World Poker Tour Enterprises, Inc. (WPTE) released its financial results this week for the year's second quarter, revealing that revenues were up and the company is pleased with its progress.
Revenues for the second quarter of 2006 came in at $11 million, which was a 67% increase from the second quarter results in 2005 which were $6.6 million. In addition, they had net earnings for the quarter of $2.6 million, or 12¢ per fully diluted share, in comparison to a net loss of $0.4 million, during the same period last year.
WPTE gives credit for the increase to the delivery of ten episodes of Season 4 of the World Poker Tour (PPT) televised tournament series and nine episodes of the first season of the Professional Poker Tour. Last year, the company only had eight episodes of the WPT and none for the PPT.
"We are pleased with the continued progress we are making, particularly in our core television business where we delivered a combined 19 World Poker Tour and Professional Poker Tour episodes this quarter," said Steve Lipscomb, WPTE founder and CEO.
While the overall revenue was up, product licensing revenues were down in the second quarter compared to 2005. They dropped from $1.1 million to $0.8 million. According to the WPTE report, the decrease was partly because of lower license revenues from US Playing Card and MDI, but that was also partially offset by increased mobile gaming sales.
The company is forecasting revenues in the $5.5 to $6 million range for the third quarter of 2006, during which they expect to deliver the first episode of Season V of the WPT and nine more episodes of Season I of the PPT.