FOR IMMEDIATE RELEASE
Chief Financial Officer
NTN Buzztime, Inc.
CCG Investor Relations
NTN Buzztime, Inc. Announces Fourth Quarter and Full Year 2012 Results
CARLSBAD, Calif., March 28, 2013 — NTN Buzztime, Inc. (NYSE MKT: NTN) today announced results for the fourth quarter and year ended December 31, 2012.
“In the fourth quarter, we were able to get our costs in line with revenues, generate a profit and increase our cash position. Since then, we also put in place the leadership necessary in both sales and marketing with the addition of Barry Chandler as our Chief Marketing Officer and Kirk Nagamine as our Chief Revenue Officer, allowing us to solidify the Company’s vision and strategic plan by sharpening our product and launch plan,” said Jeff Berg, the Company’s interim CEO.
“The revamp of the product and technology platform to provide much more ROI to our customers is in the midst of rapid development. The first tangible indication of this can be seen in the successful pilot launch of one of our new products with encouraging data showing key engagement metrics, such as visits, gameplay and registration rates, up anywhere from 50% to well over 1,000%+. We have a lot of work to do over the next few quarters, but we are excited about our product and market positioning,” added Mr. Berg.
Results for the Fourth Quarter Ended December 31, 2012
Revenues for the fourth quarter of 2012 were $5.9 million, compared to revenues of $6.1 million for the same period of 2011. The 3% decrease in revenue was primarily the result of lower average site count, offset by revenue generated from the Stump! Trivia business we acquired in October 2011.
The Company ended the fourth quarter of 2012 with 3,638 subscribing venues, compared to 3,932 at December 31, 2011. During the fourth quarter of 2012, installations were lower at 100 compared with 254 in the same quarter last year, and terminations were lower at 201 compared to 232. Customer churn was 5.4% for the quarter, a slight improvement from 5.9% in the prior year period.
Gross margin as a percentage of revenue remained relatively flat at 75% in the fourth quarter of 2012, compared to 74% in the fourth quarter of 2011.
The following information was filed by Ntn Buzztime Inc (NTN) on Thursday, March 28, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.