WPT Reports Fourth Quarter Losses
This week World Poker Tour Enterprises reported that its net loss during the fourth quarter totaled $3.2 million which brought their total loss for 2008 to $12.5 million.The company brought in $2.6 million in revenue in the fourth quarter but that number was down from the $5.1 million in revenue it had during the fourth quarter of 2007.
The World Poker Tour Enterprise’s end of year report was “a result of a decrease in domestic television license fees, lower product licensing revenue and lower domestic sponsorship fees. Four fewer episodes of the WPT television series aired in 2008 due to a change in the release pattern of the WPT TV series and the per episode license fee decreased by $177,000 for 17 of the episodes.”
World Poker Tour Enterprises CEO, Steve Lipscomb wanted to make it clear during an earnings conference call that the company was working hard to prepare for the upcoming year. I want to emphasize that we have taken significant steps to right-size our company and turn the business around,” said Lipscomb. “While our metamorphosis is by no means complete, we believe that we are taking the necessary steps to reposition WPTE for long-term profitable growth.”
The company also announced this week that its broadcast license with Fox Sports Net had been extended. China was a key area of focus during 2008 for the World Poker Tour. The World Poker Tour China Traktor Poker Tour was established and hosted several regional events throughout the year.
“Overall, we met three big goals for our China operation in 2008,” said Lipscomb. “We began Season 2 of the WPT China National Traktor Poker Tour, we have completed the development of our integrated online and mobile poker product, and we have begun earning revenues from this venture.”