Announcing the second quarter results this week, World Poker Tour CEO Steve Lipscomb said that the company was pleased with the results, which show a 67 percent increase in revenues over the same period last year.
Revenues for the second quarter of 2006 came in at $11 million, which was a 67 percent increase from the second quarter 2005 ($6.6 million). Net earnings for the quarter were $2.6 million, or 12c per fully diluted share, in comparison to a net loss of $0.4 million, during the same period last year.
Lipscomb credited the improved performance to the delivery of ten episodes of Season IV 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,” he said.
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. The decrease was partly due to 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 it expects to deliver the first episode of Season V of the WPT and nine more episodes of Season I of the PPT