WPT Enterprises, Inc. (WPTE), owner of the World Poker Tour (WPT) recently announced financial results for the first quarter (Q1) ended April 2, 2006. Business highlights included the delivery of six episodes of Season IV of the WPT, one episode of Season I of the Professional Poker Tour (PPT), and continued expansion of the WPT television show internationally.
Revenues for the first quarter of 2006 were posted at $6.5 million, a 57% increase from the same period in 2005. The increase was primarily a result of the delivery in Q1 of six episodes of Season IV of the WPT versus the delivery of five episodes of Season III in the same period in 2005, and the delivery of one episode of Season I of the PPT in Q1 versus no episodes of the PPT delivered in the same period in 2005.
The company reported net earnings for the quarter of $3.6 million compared to a net loss of $1.6 million in the 2005 period.
"We are pleased with the progress we made in the first quarter. We continue to aggressively build the World Poker Tour brand, and during the quarter delivered the first episode of our new show, the Professional Poker Tour, an extension of WPT poker branded entertainment," said Steve Lipscomb, president and CEO of WPT Enterprises.
"In addition, we delivered six episodes of Season IV of the World Poker Tour, which continues to be well received. We also further strengthened the international distribution of our show, and are now licensed to broadcast in more than 150 countries and territories...We are excited about WPTE's prospects in 2006, and are confident in our ability to continue to successfully execute our strategic plan."
Domestic television license revenues were $3 million in the first quarter of 2006, an increase from $2 million in the first quarter of 2005. The increase was due to the delivery of more television episodes during the quarter compared to the prior year period.
International television licensing revenues increased to $0.9 million in the first quarter of 2006 from $0.4 million in the first quarter of 2005. The increase was due to having a greater number of international television distribution agreements in place during the quarter than in the prior year.