WPTE sees drop in first quarter results

World Poker Tour Enterprises (WPTE) announced its first quarter results for 2007 this week showing a decrease in revenue compared to the same quarter last year.

The company is reporting $4.5 million in first quarter revenue this year, compared to $6.5 million in the first quarter of 2006.

According to the WPTE, the decrease was primarily due to the delivery of fewer episodes. Five episodes of Season 5 were delivered in the first quarter, while the first quarter of 2006 saw six episodes of Season 4 and one episode from the Professional Poker Tour.

Along with the decrease in revenues, the company reported a $2.3 million net loss for the first quarter. Last year's first quarter saw a net income of $3.6 million.

The company also saw a drop in revenues from online gaming, sponsorships and international television licensing. However, its product licensing revenues went up from $0.7 million in the first quarter of 2006 to $0.9 million.

Some of the highlights from the first quarter include signing of a PPT Season 1 agreement in Finland, and new broadcast agreements with GSN for WPT Season 6 for the broadcast of 23 episodes.

"We are excited about our prospects in 2007 and are confident in our ability to continue to successfully build the World Poker Tour brand and execute our strategic plan," said Steve Lipscomb, WPTE president and CEO.

"In the past few weeks we have made several significant announcements which should further our success."

WPTE is expecting revenues in the range of $7 to $7.5 million for the second quarter of 2007.

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