WPT

[Mariogs379]

what do y'all think about the prospects of WPTE in the coming 12 months? After Brunson's bid fell through it's gotten hammered (as other posters have noted) but given the amazing ratings it garners its hard to imagine it'll stay down for long. What do you all think?
-Mario

[StickyWicket]

well, it's currently delisted and trading strictly on the pink sheets...they need to get their act together for their shareholders.

[Sniper]

WPTE is not earning any money yet, and their expenses are increasing faster than their revenue. If they can't make money now during the current "poker boom", what is to say that they will ever be able to reach profitability with their current business plan.

[Army Eye]

WPTE is on the PINK SHEETS? WTF happened to them??

How are they not making any money? It is because the PPT had no buyers? Is their online poker room failing?

[Sniper]

[ QUOTE ]
WPTE is on the PINK SHEETS? WTF happened to them??

How are they not making any money? It is because the PPT had no buyers? Is their online poker room failing?

[/ QUOTE ]

WPTE is not on the Pink Sheets. Its Parent company Lakes Ent (LACOE) was delisted by the nasdaq, for failing to properly file financial statements (primarily because of SEC concerns regarding their accounting for certain earnings).

You can review WPTE financial statements (which by the way are also delayed) on edgar. As I stated in a previous post, their expenses are growing faster than their revenue.

[Al P]

Tim?
Burrrrrrrrr.

[Sniper]

WPT Enterprises Inc. after the closing bell on Monday reported a second-quarter net loss of $426,000, or 2 cents a share. The company reported net earnings of $887,000, or 6 cents a share, for the same period a year ago. The Los Angeles-based entertainment company posted revenue of $6.6 million vs. $4.7 million a year ago. Gross margins were 33.7% in the second quarter of 2005 compared to 43.9% in the second quarter of 2004, the company said. Looking forward, WPT Enterprises forecast third-quarter revenue of $1.5 million to $2 million, reflecting a reduction in WPT episodes delivered from six in the third quarter 2004 to one in the third quarter 2005.

Results during the period were saddled by higher costs of doing business, and moves to expand the company. Cost of revenue soared to $4.4 million from $2.6 million in the year-ago period, due primarily to costs linked with the development of its Professional Poker Tour. Some $1.6 million linked to the premier season were expensed during the quarter.

In addition, selling and administrative expenses jumped to $2.8 million from $1.2 million last year. The rise was attributed to hiring more workers, increased product licensing revenue, and higher regulatory compliance costs.

Looking ahead, WPT said it expects third-quarter revenue in the range of $1.5 million to $2 million -- down significantly from Wall Street projections for $4.8 million.

The company said it reflects a reduction in World Poker Tour episodes, which will drop to one episode in the third-quarter, compared with six last year. In addition, the company said it does not "expect to recognize revenues associated with (the Professional Poker Tour) or significant online gaming revenues" during the period.

WPTE shares fell 97 cents, or 7 percent, to close at $13.34 on the Nasdaq; then plunged $1.44, or 10.8 percent, to $11.90 in aftermarket activity.

[cwsiggy]

I see this one going to the Pink Sheets eventually.....