The owner of the World Poker Tour TV show, WPT Enterprises, Inc., this week announced third quarter losses of more than three times compared to the same quarter one year ago.
The group blames the drop in TV licensing revenues, which has lead to a huge
loss of over $1.6 million. This reflects a loss of over $1 million more than the
$468,000 which it lost during the comparable quarter in 2004. Revenues took a
huge dive from $3 million to $2.1 million.
A 5 cents per share loss was forecast, but this resulted in 8 cents.
Analysts were expecting revenues of $8.5 million in the next quarter, but the
company has adjusted forecasts to $5 million.
The group also warned that the development of its poker room will incur
further costs.
The share dropped by almost 10 percent on Wednesday this week to $7.00.
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