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NTN Buzztime Inc (NTN) filed Quarterly Report for the period ended 2011-09-30.
Ntn Buzztime Inc. has a market cap of $24.36 million; its shares were traded at around $0.4 with and P/S ratio of 0.96.
This is the annual revenues and earnings per share of NTN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NTN.
Highlight of Business Operations:
Revenue decreased $633,000, or 10%, to $5,872,000 for the three months ended September 30, 2011 from $6,505,000 for the three months ended September 30, 2010 due primarily to a decrease in subscription revenue related to lower site count and lower average revenue generated per site as well as a decrease of approximately $233,000 in advertising and other miscellaneous revenues. Comparative site count information for the Buzztime Network is as follows:Gross margin as a percentage of revenue increased to 78% for the three months ended September 30, 2011 from 77% for the three months ended September 30, 2010. Direct costs decreased $210,000, or 14%, to $1,312,000 for the three months ended September 30, 2011 from $1,522,000 for the three months ended September 30, 2010. The decrease in direct costs was primarily due to a decrease in service provider fees of $98,000 primarily due to fewer service calls during the three months ended September 30, 2011 compared to the same period in 2010, a decrease in direct depreciation and amortization expense of $94,000 due to assets becoming fully depreciated and a net decrease of approximately $18,000 in other miscellaneous direct expenses.
Gross margin as a percentage of revenue remained flat at 76% for the nine months ended September 30, 2011 and 2010. Direct costs decreased $345,000, or 8%, to $4,244,000 for the nine months ended September 30, 2011 from $4,589,000 for the nine months ended September 30, 2010. The decrease in direct costs was primarily attributable to a decrease in service provider fees of $310,000 primarily due to fewer service calls during the nine months ended September 30, 2011 compared to the same period in 2010 as well as less depreciation and amortization expense of $89,000 due to assets becoming fully depreciated. This decrease was offset by increased freight expense of $56,000 due to higher fuel surcharges.
Other (expense) income, net increased in income by $109,000 to $36,000 of other income for the nine months ended September 30, 2011 from $73,000 of other expense for the same period in 2010. The majority of this increase is due to a reduction of an earnout liability related to our 2009 asset acquisition of $59,000, the recognition of a sales tax refund of $49,000, and lower interest expense of $42,000 due to reduced capital lease balances during the nine months ended September 30, 2011 when compared to the same period in 2010. These increases in other income were offset by an increase in foreign currency exchange losses of $33,000 related to our foreign operations and other net income decreases of $8,000 for the nine months ended September 30, 2011 when compared to the same period in 2010.
Our largest use of cash is payroll and related costs. Cash used related to payroll decreased $284,000 to $8,074,000 for the nine months ended September 30, 2011 from $8,358,000 during the same period in 2010. This decrease was primarily the result of the payout of bonuses during the first quarter of 2010, which did not occur in the same period of 2011, offset by increased payroll during the nine months ended September 30, 2011 due to merit increases and headcount increases. Our primary source of cash is cash we generate from customers. Cash received from customers decreased $1,683,000 to $18,082,000 for the nine months ended September 30, 2011 from $19,765,000 during the same period in 2010 primarily due to lower revenue generated during the nine months ended September 30, 2011 as compared to the same period in 2010.
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