After announcing last week that the company would delay submitting Form 10-Q to the SEC for its second quarter results, World Poker Tour Enterprises, Inc. (WPTE) this week released financial results for Q2 2005, which ended July 3. In order to comply with SEC standards for punctual reporting, the WPTE was required to submit Form 10-Q within five days of August 17, the date initially set. WPTE released its second quarter results to the public on August 22, and thus fulfilled the SEC's requirements.
The second quarter of fiscal 2005 saw a 40 percent increase in revenues, compared to Q2 2004. Total revenues for the quarter reached $6.6 million. The WPTE cited increases in revenues earned through international television licensing, as well as through World Poker Tour product licensing. Revenues fell, however slightly, for domestic television licensing. In addition to WPTE's usual licensing ventures, Q2 2005 witnessed the official launch of the World Poker Tour's online poker room, www.WPTonline.com.
"The second quarter marked the continued successful execution of our strategic plan. Revenues were up 40% as we saw growth in virtually all of our business segments," commented Steve Lipscomb, President and CEO of WPT Enterprises. "The success of the show in the US, combined with strong ratings in international markets enabled us to broaden distribution into 116 territories around the globe."
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