World Poker Tour Revenues Down

The NASDAQ quoted World Poker Tour reported yesterday that the full year revenues are down almost 25 percent to $21.7 million at the end of December of 2007 compared to the $29.3 million that was reported for 2006.

That makes a net loss of $9.6 million dollars for WPT compared to the net earnings of $7.8 million in the previous trading period.  The main reason for the loss was the drop in revenues and a $2.3 million dollar write off of online gaming software.  The figures for 2006 got an extra boost of $10.2 million from the sale of PokerTek stock.

The company had no debt at the end of 2007 and the total cash, cash equivilants and investments were around $31 million dollars and for the first quarter of 2008 revenues are expected to be somewhere between $4.5 million up to $5 million dollars.

CEO Steve Lipscomb said,  “2007 was a transitional year for WPT Enterprises. We have been focused on shifting our business from a traditional media and entertainment company to a multimedia entertainment and gaming company. We plan to derive future revenues from sponsorship, television, and online and mobile subscription opportunities".