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Bingo.com has just announced their third quarter financial results which cover up to September 30^th 2011. These results reveal a profitable third quarter with 'increased revenue and profits' according to Jason Williams the CEO of Bingo.com.

Mr Williams went on to say; "We continue to build on the success of our restructuring program and marketing efforts. Despite the challenging summer months and a significant negative effect from currency fluctuations due to the strengthening of the United States Dollar, our reporting currency, Bingo.com has performed well. The benefits of Bingo.com's participation in the Unibet partner program are now being realized with gaming revenues increasing by 382% when compared with the same quarter in 2010. Leveraging the multi-language and multi-currency features of the Unibet platform, Bingo.com's European expansion is proving successful with several markets now contributing significant portions of our revenue. Player acquisitions and gaming activity on Bingo.com remain high and we hope to continue our success with further marketing investments in the fourth quarter."

The total revenue for the end of the third quarter was $416,372, which was an increase of 15% from revenue of $398,803 in the second quarter of the year. There was an increase of 327% compared to the third quarter of 2010. Gaming revenue of $398,803 in the third quarter saw an increase of 13% from revenue of $352,413 in the second quarter of 2011, which is an increase of 382% when compared to gaming revenue in the third quarter of 2010, which was $82,745. Increased marketing efforts are responsible for these increases. Advertising revenue of $17,929 was seen in the quarter ending 30^th September 2011, and an increase of 62% from advertising revenue of $11,079 in the second quarter of the year, as well as an increase of 21% from advertising revenue of $14,764 in the third quarter of the previous year (2010).

Operating costs were $401,575 in the third quarter of 2011, this was before interest, depreciation expenses and sales and general administrative expenses. This was an increase of 13% over operating costs of $354,947 in the second quarter of 2011 and an increase of 25% over the the same period in 2010. The rise in operating costs compared to the second quarter of 2011 and the third quarter of 2010, is due to increased marketing efforts.

Selling and marketing expenses for the third quarter of 2011 were $219,578 and increase f 36% over the second quarter which saw expenses of $161,142 and an increase of $39,309 in the third quarter of 2010. Continued marketing efforts and attributed to the increase in selling and marketing expenses, which covers such things as marketing campaigns, affiliate commissions and search engine optimization.

There was a decrease in salaries, wages, consultants and benefits to $95,641 for the quarter ending 30^th September 2011, compared to $104,399 in the second quarter of 2011 and a decrease of $172,757 in the third quarter of 2010. These decreases are due to the restructuring of the company upon joining the Unibet Partner program.

General and administrative expenses are made up of costs for the office, legal and professional fees and other office expenses. General and administrative expenses decreased to $50,497 for the third quarter of 2011, which is a decrease of 40% from costs of $83,754 in the second quarter of 2011 and a decrease of 28% from $70,486 for the third quarter in the previous year (2010). The decrease in general and administrative expenses compared to the second quarter of fiscal 2011 is down to expenses generated during the 2011 Annual General Meeting in June 2011 and a decrease in office space. Following on from Bingo.com joining Unibet, overall general and administrative costs have reduced.

Net income for the quarter ending 30^th September 2011 came to $15,158, a net income of $0.00 per share compared to a net income of $8520 or $0.00 per share on the second quarter of 2011, compared to a net loss of $245,507 ($0.00 per share) for the same period of time in 2010. Marketing increasing and operating costs reducing were responsible for these results.

Cash of $938,199 and a positive working capital of £1,028,111 were recorded at September 30^th 2011. Cash was $886,428 and positive working capital was $1,002,22 at the end of June 2011.