Parlay Records 9th Consecutive Profitable Quarter
17 May 2007
Parlay Entertainment announced via Market Wire another profitable quarter, making it the 9th quarter in a row to show profit.
OAKVILLE, ONTARIO — (MARKET WIRE) — May 15, 2007 — All amounts in United States Dollars
Parlay Entertainment Inc. (TSX VENTURE: PEI), the world’s leading supplier of Internet bingo software, today announced its results for the three-month period ended March 31, 2007.
“Revenue for Q1 2007, and in particular royalty revenue, may prove to be our low water mark for 2007 as we have witnessed stabilization in revenue generated from customers who are non-United Kingdom and non-European facing.” said Mr. Scott F. White, President and CEO. “We are very pleased to announce that, given the challenges faced by our industry, Q1 2007 will represent Parlay’s 9th consecutive quarter of profitable operations. We anticipated, as did the analysts who reviewed our prospects for 2007, that there would be an adverse impact to our revenue from recent U.S. regulatory developments. We are pleased to note that this impact was within our expectations and that royalty revenue increased in each of the last two months of Q1 2007. More importantly, we anticipate that our deal flow from new United Kingdom and European facing customers will be robust for the rest of the year, further enhancing royalty and other revenue. We are continuing to invest in sales and marketing efforts world-wide with bingo being at the forefront for new technology initiatives with some of the largest players in the e-gaming, mainstream media and government sectors.
“It is noteworthy to observe that although the size and sophistication of some of our evolving partnerships has resulted in a longer sales cycle, the eventual licensing arrangements, if completed, have the potential to significantly and positively impact on our revenue and cash generation” concluded Mr. White. “We also continue to explore opportunities in the United States which are not impacted by recent legislative changes and are taking steps to improve Parlay’s tax structure for later in 2007. We expect 2007 to be a very exciting year for our Company and for our shareholders. As we are in a position to announce these positive developments, it will be our intention to take steps to help the market understand and appreciate that our share price does not reflect adequate value.”
Read the entire news release at Market Wire