YOUBET.COM'S REVENUE UP 60%.Byline: Evan Pondel Staff Writer WOODLAND HILLS - Youbet.com posted a 60 percent increase in fourth-quarter revenue Thursday, maintaining a steady trot amid costs associated with a proxy spat. The Woodland Hills-based company reported revenue of $5.1 million for the fourth quarter 2003, compared with revenue of $3.2 million in the same period a year ago. The company also saw a net loss of $1.15 million, or 4 cents a share, in the fourth quarter, versus a net loss of $1.4 million, or 6 cents a share, in the equivalent 2003 period. ``They are doing quite well. The executives have been able to grow the business back into shape and keep the position up,'' said Jeff Martin Jeff Martin is the name of:
Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the fourth quarter were $4.8 million, compared with $3.1 million in the like period a year ago. The company attributed the increase to executive performance-based bonuses and other items. Martin said the company continues to stave off costs associated with court proceedings and related arbitration surrounding stock ownership. Excluding these costs, Youbet would be in the black, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Martin. Youbet's earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
``Despite the considerable challenges that confronted us outside the normal course of business during 2003, Youbet rose to become the largest advanced deposit wagering company 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. ,'' Charles Champion, the company's chairman and chief executive officer, said in a statement. The company's gross handle, or total amount of wagers processed through their system, increased 38 percent to $69 million in the fourth quarter of 2003. Gross handle for the year rose 69 percent to $276 million. Martin said the proxy issues should be resolved by May 18. The analyst estimates the company will post earnings of 7 cents a share in 2004, and 24 cents a share in 2005. Youbet shares declined 4 cents Thursday to close at $3.51 on the Nasdaq market. Evan Pondel, (818) 713-3662 evan.pondel(at)dailynews.com |
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