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FOR IMMEDIATE RELEASE
March 27, 2014
Chief Financial Officer
NTN Buzztime, Inc.
NTN Buzztime, Inc. Announces Fourth Quarter and Full Year 2013 Results
CARLSBAD, Calif., March 27, 2014 — NTN Buzztime, Inc. (NYSE MKT: NTN) today announced results for the fourth quarter and year ended December 31, 2013.
During the fourth quarter, we began the commercial deployment of the Buzztime BEOND platform to both new and current customers including most notably, Buffalo Wild Wings, which piloted the platform extensively and committed to a chain wide deployment. We ended the year with over 200 BEOND locations and believe the BEOND platform significantly enhances the entertainment experience for consumers while driving ROI for merchants. We will continue to add features, functionalities and services to the platform, proliferate it into the marketplace and develop new consumer revenue streams based upon premium entertainment experiences,” said Buzztime interim CEO, Jeffrey Berg. “We ended the year with approximately $5.5 million in cash after closing a private placement during the quarter, which enhances our ability to continue to execute on our growth plans,” continued Mr. Berg.
Results for the Fourth Quarter Ended December 31, 2013
Revenues for the fourth quarter of 2013 were $6.6 million compared to $5.9 million for the same period in 2012. Direct costs increased to $2.7 million for the fourth quarter of 2013 from $1.5 million for the same period of 2012.
Selling, general and administrative expenses increased $0.3 million, or 9%, to $4.1 million for the fourth quarter of 2013 from $3.8 million for the same period in 2012.
Net loss for the fourth quarter of 2013 was $0.4 million, or $0.00 per share, compared to net income of $0.6 million or $0.01 per share in the same period a year ago.
The Company ended the fourth quarter of 2013 with 3,204 subscribing venues, compared to 3,638 at December 31, 2012.
Results for the Full Year Ended December 31, 2013
Revenues for the year ended December 31, 2013 were $23.7 million compared to $24.1 million for the same period in 2012. Direct costs increased to $7.7 million for the year ended December 31, 2013 from $6.2 million for the same period of 2012.
The following information was filed by Ntn Buzztime Inc (NTN) on Thursday, March 27, 2014 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.
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