Casino Software Company Has Disappointing Revenues
Based in Ontario, Canada, Parlay Entertainment displayed a total revenue of $5.9 million, a 13% decrease compared to the first 3 quarters of the previous year. The firm's royalties fell as well, totalling $5.4 million - a 6% decline. Net income at Parley Entertainment fell significantly from last year's standings of $1.2 million to a mere $296,242. Calculations before interest totaled $583,810, dramatically lower than last year's $2.1 million.
Even with such low numbers in relation to 2006, the firm does not see this as a failure. The online casino software company boasts that it remains debt free, maintaining a current cash balance of $1.8 million. Parlay remains hopeful that their financial status will rebound since the recent certification by the UK Gambling Commission and the Isle of Man.
CEO and President of Parlay Entertainment, Scott White, expressed openly the company's outlook, "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."
White went on to describe the potential of Parlay Entertainment's optimistic future, "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."