World Poker Tour Revenues RiseClubWPT Pushes Revenues Up As Costs are Cut at World Poker Tour |
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World Poker Tour Enterprises yesterday announced revenues of $5.5 million for the first quarter of 2009, an increase of 10 
percent on the $5 million in the first quarter of 2008 and a positive turnaround from results throughout 2008.
The financial statement from WPT said this was a result of higher ClubWPT revenues and a drop in the cost of revenues from $2.7 million in the first quarter of 2008 to $2.1 million in the first quarter of 2009.
Gross margin for the WPT TV series were 53 percent in Q1 2009, compared to 34 percent in Q1, 2008.
Selling, general, and administrative costs also dropped from $5 million a year ago to $3.2 million in this reporting period.
WPT has discontinued its operations in China as of March 2009 and is looking for a buyer of this business.
The company, which is expanding in Europe, is targeting revenues of $4 million to $4.3 million in the second quarter of 2009 and expects to make a small loss on continuing operations.
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