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Wednesday 12th March 2008
World Poker Tour (WPT) Enterprises Incorporated has announced net losses of almost ten million dollars for last year due to delivering fewer television programs and the declining state of online gaming in America.
WPT reported a net loss for the fourth quarter of $1.8 million compared to 2006’s $1.1 million and a year-end deficit of $9.6 million contrasted with net earnings of $7.8 million the year before. Chief Executive Officer Steve Lipscomb said that revenues for 2007 were around $7.6 million lower than the year before and attributed this to delivering 23 fewer episodes of programming after the Travel Channel announced it would not be renewing its contract to broadcast the Professional Poker Tour.
In addition, Lipscomb stated that WPT’s 2006 revenues included a $10.2 million pre-tax gain on the sale of PokerTek common stock but that there was no such buffer against losses for last year.
Although the company is not in debt, revenues decreased 14 percent in the fourth quarter to $5.1 million compared to $5.9 million for the same period in 2006. However, these lowered revenues were partially offset by increased sponsorship fees of approximately $1.6 million, which did not exist in 2006.
Revenues for the year came in at $21.7 million compared to $29.3 million in 2006 although there was an increase in international television distribution agreements. WPT stated that these revenues decreased to $2.3 million in 2007 from $3.0 million the year before as a result of lower television licensing fees per territory. These decreased licensing revenues were themselves offset by higher event hosting and sponsorship incomes of $4.8 million in 2007 compared with to $2.6 million in 2006.
World Poker Tour (WPT) Enterprises Incorporated has announced net losses of almost ten million dollars for last year due to delivering fewer television programs and the declining state of online gaming in America.