WPT Enterprises Shows Large Third Quarter Losses

WPT Enterprises, Inc., the developer of the World Poker Tour (WPT) television show, announced Tuesday that its third quarter losses were more than triple compared to the same quarter a year ago.

Blaming lowered television licensing revenue, the company lost $1.6 million, over $1 million more than the $468,000 loss during the third quarter of 2004. Revenues were down to $2.1 million from $3 million.

Analysts had been expecting a 5 cents per share loss. This one was 8 cents per share.

It appears that the firm will disappoint analysts in the fourth quarter as well, as it expects between $4.5 million and $5 million in revenue. Analysts were looking for $8.5 million.

WPT Enterprises said that it expects to incur additional expenses from the marketing of its new online poker room.

Shares fell almost 10 percent Wednesday to $7.00.

Originally published November 9, 2005