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Youbet.com turns profitable

Company announces growth plans after financial turnaround

Tuesday 27th April 2004

Youbet.com, the online wagering company and provider of horse racing content in the US, today capped an intensive two-year financial turnaround by announcing net income of US$15,111, for the first quarter of 2004.

‘For the first time in Youbet's history, we have crossed the line into profitability. Although we are exuberant at reaching that long-sought goal, we are equally enthused that Youbet is now ideally positioned for independent expansion and growth,’ said Charles F. Champion, Chairman and Chief Executive Officer of Youbet.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 136 percent to US$1.1 million in the first quarter of 2004, compared to US$465 thousand in the same quarter in 2003.




Source: OnlineCasinoNews