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.