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WPT third quarter down
The executives of the World Poker Tour announced third-quarter financial results for 2007, marked by downswings in revenues from both their television broadcasts and their online ventures.
"The third quarter represented continued progress for WPT Enterprises," stated Lipscomb. "We reached exciting new milestones including the addition of an online casino offering on our online gaming site, WorldPokerTour.com, and kicked off the inaugural season of the WPT China National Traktor Poker Tour. Just a few weeks ago, we strengthened our management team with the hiring of Andy Goetsch and Rohin Malhotra. As we look ahead to the remainder of 2007 and into 2008, we are well positioned and confident in our ability to successfully execute our strategic plan."
Overall in the third quarter, total revenues were $4.4 million in 2007, down from $5.9 million in 2006.
The downturn in revenues was directly attributed to a dip in the number of productions of World Poker Tour events delivered for broadcast this year versus last, the removal of Professional Poker Tour episodes from the broadcast schedule and the sale of stocks in PokerTek, the automated poker table company that WPTE was invested in during 2006.
WPTE's venture into the online gaming arena racked up some revealing losses as well. After posting profits of $1 million in the third quarter of 2006, the company saw its revenues from that segment of the company fall to $100,000 in the same time frame in 2007.
There were several reasons for the lack of revenue in this arena. WPTE's online gaming room changed platforms earlier this year and has only been able to bring about 20% of the players it had previously.
WPTE also stated they have not aggressively marketed the new site. Being an American company, the site also can't be marketed to U.S. residents.
Lipscomb's optimism seems to be based on what is expected to be a good fourth quarter for the company. WPTE will deliver the first five episodes of Season 6 of the WPT to its new broadcast home, GSN (formerly the Game Show Network), during this time frame, with reduced production costs on the company.
The corporation also expects moderate success with the online gaming arm during the fourth quarter and will launch an "aggressive marketing and promotions" campaign in 2008.
The final word is that WPTE is in excellent shape, even with the downturns noted in the latest fiscal report. The company has assets that amount to $34.9 million overall and no debt on the books. With a good fourth-quarter report and a cost-saving change in its broadcasting arrangements in 2008, the World Poker Tour should be around for some time to come.