When Steve Lipscome formed WPT Enterprises, Inc, the parent company behind the hit poker series the World Poker Tour, he knew he would be facing the likelihood of operating without a profit. Now into their fourth season, the WPT has shown their first profitable quarter in the first quarter of this year. The company earned 17 cents a share, or $3.6 million. Compare this to the first quarter of the previous year, where the company saw a loss of 8 cents a share, or $1.6 million, and the profitable growth is even bigger than at first glance.
Contributions to the company's bottom line come from the TV shows on the Travel Channel, the upcoming shows for the Professional Poker Tour, WPT merchandise, which has been expanded into a European outlet this year, and the new poker room online, WPTonline, which is not accessible to American poker players but none the less has contributed to the profits.
Quarterly revenues were up to $6.5 million, compared to $4.1 million last year.
07:38 UTC your time | 02:38 ET | 8 November 2009
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World Poker Tour Inc Hits First Profitable Quarter
By launchpoker, May 7, 2006
