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World Poker Tour Improving

Quarterly revenues improve ten percent to $5.5 million due to higher revenues from and increased television series hosting fees.

Wednesday 27th May 2009

World Poker Tour Enterprises (WPTE) Incorporated has released its financial results for the first three months of 2009 showing a ten percent jump in revenues quarter-on-quarter to $5.5 million. The Californian firm revealed that the increase was due primarily to higher revenues from its domain alongside increased World Poker Tour television series hosting fees. WPTE stated that began operations in the first quarter of 2008 and saw a ‘significant’ growth in revenues beginning in the fourth quarter of 2008 due to the airing of ten one-hour episodes on Fox Sports. It revealed that three additional one-hour episodes aired over the first quarter of this year with television series hosting fees increasing due to the fact that the 13 episodes of Season Seven aired in 2009 compared to one episode of Season Six in 2008. The cost of revenues decreased year-on-year from $2.7 million to $2.1 million due to lower World Poker Tour television series Season Seven production costs. This saw the firm’s gross profit margin for the television series increase to 53 percent from 34 percent last year. WPTE stated that selling, general and administrative expenses decreased to $3.1 million in the first quarter of 2009 compared to $4.9 million for the first three months of last year while it partially offset lower personnel-related costs and litigation expenses with a higher bad debt provision. The firm discontinued its operations in China in March because ‘the cash needs to support the growth in this business were greater than the company was willing to expend’. World Poker Tour China lost $984,000 in the first quarter of 2009 including a $211,000 shutdown provision, which compared to a $528,000 loss for the first three months of 2008. WPTE announced that income from continuing operations over the first quarter were $479,000 excluding a non-cash impairment charge relating to its investment in Cecure Gaming, which compared to a $2.3 million loss for the first three months of 2008. “In the first quarter of 2009, we made significant progress in our turnaround efforts to position the company for future profitability” said Steve Lipscomb, President and Chief Executive Officer for WPTE.

Source: OnlineCasinoNews

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