WPT Announces Financial Results For First Quarter

Financial results for the first quarter were released and the WPT announced revenues for that quarter at $4.5 million, down $2 million from the first quarter of 2006. Nothing to be worried about for the Tour as the decrease is due to only 5 episodes airing on television this year, compared to 6 episodes in last year's first quarter. Also, they delivered 1 episode of the PPT in 2006.

The company reported a net loss for the quarter of 2.3 million or $0.11 a share, compared to $0.18 per share last year.

There were some highlights for the WPT in the quarter as they delivered five episodes of season five of the tour, and signed a season one Professional Poker Tour agreement in Finland. Also, they signed a three year deal to use Cryptology's software platform to re-launch the WPT's new online casino and poker room.

Steve Lipscum, President and CEO of WPT Enterprises said, "We are excited about our prospects in 2007 and are confident in our ability to continue to successfully build the World Poker Tour brand and execute our strategic plan."

The second quarter of 2007 looks to bring in revenue of between $7-$7.5 million.

The cost of revenues declined to $2.2 million in the first quarter, down from $2.4 million in 2006. Gross margins were down to 53% as opposed to 63% last year.

May 10, 2007
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!