Zone 4 Play reports results
WILMINGTON, Delaware -- (PRESS RELEASE) -- Zone 4 Play, Inc. ('Zone4Play' or the 'Company') (OTCBB: ZFPI), a leading developer of interactive gaming technology, today announced its financial results for the second quarter of fiscal year 2007 ended June 30, 2007: Second Quarter 2007 Highlights
- Total revenues for the second quarter of 2007 were $251,132, an increase of 22% from $205,598 in the same period of 2006. - Revenues for the first six months of 2007 were $541,965, an increase of 39% from $389,959 in the same period of 2006.
- Operating loss was $778,052, a decrease of 73%, compared to $2,719,436 in the second quarter of 2006.
- Non GAAP net loss was $560,348, a decrease of 56%, compared to $1,271,538 in the second quarter of 2006.
'We believe that strength of a company is tested primarily by its ability to cope with changes in the market conditions. Our focus during the second quarter has been to significantly reduce operating expenses in order to reduce our cash burn rate, and we are attempt to keep this trend in the next quarter as well, said Uri Levy, Zone4Play's Acting CEO and CFO." We've decreased the monthly operating expenses to approximately $150,000 per month and downsized our workforce to 16 employees. We are attempting to complete these changes without jeopardizing the company set goals which are to strength our partnership with Two Way Media in our cross platform fully legalized gambling operation in the UK as well as to maximize our multiplayer casino tournaments engine solution and our mobile gambling offering. We believe that the decrease in our operating expenses will continue in the next quarter as well.