Brooklyn ImmunoTherapeutics Inc (BTX)

[Quinnradio]

CARLSBAD, Calif., August 12/PRNewswire-FirstCall/ — NTN Buzztime, Inc. (NYSE AMEX: NTN) today announced results for the second quarter ended June 30, 2010.

“While our financial results for the second quarter of 2010 remain relatively stable overall, our termination rates and churn percentages continue to reach unacceptable levels, offsetting gains from customers acquired during the period and therefore suppressing revenue growth. Having now completed our initial strategic review of the business, we are now fully engaged in executing on key initiatives that we believe will lead to increased customer retention and acquisition which will provide long-term revenue growth from the core business. These initiatives focus maximum impact on our most important objectives to move the business forward: the user experience and the value potential that can be unlocked for our venues,” said NTN Buzztime’s CEO Michael Bush.

Results for the Second Quarter Ended June 30, 2010

Revenues for the second quarter of 2010 were $6.2 million, compared to revenues of $6.3 million for the same period of 2009. The 1.5% decrease in revenue was primarily due to a decrease in advertising revenue.

The Company ended the second quarter of 2010 with 4,009 subscribing venues, compared to 3,871 at June 30, 2009, an increase of 3.6%. During the second quarter of 2010, installations were down approximately 7.1% while terminations were up 63.1% compared with the second quarter of 2009. Customer churn was 7.6% for the quarter up from 4.9% in the prior year period.