World Poker Tour Enterprises, Inc. (WPTE) announced it's 2006 third quarter results this week showing an overall increase in revenue and net earnings compared to the same period last year.
The company reported a 176% increase in revenue, jumping from $2.1 million during the third quarter in 2005 to $5.9 million this year. The growth is attributed primarily to the delivery of nine episodes of Season 1 of the Professional Poker Tour (PPT) series compared to no episodes last year.
Net earnings for the WPTE during the third quarter were reported to be $2.7 million. Last year the company reported a net loss for the same quarter of $1.6 million.
"We are pleased with the progress we are making in maintaining our position in the global poker market, particularly in our core television business where we delivered a combined ten World Poker Tour and Professional Poker Tour episodes this quarter, and thirty six episodes year-to-date," said Steve Lipscomb, WPTE founder and CEO.
"The poker industry has changed dramatically since our first television show aired in 2003; and while the last couple of years have not been without bumps in the road, we have managed through them and the WPT brand is now stronger than ever."
Other indicators of the company's strength include an increase in both domestic and international television licensing revenues for the quarter.
The delivery of nine episodes of Season 1 of the PPT helped elevate domestic television licensing revenues from $0.4 million last year at this time to $3.2 million during the third quarter this year. International licensing revenues increased from $0.4 million last year to $0.6 million this year due to an increase in distribution agreements for the WPT Season 4 and PPT Season 1.
WPTE is projecting revenues for the fourth quarter of this year to be in the range of $5.5 to $6 million. During that time the company will deliver four more episodes of Season 5 of the WPT and the remaining five episodes of the PPT Season 1.