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NTN Buzztime, Inc. Reports Fourth-Quarter and Full-Year 2014 Results
- The BEOND Platform Reaches 1,106 Sites, 37% of the Installed Base at Q4 2014 Close -
CARLSBAD, Calif., March 26, 2015 — NTN Buzztime, Inc. (NYSE MKT: NTN), reported financial results for the fourth-quarter and full-year ended December 31, 2014.
“In 2014, we began our technology transformation with the BEOND platform rollout and made significant strides,” said Ram Krishnan, NTN Buzztime CEO. “We started the year with only 4% of our installed base using the BEOND platform and ended the year at 37%, or 1,106 sites, 710 of which are Buffalo Wild Wings. We expect to close the first quarter with the BEOND platform installed at 41% of our locations. Also, we recently achieved a milestone releasing the next version of our trivia platform with Jackpot Trivia. This game and others in our pipeline are broadening our player base.
“The restaurant industry is ripe for change, and our BEOND platform meets these needs by creating unique social entertainment with mobile tablets that engage patrons throughout their experience from arrival to departure; creating affinity for our venues when patrons are thinking about where to go next time; and yielding operational efficiencies when seamlessly integrated with point-of-sale technology. 2015 will be a year of transition. While we expect the Classic Playmaker churn to exceed the increases in the BEOND platform installations in the near term, we are executing initiatives to create long-term value. We are focused on converting Buffalo Wild Wings to the BEOND platform. Our product team will continue to build proprietary, interactive games targeted for specific demographics that expand our audience, gameplay and premium engagement. As we scale the business, our sales team is targeting more experience-focused brands to broaden our marketplace. In addition, we are increasing premium services and extending revenue streams for our customers and Buzztime alike. Overall, the company is aligned to fulfill our objective of monetizing consumer entertainment, and I am excited about the future.”
Results for the Fourth-Quarter Ended December 31, 2014
Revenues grew 3% to $6.8 million, compared to $6.6 million for the same period in 2013, reflecting increased equipment revenue under sales-type lease agreements associated with the BEOND platform conversion. Direct costs were $3.6 million, compared to $2.7 million for the same period in 2013, up primarily due to costs related to the BEOND platform deployment. Selling, general and administrative expenses were $4.6 million, compared to $4.0 million for the same period in 2013, reflecting the investment in key personnel. Net loss was $1.7 million, or $0.02 per share, compared to $0.4 million, or $0.00 per share, in the same period a year ago.
At December 31, 2014, cash and cash equivalents were $7.2 million, compared to $5.5 million at December 31, 2013.
The Company ended the fourth quarter of 2014 with 2,956 subscribing venues, compared to 3,204 as of December 31, 2013. At December 31, 2014, BEOND installations increased to 1,106 locations, or 37% of the installed base compared to 4% at December 31, 2013. At December 31, 2014, the BEOND platform conversion for Buffalo Wild Wings, the largest customer, increased to 710 sites from 530 at the end of the third quarter.
The following information was filed by Ntn Buzztime Inc (NTN) on Thursday, March 26, 2015 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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