Further losses for WPT
8th May, 2008
World Poker Tour (WPT) Enterprises has confirmed that it made year-on-year losses in its first quarter results for 2008.
The company's net loss in Q1 2008 came in at $2.8 million (£1.4 million) - marking an even more dramatic downswing than the $2.3 million loss it made in the first quarter of 2007.
The losses come despite overall revenue for the poker tournament company rising by ten per cent during the same period - up from $4.5 million to $5 million - due to new sponsorship deals.
However, domestic TV licence revenues and product licensing revenues both fell in Q1 2007, down from $2.4 million to £2.1 million and $900,000 to $700,000 respectively.
"Our first quarter results reflect the delivery of seven Season VI episodes, increased international television and sponsorship revenues, and moderate progress in our online gaming and ClubWPT.com businesses," commented Steve Lipscomb, WPT Enterprises president and chief executive.
He added: "The company is focused on capitalising on our three primary growth initiatives: real-money online gaming, ClubWPT.com and WPT China."
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By Elena
