WPT Helps Lakes Swing to Profit

Recently WPT Enterprises Inc. posted a profitable quarter for the first time since their inception. Creator Steve Lipscomb was prepared to face a long haul with no profit in order to make the World Poker Tour success, and it seems he is finally being rewarded for his efforts. Other businesses are seeing a benefit as well, as Lakes Entertainment Inc. posted a first-quarter profit and was helped along the way from increased revenue from the company subsidiary, the World Poker Tour.A net income of $11.7 million was posted by Lakes, which comes to $.48 per share, in the first quarter of 2006. During the same period last year the net income was only $.10 per share, which came to $2.1 million. At the end of the first quarter Lake's total revenue rang in at $6.6 million which was a 62% jump from the $4.1 million in the same period of the previous year.