Buzztime Revenue Drops in 4Q3/15/2007 9:01 AM Eastern
Interactive-TV vendor NTN Buzztime said it saw fourth-quarter revenue at its entertainment division drop by $100,000, or 2%, to $8.5 million.
The entertainment division -- which includes the Buzztime iTV Network and Buzztime Distribution -- posted a net loss of $52,000 compared with net income of $362,000 during the fourth quarter of 2005.
The company said it drew $163,000 in revenue from Buzztime Distribution, a decrease of $171,000 from this time last year. The net loss at Buzztime Distribution widened to $368,000.
NTN is looking to sell its hospitality division, which posted a net loss of $2.9 million in the fourth quarter on $2.6 million in revenue.
Buzztime NTN CEO Dario Santana said the company has $8.8 million in cash after generating about $800,000 in cash during the fourth quarter.
“With improved financial strength and a focus on our core business, we are committed and well-positioned to execute our growth strategy without the need for additional capital,” Santana said in the earnings announcement.