WPT Enterprises, Inc. Announces Results for the Fourth Quarter 2004.WEST HOLLYWOOD West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Calif. -- WPT WPT World Poker Tour WPT Waypoint WPT Wisconsin Public Television WPT Watson Poker Tour WPT Wonderlic Personnel Test WPT Wavelet Packet Transform WPT Wireless Power Transmission WPT Windfall Profit WPT Wireless Personal Terminal WPT Word Processing Technician Enterprises, Inc. (Nasdaq:WPTE WPTE Western Pacific Tracking Element ) announced results today for the fourth quarter ended January January: see month. 2, 2005. Highlights for the quarter included strong holiday sales of WORLD POKER TOUR For the PBS network with the same abbreviation, see . The World Poker Tour (Abbreviated WPT) is a series of international poker tournaments featuring most of the world's professional players. (TM) (WPT) branded consumer products, the announcement of a sponsor for Season 3 of the WPT in Anheuser-Busch Michelob Michelob is the trade name of a family of beers produced by the Anheuser-Busch brewery. It takes its name from a speciality beer developed by Adolphus Busch in 1896 as a "draught beer for connoisseurs". AmberBock AmberBock is an Americanized German bock beer produced by Michelob. The deep amber color is achieved by using roasted black barley malt in the fermentation process. The beer contains 166 kcal per 12oz serving and 5.3% alcohol by volume. , the closing of agreements to expand distribution of the WPT television show to additional international territories including the Caribbean and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the Company's agreement with WagerWorks to develop a WPT-branded real-money gaming website. Revenues for the fourth quarter of 2004 (ended January 2, 2005) were $5.7 million compared with $379,000 in the fourth quarter of 2003. Total revenues for the twelve-month period ended January 2, 2005 were $17.6 million compared with $4.3 million for the corresponding period in 2003. Net loss for the quarter was $459,000 or a loss per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of $0.02. Earnings for the twelve-month period were $752,000 or earnings per fully diluted share of $0.04. "We are extremely pleased with our fourth quarter 2004 results -- representing our first full quarter as a public company -- highlighted by the expansion of the distribution of the WORLD POKER TOUR (R) show to over 60 countries," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Lipscomb Lip·scomb , William Nunn, Jr. Born 1919. American chemist. He won a 1976 Nobel Prize for his contributions to the theory of molecular structure. Noun 1. , President of WPTE. "The success of the show -- the highest rated series in Travel Channel history -- continues to generate new business opportunities for the company through branded merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain , sponsorships and online gaming See gaming. ." Domestic television license revenues grew to $3.2 million in the fourth quarter of 2004 from $300,000 in the fourth quarter of 2003. The company delivered eight Season 3 episodes to the Travel Channel LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Travel Channel) during the fourth quarter of 2004 compared to one Season 2 episode delivered during the fourth quarter of 2003. The remaining Season 3 episodes are expected to be delivered in the first and second quarters of 2005. Additional revenues of $2.5 million in the fourth quarter of 2004 were derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from a combination of international television licensing, product licensing, merchandise sales and sponsorship fees. Cost of revenues of $3.2 million in the fourth quarter of 2004 was related primarily to the production of Season 3 episodes of the WORLD POKER TOUR (R) show and the production of the premiere season of the PROFESSIONAL POKER TOUR  This article or section contains information about the future of a television show which is currently on a seasonal break or has not yet finished its broadcast run. (TM), WPTE's newest television show
concept. Also included in cost of revenues in the fourth quarter of 2004
was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $656,000 in non-cash compensation expenses related to consultant stock options that were granted at the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the company. Cost of revenues of $317,000 in the fourth quarter of 2003 was related primarily to the production of Season 2 episodes of the WORLD POKER TOUR (R) show. Cost of revenues in the fourth quarter of 2003 also included $113,000 in non-cash compensation expenses related to consultant stock options. Overall gross margins were 44.4% in the fourth quarter of 2004 compared to 16.4% for the fourth quarter of 2003. The higher gross margins in the fourth quarter of 2004 reflect higher revenues from international television licensing and product licensing during the quarter. Selling and administrative expenses were $3.0 million in the fourth quarter of 2004 reflecting increased headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. costs, professional service fees, and product licensing commissions. Selling and administrative expenses in the fourth quarter of 2003 were $624,000 primarily consisting of headcount costs. As of January 2, 2005, the Company had no debt. Total cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments available was approximately $32.3 million. WPTE's continued attention to expanding the reach of the television show has translated into leverageable opportunities in merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. , consumer products, events and international distribution. The addition of an international gaming site -- to be deployed in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with WagerWorks in the second quarter of 2005 -- will enable WPTE to build on its positive momentum during the upcoming year. Due to fewer episodes scheduled to be delivered during the period, revenue in the first quarter of 2005 is forecast to range from $2.9 - $3.5 million. "We believe that the WPTE has established an excellent foundation for future growth as evidenced by our healthy financial position and expanding relationships," said Mr. Lipscomb. "Our early mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. advantage in the U.S. -- the world's largest poker poker, card game, believed to have originated in Asia and first played in the United States in the 19th cent. A traditional cutthroat gambling game at first, it is now also an internationally popular social pastime. market -- has provided us with an opportunity to leverage our experience in new markets internationally and online. Consequently, we expect the strength of the WPTE brand and the quality of our customer experience will help to expand our base of customers and partners in 2005." About WPT Enterprises, Inc. WPT Enterprises, Inc. (Nasdaq:WPTE) is a company engaged in the creation of internationally branded entertainment Branded Entertainment, also known as Branded content or Advertainment, is the combination of an audio-visual program (TV, radio, podcast, etc.) and a brand. It can be initiated either by the brand or by the broadcaster. and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator Creator may refer to:
Contrast this to a ring game, where the game is ongoing with no formal structure to determine a single winner in a certain length of time. that airs on the Travel Channel in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and more than 50 markets globally. WPT Enterprises currently licenses its brand to companies in the business of poker equipment The following is a list of equipment used for a game of poker:
All trademarks and copyrights contained herein are the property of their respective holders. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts arte considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. Although WPT Enterprises, Inc. believes that the current views and expectations reflected in these forward-looking statements are reasonable, these views and expectations, and the related statements, are inherently subject to risks, uncertainties, and other factors, many of which are not under WPT Enterprises, Inc.'s control and may not even be predictable. Any inaccuracy in·ac·cu·ra·cy n. pl. in·ac·cu·ra·cies 1. The quality or condition of being inaccurate. 2. An instance of being inaccurate; an error. in the assumptions, as well as those risks, uncertainties, and other factors could cause the actual results to differ materially from those in the forward-looking statements. These important factors are described from time to time in the reports filed by WPT Enterprises, Inc. with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q Form 10-Q See 10-Q. .
WPT ENTERPRISES, INC.
Statements of Earnings (Loss)
Three months ended January 2, 2005 and December 28, 2003
(unaudited)
2004 2003
---------------
(In thousands,
except per
share data)
Revenues:
License fees:
Domestic television $3,175 $300
International television 617 -
Product licensing 1,726 -
----------------------------------------------------------------------
Total License Fees 5,518 300
Host fees - -
Sponsorship 73 -
Merchandise 91 79
Home Entertainment 43 -
----------------------------------------------------------------------
Total Revenues 5,725 379
----------------------------------------------------------------------
Cost of Revenues 3,185 317
----------------------------------------------------------------------
Gross Profit 2,540 62
Expenses:
Selling and administrative 3,028 624
Depreciation 20 44
----------------------------------------------------------------------
Total Expenses 3,048 668
----------------------------------------------------------------------
Loss From Operations (508) (606)
----------------------------------------------------------------------
Other Income (Expense):
Interest income 90 -
Interest expense - (39)
----------------------------------------------------------------------
Loss before income taxes (418) (645)
======================================================================
Income tax provision (41) -
----------------------------------------------------------------------
Net Loss ($459) ($645)
======================================================================
Net Loss Per Common Share - Basic ($0.02) ($0.05)
======================================================================
Net Loss Per Common Share - Diluted ($0.02) ($0.05)
======================================================================
Weighted Average Common Shares Outstanding - Basic 18,765 13,360
----------------------------------------------------------------------
Dilutive Effect of Restricted Stock - -
Dilutive Effect of Stock Options - -
Dilutive Effect of Common Shares Subject to Repurchase - -
----------------------------------------------------------------------
Weighted Average Common Shares Outstanding - Diluted 18,765 13,360
======================================================================
WPT ENTERPRISES, INC.
Statements of Earnings (Loss)
Years ended January 2, 2005 and December 28, 2003
(unaudited)
2004 2003
----------------
(In thousands,
except per
share data)
Revenues:
License fees:
Domestic television $12,720 $3,884
International television 1,127 -
Product licensing 1,938 -
-------------------------------------------------------------- -------
Total License Fees 15,785 3,884
Host fees 850 250
Sponsorship 583 -
Merchandise 296 126
Home entertainment 43 -
-------------------------------------------------------------- -------
Total Revenues 17,557 4,260
-------------------------------------------------------------- -------
Cost of Revenues 10,244 2,687
-------------------------------------------------------------- -------
Gross Profit 7,313 1,573
Expenses:
Selling and administrative 6,501 1,817
Depreciation 131 107
-------------------------------------------------------------- -------
Total Expenses 6,632 1,924
-------------------------------------------------------------- -------
Earnings (Loss) From Operations 681 (351)
-------------------------------------------------------------- -------
Other Income (Expense):
Interest income 146 -
Interest expense (34) (142)
-------------------------------------------------------------- -------
Earnings (Loss) before income taxes 793 (493)
============================================================== =======
Income tax provision (41) -
-------------------------------------------------------------- -------
Net Earnings (Loss) $752 ($493)
============================================================== =======
Net Earnings (Loss) Per Common Share - Basic $0.05 ($0.04)
============================================================== =======
Net Earnings (Loss) Per Common Share - Diluted $0.04 ($0.04)
============================================================== =======
Weighted Average Common Shares Outstanding - Basic 15,856 13,213
-------------------------------------------------------------- -------
Dilutive Effect of Restricted Stock 1,293 -
Dilutive Effect of Stock Options 901 -
Dilutive Effect of Common Shares Subject to Repurchase 30 -
-------------------------------------------------------------- -------
Weighted Average Common Shares Outstanding - Diluted 18,080 13,213
============================================================== =======
WPT ENTERPRISES, INC.
Balance Sheets
January 2, 2005 and December 28, 2003
(unaudited)
January December
2, 28,
2005 2003
----------- ---------
(In thousands)
Assets
Current Assets:
Cash and cash equivalents $18,975 $-
Short-term investments 13,305 -
Accounts receivable, net 1,950 332
Deferred tax assets 136 -
Inventory 52 10
Television costs 917 1,979
Other current assets 624 113
------------------------------------------------------------ ---------
Total Current Assets 35,959 2,434
------------------------------------------------------------ ---------
Property and Equipment-Net 703 112
------------------------------------------------------------ ---------
Other Assets:
Cash and cash equivalents-restricted 244 -
Investment 207 -
------------------------------------------------------------ ---------
Total Other Assets 451 -
------------------------------------------------------------ ---------
Total Assets $37,113 $2,546
============================================================ =========
Liabilities and Shareholders' Equity
Current Liabilities:
Outstanding checks in excess of bank balance $- $184
Accounts payable 17 74
Due to parent 16 240
Deferred revenue 3,280 505
Accrued payroll and related 292 40
Accrued expenses 1,321 243
------------------------------------------------------------ ---------
Total Current Liabilities 4,926 1,286
------------------------------------------------------------ ---------
Note Payable to Parent - 3,429
Total Liabilities 4,926 4,715
------------------------------------------------------------ ---------
Common Shares Subject to Repurchase 618 -
Commitments and Contingencies
Shareholders' Equity
Class A Units - par value of $1.28
Authorized 93 units; 0 and 93 issued and
outstanding - 119
Class B Units - par value of $1.28
Authorized 7 units; 0 issued and outstanding - -
Preferred Stock, par value of $0.001
Authorized 20,000 shares; 0 issued and
outstanding - -
Common Stock, $0.001 par value authorized
100,000 shares;
19,480 issued and outstanding 19 -
Additional paid-in-capital 32,767 361
Accumulated deficit (1,205) (2,637)
Accumulated other comprehensive loss (6) -
Deferred compensation (6) (12)
------------------------------------------------------------ ---------
Total Shareholders' Equity 31,569 (2,169)
------------------------------------------------------------ ---------
Total Liabilities and Shareholders' Equity $37,113 $2,546
============================================================ =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion