2006 2005
——————————–
(Unaudited) (Unaudited)
Revenues:
Royalties $ 1,868,886 $ 1,136,974
Installation fees 48,625 124,841
e-digital and support services 95,707 60,524
——————————–
2,013,218 1,322,339
——————————–
Expenses:
Sales, marketing and services
to licensees 164,458 245,797
Research, software development
and support services 964,564 452,406
General and administrative 371,624 285,310
Amortization 24,240 14,869
TSX Venture Exchange Listing – 102,330
——————————–
1,524,886 1,100,712
——————————–
Income before income taxes 488,332 221,627
Income tax provision
Current 196,671 117,766
——————————–
Net income for the period 291,661 103,861
Retained earnings (accumulated
deficit), beginning of period (1,158,848) (1,816,381)
——————————–
Retained earnings (accumulated
deficit), end of period $ (867,187) $ (1,712,520)
——————————–
——————————–
Net income per share:
Basic $ 0.02 $ 0.01
——————————–
——————————–
Diluted $ 0.02 $ 0.01
——————————–
——————————–
Weighted average number of common
shares outstanding:
Basic 12,825,765 11,475,500
——————————–
——————————–
Diluted 14,453,978 12,775,084
——————————–
——————————–
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in whole U.S. dollars)
Three-Months Ended
——————————–
March 31
——————————–
2006 2005
——————————–
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income for the period $ 291,661 $ 103,861
Adjustments to reconcile net income
to net cash used in operating
activities:
Stock option and share expense 47,062 97,915
Amortization 24,240 14,869
Changes in non-cash working
capital items:
Accounts receivable (292,745) (143,243)
Prepaid expenses, deposits and
other assets (62,059) (17,152)
Accounts payable and accrued
liabilities (42,749) (59,519)
Income taxes recoverable / payable (210,613) (169,620)
Deferred revenue (25,352) (71,865)
——————————–
Net cash (used in) operating
activities (270,555) (244,754)
——————————–
Cash flows from investing activities:
Purchases of equipment (42,828) (8,195)
Increase in accounts payable and
accrued liabilities related to
purchases of equipment 15,548 -
——————————–
Net cash (used in) investing activities (27,280) (8,195)
——————————–
Cash flows from financing activities:
Proceeds from issuance of common
shares 55,084 -
——————————–
Net cash provided by financing
activities 55,084 -
——————————–
Net increase (decrease) in cash (242,751) (252,949)
Cash and cash equivalents,
beginning of period 1,272,510 708,897
——————————–
Cash and cash equivalents,
end of period $ 1,029,759 $ 455,948
——————————–
——————————–
Cash and cash equivalents consist
of the following:
Cash $ 1,029,759 $ 382,229
Cash equivalents – 73,719
——————————–
$ 1,029,759 $ 455,948
——————————–
——————————–
Supplemental cash flow activities:
Income taxes paid / (received) $ 407,228 $ 287,386
——————————–
——————————–
Interest paid $ – $ -
——————————–
——————————–
(1) Management believes that EBITDA (earnings before interest, income
taxes and amortization) is a useful supplemental measure of
performance. However, EBITDA is not a recognized earnings measure
under generally accepted accounting principles (“GAAP”) and does
not have a standardized meaning. Therefore, EBITDA may not be
comparable to similar measures presented by other companies.
EBITDA is reconciled to net income as follows:
Three-Months Ended
——————————–
March 31
——————————–
2006 2005
——————————–
Net income $ 291,661 $ 103,861
Interest – -
Taxes 196,671 117,766
Amortization 24,240 14,869
——————————–
EBITDA $ 512,572 $ 236,496
——————————–
——————————–
Revenue $ 2,013,218 $ 1,322,339
——————————–
——————————–
% 25% 18%
——————————–
——————————–
About Parlay Entertainment
Parlay Entertainment Inc. is the world’s leading developer and dominant licensor of Internet Bingo solutions. As the inventor and patent holder of Internet Bingo(2), Parlay is the first company in the world to develop and deploy a commercial Internet Bingo product. Parlay Bingo is available in both 75-number and 90-number versions and is complemented by a full suite of lottery and casino games. Our multi-player, multi-platform technology is used to power more online bingo sites than any other software provider in the world. Some of the world’s best known brands use Parlay Bingo solutions, including Virgin, Yahoo!, MSN and Littlewoods Gaming.
Parlay has an eight year proven track record built on the success of our clients: In 2005, more than 2.8 players wagered nearly $2 billion USD on gaming sites that use Parlay software. Parlay is headquartered in Oakville, Canada with offices in Bridgetown, Barbados, and Valletta, Malta.
For more information on Parlay solutions and services, please visit our website at www.parlaygroup.com.
This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
(2) United States Patent No. 6,585,590 “Method and system for operating a bingo game on the internet”, with other Patent applications pending in other countries
The TSX Venture Exchange does not accept any responsibility for the adequacy or accuracy of this release.
Contacts:
Parlay Entertainment Inc.
Scott White
President & CEO
+1 (905) 337-6505
Email: swhite@parlaygroup.com
Parlay Entertainment Inc.
David Callander
CFO
+1 (905) 337-6516
Email: dcallander@parlaygroup.com
SOURCE: Parlay Entertainment Inc.
Casino Affiliate Convention/Gaming Marketing Conference to Be Held September 14-15, 2006 in Las Vegas
April 27, 2006
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New York, April 26 /PRNewswire/ — Ticonderoga Ventures, Inc. announces the Casino Affiliate Convention and Gaming Marketing Conference will be held on September 14-15, 2006 in Las Vegas at the Stardust Resort and Casino.
The 4th Annual Casino Affiliate Convention (http://www.CAC2006.com) is one of the largest gaming industry events and covers online casino, poker, sports book and bingo marketing and advertising. The event attracts the largest collection of affiliates ever assembled for the casino, poker and gaming industries. They also represent the most significant affiliates in the industry in terms of revenue they produce.
More than 50% of the exhibit space has already been sold for this event. The CAC2006 event expects the largest attendance in its history and also projects the largest turnout of casino affiliates than from previous years.
For more information, please visit the website (http://www.CasinoAffiliateConvention.com ) or contact:
Ticonderoga Ventures, Inc.
Marketing and Logistics Representative
Tel: USA +1-212-722-1744 ext 72
Fax: USA +1-208-728-6456
E-mail: info-07@cac2006.com
This press release may contain forward-looking statements, particularly as related to the business plans of the company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from the company’s expectations and estimates.
This press release distributed by PRWEB (http://www.prwebdirect.com), aservice of eMediaWire.
SOURCE Ticonderoga Ventures, Inc.
Web Site: http://www.CAC2006.com
http://www.CasinoAffiliateConvention.com/
Issuers of news releases and not PR Newswire are solely responsible for the accuracy of the content. Terms and conditions, including restrictions on redistribution, apply.
Copyright © 1996-2006 PR Newswire Association LLC. All Rights Reserved.
A United Business Media company.
PokerShare.com Returns with Most Rewarding Affiliate Program; Online Poker’s Most Generous Website is Officially Live
April 27, 2006
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April 25, 2006 10:45 AM US Eastern Timezone
LONDON–(BUSINESS WIRE)–April 25, 2006–PokerShare.com, the online poker room that shares its success with its players, is now live and is pleased to announce the eagerly awaited launch of their affiliate program.
After launching to their existing players last month, PokerShare.com, winner of the ‘Top New Site’ in the Gambling Online Magazine Awards, is now fully live and accepting new players. The innovative new company has simultaneously launched their affiliate program and according to Max Wright, Poker Room Manager, “Affiliates are excited about our return because PokerShare.com is fresh and exciting and the concept has already been hugely successful with players. This means conversion rates will be significantly higher than average”
PokerShare.com also seems to have a secret weapon in their midst, Marketing Director Satyaswaroop Mahapatra who joins the PokerShare.com team directly from Party Gaming PLC. “PokerShare.com has a concept that can stand on its own; this will make it easier for the affiliates to promote PokerShare.com.” He added, “Sharing in the company’s success is a unique selling point that differentiates PokerShare.com from all other online poker rooms in the industry. The initial response from Affiliates has been remarkable and at this rate, I’d expect to see PokerShare.com amongst the major poker rooms in the industry very soon.”
An affiliate of PokerShare.com can earn either a monthly percentage of revenue from their players or they can receive a one-time cash payment for each new, real-money sign-up. All previous players at PokerShare.com have remained tracked to their Affiliates and payment for these players will continue according to the original affiliate deal. All previous players have received a generous cash bonus in their accounts to get them started.
Affiliates are sure to benefit because poker players recognize the added value of playing on PokerShare.com. In brief, PokerShare’s concept means more value for players. This simply means affiliates will make more money with PokerShare.com.
For more information on PokerShare.com Affiliate Program, click here.
NOTES TO THE EDITOR:
About PokerShare.com
The PokerShare.com Trust has the ultimate benefit of 40% ownership of PokerShare.com. It receives cash every month which it returns to the players, through its unique Share Point Loyalty Programme. If PokerShare.com floats on the stock exchange or is bought by another company, players will receive cash based on the number of Share Points they have.
PokerShare.com is operated by Playit Ownit Limited and licensed by the Kahnawake Gaming Commission through its parent company, GamShare Limited. Both GamShare Limited and Playit Ownit Limited are based in Gibraltar. PokerShare.com is powered by, Sweden based, Tain AB, the largest online poker network in Europe.
How the concept works
When you play on PokerShare.com, you earn Frequent Player Points (FPP) which can be used for betting and entering tournaments. For every FPP you earn, you get a Share Point for free.
Your Share Points give you exclusive access to the Poker Share Trust, allowing you to buy merchandise from T-Shirts to cars, entry to land based tournaments around the world or just cold hard cash. The more you play, the more Share Points you earn. The Share Point Total will always be recorded, whether you choose to redeem your points or not. Share Points are important because this is the ultimate measure of loyalty for the Poker Share Trust, the more points you have, the more benefit you receive.
Contacts
Lyceum Media
Melissa Ross, +44 (0)207 953 4026
Melissa@LyceumMedia.com
Urgent Message from Wager Share Regarding Flash Banner Code Changes
April 27, 2006
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A recent Windows Update has altered the way flash movies are displayed in Internet Explorer. Due to a patent dispute between Microsoft, the University of California and Eolas Technology, Microsoft no longer activates an embedded flash movie when it first loads. For flash banners, this means that a user who has installed the latest Windows Updates on their machine has to first click the flash banner to activate it, and then click it again to visit the casino. This is clearly a less than optimal situation and we have now updated the flash banner code in the Marketing Tools section to workaround this.
Please can you make sure that you replace the current code that you are using for your flash banners with the new code which can be found in the flash banners section of the WagerShare marketing tools, as soon as possible. If you are interested in reading more about the cause and workaround for this situation, you can find more information at this site.
I’m sorry for any inconvenience this may have caused, please rest assured that this situation was beyond our control and we’ve issued this workaround as quickly as possible.
Earn United Acquires Turf in Sportsbook Arena
April 26, 2006
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Earn United is soon to be a one of the larger online casino holders on the net. Their immediate future plans include adding several online casinos to their ranks, targeted at the sportsbook market.
These new affiliate accounts give Earn United bragging rights to the claim of being one of the biggest online cassino affiliates on the net. Earn United is recognized as being uniquely different in their marketing approach, working as a third party affiliate rather than the usual in-house situation.
