All amounts in Canadian Dollars
Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of
Internet and TV bingo software solutions, today announced its results for the
three-month period ended March 31, 2010.
"As we noted in our last disclosure, 2009 was a transitional year for Parlay in
that we invested significant financial and human capital resources in the
development of our Alderney and North American gaming platforms" said Scott
White, Parlay's Chief Executive Officer. "Throughout Q1 2010, we continued the
development and integration of partners into those Parlay Game Services
platforms using our Parlay5 technology. At the end of the quarter, we had
approximately 45 partner sites launched or launching on our Alderney-based
managed solution and three sites, including our first Facebook bingo
application, launched or launching into North America.
"Q1 2010 revenue includes only initial, modest revenue from new partners, which
we expect will continue to improve over the long-term" continued Mr. White.
"Although we note that Q1 2010 revenue was a sequential improvement for Parlay
over Q4 2009, it has not yet recovered to the levels of Q1 2009. As liquidity
levels increase monthly with the launch and growth of existing and new partners,
we expect to see additional traction from new sales, as new brands and brands
from other networks look to diversify. We are optimistic that 2010 will see
continued improvements to revenue, earnings and cashflow, as Parlay succeeds in
the growth of its multi-jurisdictional gaming platforms".
Parlay generates revenue from software licensing, installation and
implementation fees and support services. Consolidated revenues were $0.8
million in Q1 2010 compared to $1.0 million in Q1 2009.
Expenses in Q1 2010 were $1.4 million, up from $1.3 million in Q1 2009.
Increased foreign exchange losses offset reduced operating expenses.
Net loss for the quarter was $0.5 million, or $(0.04) per diluted share,
compared to net loss of $0.2 million, or $(0.02) per diluted share, in Q1 2009.
Parlay remains debt free and Parlay's cash balance at March 31, 2010 was $0.8
million. Corporate income tax refunds received subsequent to March 31, 2010 were
approximately $0.3 million and anticipated refunds to be received in Q4 2010 are
estimated at $0.6 million.
PARLAY ENTERTAINMENT INC.
CONSOLIDATED BALANCE SHEETS
(incorporated under the laws of the province of Ontario)
in whole Canadian dollars
---------------------------
(Unaudited) (Audited)
March 31, December 31,
ASSETS 2010 2009
------------- --------------
Current assets:
Cash $ 847,244 $ 1,057,345
Security deposit 77,110 84,590
Accounts receivable:
Trade, less allowance of approximately
$96,000 694,386 597,802
($61,000 - 2009)
GST receivable 34,556 26,611
Income taxes recoverable 1,123,234 1,211,233
Prepaid expenses, deposits and other assets 164,557 214,573
------------- --------------
Total current assets 2,941,087 3,192,154
Equipment - net 118,608 129,671
Future income taxes, net of valuation allowance - -
------------- --------------
$ 3,059,695 $ 3,321,825
------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 690,344 $ 535,735
Deferred revenue 424,449 390,093
------------- --------------
Total current liabilities 1,114,793 925,828
------------- --------------
Shareholders' equity:
Common shares, an unlimited number of
shares authorized, 12,649,265 shares issued
and outstanding (12,649,265 - 2009) 1,737,831 1,737,831
Contributed surplus 2,782,952 2,761,792
Accumulated other comprehensive income (loss) (356,615) (356,615)
Retained earnings (accumulated deficit) (2,219,266) (1,747,011)
------------- --------------
1,944,902 2,395,997
------------- --------------
$ 3,059,695 $ 3,321,825
------------- --------------
------------- --------------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS), COMPREHENSIVE INCOME (LOSS)
AND RETAINED EARNINGS (ACCUMULATED DEFICIT)
(in whole Canadian dollars, except for per share amounts)
Three-Months Ended
----------------------------
March 31
----------------------------
2010 2009
------------- --------------
(Unaudited) (Unaudited)
Revenues:
Royalties $ 563,384 $ 849,938
Installation and implementation fees 48,718 21,720
Software license fees 103,110 -
Support services 117,044 148,398
------------- --------------
832,256 1,020,056
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Expenses:
Sales, marketing and services to licensees 143,251 140,625
Research, software development and support
services 782,335 806,737
General and administrative 281,409 335,018
Amortization 23,705 20,990
Foreign exchange (gain) loss 133,811 (18,778)
------------- --------------
1,364,511 1,284,592
------------- --------------
Income (loss) before income taxes (532,255) (264,536)
------------- --------------
Income tax provision (recovery)
Current (60,000) (73,000)
Future - -
------------- --------------
(60,000) (73,000)
------------- --------------
Net income (loss) and comprehensive income
(loss) for the period (472,255) (191,536)
Retained earnings (accumulated deficit),
beginning of period (1,747,011) (239,034)
Repurchase and cancellation of common shares - (100,946)
------------- --------------
Retained earnings (accumulated deficit),
end of period $ (2,219,266) $ (531,516)
------------- --------------
Net income (loss) per share:
Basic $ (0.04) $ (0.02)
------------- --------------
------------- --------------
Diluted $ (0.04) $ (0.02)
------------- --------------
------------- --------------
Weighted average number of common
shares outstanding:
Basic 12,649,265 12,400,432
------------- --------------
------------- --------------
Diluted 12,649,265 12,400,432
------------- --------------
------------- --------------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in whole Canadian dollars)
Three-Months Ended
----------------------------
March 31
2010 2009
----------------------------
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income (loss) for the period $ (472,255) $ (191,536)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Stock-based compensation expense 21,160 30,487
Amortization 23,705 20,990
Changes in non-cash working capital items:
Accounts receivable (114,284) (8,744)
Prepaid expenses, deposits and other
assets 43,218 75,948
Accounts payable and accrued liabilities 122,297 (96,442)
Income taxes recoverable / payable 88,000 43,953
Deferred revenue 77,146 24,939
------------- --------------
Net cash provided by (used in) operating
activities (211,013) (100,405)
------------- --------------
Cash flows from investing activities:
Purchases of equipment (12,646) (17,846)
Increase in accounts payable and accrued
liabilities related to purchases of
equipment 9,416 5,974
------------- --------------
Net cash (used in) investing activities (3,230) (11,872)
------------- --------------
Cash flows from financing activities:
Repurchase of common shares - (142,245)
Increase in accounts payable and accruals
related to repurchase of common shares 9,950
------------- --------------
Cash used for repurchase of common shares - (132,295)
Proceeds from issuance of common shares - 23,526
------------- --------------
Net cash provided by (used in) financing
activities - (108,769)
------------- --------------
Effect of changes in foreign currency exchange
rates on cash 4,142 -
------------- --------------
Net increase (decrease) in cash (210,101) (221,046)
Cash, beginning of period 1,057,345 3,226,615
------------- --------------
Cash, end of period $ 847,244 $ 3,005,569
------------- --------------
------------- --------------
Supplemental cash flow activities:
Income taxes paid $ - $ 218,300
------------- --------------
------------- --------------
Income taxes (received) $ (148,000) $ (335,253)
------------- --------------
------------- --------------
Interest paid (received) $ - $ (21,586)
------------- --------------
------------- --------------
(see accompanying notes)
(1) Management believes that EBITDA (earnings before interest, income taxes
and amortization) is a useful supplemental principles ("GAAP" measure of
performance. However, EBITDA is not a recognized earnings measure under
generally accepted accounting 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,
2010 2009
---------------- --------------
Net income (loss) $ (472,255) $ (191,536)
Interest - (21,586)
Taxes (60,000) (73,000)
Amortization 23,705 20,990
---------------- --------------
EBITDA $ (508,550) $ (265,132)
---------------- --------------
---------------- --------------
Revenue $ 832,256 $ 1,020,056
---------------- --------------
---------------- --------------
% -61% -26%
---------------- --------------
---------------- --------------
About Parlay Entertainment
Parlay Entertainment Inc. is one of the pioneers and technology leaders in the
online gaming industry. As the inventor and holder of Internet bingo patents,
Parlay was the first company in the world to develop and deploy a commercial
Internet bingo product. Parlay offers its customers a number of technology
solutions which include the commercial deployment of its award winning software
along with value-added Parlay Game Services managed solutions in Alderney and
North America. PGS includes hosting services, shared games and, in the case of
PGS Alderney, pooled liquidity across the European marketplace. Some of the
world's best known brands use Parlay solutions. Parlay's head offices are
located in Oakville, Canada. Parlay is licensed or certified to conduct business
in Alderney, the United Kingdom, Isle of Man and 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.
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