CARLSBAD, CA -- NTN Buzztime Inc., which produces interactive content for bars and restaurants, reported a preliminary net loss of $0.4 million, or 0¢ a share, for the fourth quarter, and a net loss of $1.1 million, or 1¢ per share, for the year ended Dec. 31.
Revenues for the 2013 fourth quarter ended Dec. 31 were $6.6 million, compared with $5.9 million for the same period in 2012. Direct costs increased to $2.7 million for the 2013 fourth quarter 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.
Revenues for the year ended Dec. 31 were $23.7 million, compared with $24.1 million for the same period in 2012. Direct costs increased to $7.7 million for the recent year from $6.2 million during 2012. Selling, general and administrative expenses decreased $1.8 million, or 10%, to $16.4 million during 2013 from $18.2 million in 2012.
The company ended 2013 with 3,204 subscribing venues, compared with 3,638 at the close of 2012. Some 200 NTN Buzztime locations are now equipped with the company's new BEOND platform.
"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," said Buzztime interim chief executive Jeffrey Berg. "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.
"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," Berg continued.
Click here to see NTN Buzztime Inc.'s full release and consolidated balance sheets.
In November, Minneapolis-based Buffalo Wild Wings agreed to bring NTN Buzztime's BEOND tablet-based entertainment platform to all of its North American restaurants by the end of 2015, with 400 installations expected by the end of this year. The tablet allows guests to order food, request songs and television programming, play games (both multiplayer and arcade-style) and pay the bill. BEOND stands for Buzztime Entertainment On Demand.
Separately, Bob Cooney, who most recently held executive posts at NSM Music and Ecast, has joined NTN Buzztime as chief operating officer.