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, 2008.
"In Q1 2008, Parlay generated revenue which was consistent with previous
quarters" said Scott White, Parlay's Chief Executive Officer. "Although our cost
base was higher than usual, primarily resulting from one time charges, we have
recently made adjustments to our recurring cost base to bring it more in line
with current revenue."
"Given Parlay's recently announced Divestiture" continued Mr. White "and our
exclusive focus on licensing and supporting technologies in regulated
jurisdictions, the reminder of 2008 will be devoted to expanding Parlay's
footprint in the United Kingdom and Europe. We will be assisting our existing
customers to expand their businesses, launch new bingo offerings and most
importantly, expand our licensee base through new licensing and network
partnership arrangements. As a result of our Divestiture we now have a record
cash position of approximately $3.6 million which will support our plan to
invest in the advancement of significant licensing opportunities throughout the
balance of 2008 and 2009."
Results for the first quarter of fiscal 2008 include:
- Total revenue at $2,017,668, up 2% from Q1 2007.
- Royalty revenue at $1,761,915, down 3% from Q1 2007.
- Net loss at $299,776, or $0.02 per share, fully diluted, down from net income
of $109,882 in Q1 2007.
- EBITDA(1) decreased to $(396,994), from $234,481 in Q1 2007 and EBITDA(1)
margin decreased to (20)% from 12% in Q1 2007.
Parlay generates revenue from software licensing, installation fees and support
services. Consolidated revenues were essentially unchanged at $2 million in Q1
2008 compared to $2 million in Q1 2007.
Expenses in Q1 2008 were $2.5 million, up from $1.8 million in Q1 2007. The
increase represented adverse foreign exchange effects and certain non-recurring
costs in Q1 2008.
Net loss for the quarter was $0.3 million, or $0.02 per diluted share, compared
to net income of $0.1 million, or $0.01per diluted share in Q1 2007.
Parlay remains debt free and Parlay's cash balance at March 31, 2008 was $1.1
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 2008 2007
------------ ------------
Current assets:
Cash $ 1,183,621 $ 1,832,178
Accounts receivable:
Trade, less allowance of approximately
$420,000 ($388,000 - 2007) 1,918,167 1,480,956
GST receivable 108,939 78,108
Income taxes recoverable 689,338 552,936
Prepaid expenses, deposits and other assets 182,156 130,167
Future income taxes 114,130 114,130
------------ ------------
Total current assets 4,196,351 4,188,475
Equipment - net 165,271 203,127
Future income taxes, net of valuation
allowance 65,000 65,000
------------ ------------
$ 4,426,622 $ 4,456,602
------------ ------------
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 836,083 $ 1,018,301
Deferred revenue 669,422 291,544
------------ ------------
Total current liabilities 1,505,505 1,309,845
------------ ------------
Shareholders' equity:
Common shares, an unlimited number of
shares authorized, 13,237,265 shares issued
and outstanding (13,012,265 - 2007) 1,504,676 1,465,676
Contributed surplus 2,123,061 2,087,925
Retained earnings (accumulated deficit) (706,620) (406,844)
------------ ------------
2,921,117 3,146,757
------------ ------------
$ 4,426,622 $ 4,456,602
------------ ------------
------------ ------------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(in whole U.S. dollars, except for per share amounts)
Three-Months Ended
------------------
March 31
--------
2008 2007
------------ ------------
(Unaudited) (Unaudited)
Revenues:
Royalties $ 1,761,915 $ 1,810,570
Installation fees 86,375 39,873
Software license fees 62,500 -
Support services 106,878 121,411
------------ ------------
2,017,668 1,971,854
------------ ------------
Expenses:
Sales, marketing and services to licensees 234,957 270,765
Research, software development and support
services 1,215,169 1,107,816
General and administrative 410,129 358,792
Amortization 39,184 39,874
Transaction fees 554,407 -
------------ ------------
2,453,846 1,777,247
------------ ------------
Income (loss) before income taxes (436,178) 194,607
------------ ------------
Income tax provision (recovery)
Current (136,402) 84,725
Future - -
------------ ------------
(136,402) 84,725
------------ ------------
Net income (loss) for the period (299,776) 109,882
Retained earnings (accumulated deficit),
beginning of period (406,844) (3,547)
Repurchase and cancellation of common shares - (54,119)
------------ ------------
Retained earnings (accumulated deficit),
end of period $ (706,620) $ 52,216
------------ ------------
------------ ------------
Net income (loss) per share:
Basic $ (0.02) $ 0.01
------------ ------------
------------ ------------
Diluted $ (0.02) $ 0.01
------------ ------------
------------ ------------
Weighted average number of common
shares outstanding:
Basic 13,237,265 13,074,348
------------ ------------
------------ ------------
Diluted 13,237,265 14,020,158
------------ ------------
------------ ------------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in whole U.S. dollars)
Three-Months Ended
------------------
March 31
--------
2008 2007
------------ ------------
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income (loss) for the period $ (299,776) $ 109,882
Adjustments to reconcile net income to
net cash provided by operating activities:
Stock option expense 35,136 33,458
Amortization 39,184 39,874
Changes in non-cash working capital items:
Accounts receivable (468,042) (500,782)
Prepaid expenses, deposits and other assets (51,989) 12,946
Accounts payable and accrued liabilities (182,218) (231,678)
Income taxes recoverable / payable (136,402) (723,500)
Deferred revenue 377,878 64,719
------------ ------------
Net cash (used in) operating activities (686,229) (1,195,081)
------------ ------------
Cash flows from investing activities:
Purchases of equipment (1,328) (22,687)
(Decrease) in accounts payable and accrued
liabilities related to purchases of equipment - (5,827)
------------ ------------
Net cash (used in) investing activities (1,328) (28,514)
------------ ------------
Cash flows from financing activities:
Repurchase of common shares - (63,074)
(Decrease) in accounts payable and accrued
liabilities related to repurchase of
common shares - (35,871)
------------ ------------
Cash used for repurchase of common shares - (98,945)
Proceeds from issuance of common shares 39,000 750
------------ ------------
Net cash provided by (used in) financing
activities 39,000 (98,195)
------------ ------------
Net (decrease) in cash (648,557) (1,321,790)
Cash, beginning of period 1,832,178 3,129,216
------------ ------------
Cash, end of period $ 1,183,621 $ 1,807,426
------------ ------------
------------ ------------
Supplemental cash flow activities:
Income taxes paid / (received) $ - $ 807,224
------------ ------------
------------ ------------
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,
---------
2008 2007
------------ ------------
Net income (loss) $ (299,776) $ 109,882
Interest - -
Taxes (136,402) 84,725
Amortization 39,184 39,874
------------ ------------
EBITDA $ (396,994) $ 234,481
------------ ------------
------------ ------------
Revenue $ 2,017,668 $ 1,971,854
% -20% 12%
------------ ------------
------------ ------------
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and licensor of
Internet bingo software. 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! and Paddy
Power. 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, Canadian Patents No. 2,340,152 and
2,618,843, with other Patent applications pending in other countries.
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