Wednesday, August 13, 2008

The new team retracts

I never did officially blog about the NTN Buzztime second quarter results, although I did share from brief comments via Google Reader.

Here are some excerpts from the earnings announcement:

Revenue from continuing operations decreased $0.6 million or 8% to $7.0 million for the second quarter of 2008, compared to revenues of $7.6 million for the second quarter of 2007. Net loss from continuing operations for the second quarter of 2008 was $2.1 million compared to a net loss from continuing operations of $377,000 for the second quarter of 2007. Although site count declined by only 3.6% compared to the same prior year date, revenue decreased by a higher percentage due to the longer-term effect on recurring revenues of a net decline in sites over recent quarters.

This has already had one result, as announced by Chairman/interim CEO Michael Fleming:

As part of our continuing efforts to focus on growing our core Entertainment division which now includes our promising new digital signage product, we have determined to discontinue our United Kingdom operations as currently constituted, and began winding down our U.K. operations in July. However with proper market conditions and appropriate timing, the potential for expansion into territories outside North America remains in place.

So cheerio, United Kingdom. We may come back. Again.

Obviously NTN Buzztime is assembling a new management team. We'll see if the retrenching results in new opportunities in the future.

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