World holdem poker Tour Enterprises reported losses in first quarter
On 08 Reported in May 2007 World holdem poker Tour Enterprises from a net loss of $ 2.3 million, or $ 0:11 per share for the first quarter of 2007. Thus the shares failed to meet the expectations of Wall Street at $ 0.3 and lost another 3%. For the same period of 2006, WPTE a net profit of $ 3.6 million recorded.
No one had an excellent first quarter for WPTE. In contrast to the six tournaments of Season IV and a tournament of the PPT in 2006, delivered in this quarter only five tournaments of the season V. On March 12, 2007 said WPTE $ 4.5 - $ 5.0 million for the first quarter. Unfortunately, there was the first April 2007 with $ 4:49 million on a turnover
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the lower end of expectations. For the same period of 2006 revenue was still $ 6.45 million.
General and administrative business costs rose slightly from year to year to $ 5.28 million. This reflects WPTEs effort against its own online software. The project had to but less than three months before the launch be abandoned. Recently, the WPTE Cryptologic network and will in June 2007 a page on the market, even if an individual layout is no longer possible. WPTE also announced in the second quarter cost of internally developed online platform in the amount $ 2.0 - $ 3.0 million off.
Actually, say the losses this quarter nothing about the long-term future of WPTE. Their growth strategy has been closely linked to the success of their online gambling site. After it was obvious that a new software platform needed by the company was no longer expected to be up to the start of the financial software to keep above water. WPTE has no debt, about $ 37.0 million cash, cash equivalents and verkaufbare collateral, the company safely through the current situation.