Tuesday, March 13, 2007

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WPT Enterprises flush with 62% revenue boost

By Christopher Hunt

Last year's fiscal numbers for WPT Enterprises, Inc. (WPTE), the creator of the World Poker Tour television series, are in and the bottom line as of December 31, 2006: no debt, and total cash, cash equivalents and investments in marketable securities of approximately $39.6 million.

Yesterday was the big day for the announcement, with the numbers seeming to support a very good 2006 and a rosy outlook for 2007.

Revenues for the year ended Dec. 31, 2006, were $29.3 million, a 62% increase from the $18.1 million of the previous year. Revenues also increased 13% in the fourth quarter of 2006 to $5.9 million, compared to $5.2 million in the same period in 2005.

Net earnings for the year were $7.8 million, with much of that spurred by a $10.2 million realized gain (pre-tax) on the sale of PokerTek common stock.

"Worldwide participation in and enthusiasm for the sport of poker continues to grow," said Steve Lipscomb, Chief Executive Officer, "and WPT has built a strong brand, positioned at the epicenter of the sport.

"With the upcoming debut of our online Internet gaming site in mid-2007, we hope to further capitalize on and monetize our brand awareness in overseas markets, which have been, and will likely continue to be, a large and lucrative market."

Highlights of 2007 are expected to be the delivery of 17 episodes of Season 5 and five episodes of Season 6 of the WPT television series, and the debut of the online gaming Web site in the middle of the year.

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