Posted under Poker & professional poker & world poker tour
World Poker Tour (WPT) Enterprises Incorporated has reported a ten percent overall increase in quarterly revenues compared to the same period last year but a $2.8 million net loss for the quarter. The Nasdaq-listed firm reported that online gambling revenues went from $600,000 over the first quarter of last year to $200,000 for the most recent period, showing the lower levels of player activity on the Cryptologic network versus the site operated by WagerWorks in 2007.
The total revenues increased to five million dollars compared to $4.5 million for the first quarter of 2007 due primarily to a $900,000 rise in hosting and sponsorship earnings largely from international television deals that did not exist in the prior period.
WPT expressed that business highlights included the production of seven episodes of the World Poker Tour Season VI, the premiere of Season VI on the GSN Network, continued progress in the development of its China National Traktor Poker Tour and the launch of ClubWPT.com. The WPT also reported an agreement with Cryptologic to get online casino games along with the development of Spanish and German language sites expected to be ready for service in June.
The company affirmed that domestic television licensing profits decreased from $2.4 million for the first quarter of 2007 to $2.1 in 2008. It also confirmed that this was due to lower per-episode license fees under the GSN contract. Still, the international television licensing revenues growth 69% to a total of $800,000.
WPT stated that it had no debt and total cash, cash equivalents and investments in marketable securities of approximately $26.9 million.