NTN Buzztime Reports Loss Despite Revenue UptickWednesday, August 15, 2012
NTN Buzztime Inc., which provides gaming and entertainment services to restaurants and bars, posted a net operating loss in its second quarter ending June 30, despite a slight rise in revenue from the year-ago period.
A statement from the Carlsbad-based company, which is in the process of reorganizing and repositioning its service offerings, said NTN Buzztime saw revenue reach $6 million, besting the $5.9 million for the second quarter of 2011.
The net loss for the second quarter was $633,000, compared with a net loss of $984,000 in the year-ago period. The 2 percent revenue increase was primarily generated from the Stump! Trivia business that NTN Buzztime acquired in October, offset by lower average site count and lower average revenue per site.
“Our recent reorganization allows us the ability to more aggressively retool our product and technology platform,” said Jeff Berg, the company’s interim CEO. “It is necessary for us to ramp up these investments over the next two to four quarters to transform the company while leveraging its key assets.”
Berg said the company will be moving beyond marketing its entertainment platform — now known as Buzztime Classic — to using games, live events and other offerings to help subscribing business clients acquire and retain customers.