The founders and organisers of the global World Poker Tour action poker television series were in buoyant mood this week and with good cause. World Poker Tour Enterprises Inc’s (WPTE) results for the full year ended December 31 2006 showcased healthy finances and a clean slate on debt.
The company statement revealed no debt with total cash, cash equivalents and investments in marketable securities of approximately $39.6 million.
Revenues for the year were $29.3 million, an impressive 62 percent increase from the $18.1 million of the previous year. Revenues for the fourth quarter were likewise positive with a 13 percent growth in the fourth quarter to $5.9 million, compared to $5.2 million in the same period in 2005.
Net earnings for the year were $7.8 million, with a significant portion of that generated by a $10.2 million realised pre-tax gain on the sale of PokerTek common stock.
Founder Steve Lipscomb, who is the company’s CEO was in positive mood, especially regarding the group’s activities outside the USA, which include the imminent launch of an online poker operation.
“Worldwide participation in and enthusiasm for the sport of poker continues to grow, and WPTE has built a strong brand, positioned at the epicenter of the sport,” he said. “With the upcoming debut of our online Internet gaming site in mid-2007, we hope to further capitalise on and monetise our brand awareness in overseas markets, which have been, and will likely continue to be, a large and lucrative market.”
Highlights of 2007 are expected to be the delivery of 17 episodes of Season 5 and five episodes of Season 6 of the WPT television series, and the debut of the online gaming Web site in the middle of the year.