|Las Vegas From Home.com Entertainment (LVFH) has announced results from operations for its year ended December 31, 2005, the fourth quarter of Fiscal 2005 and the first quarter period ended March 31, 2006.|
*All financial figures are in Canadian dollars.
Q1 Fiscal 2006 Financial Results:
First quarter revenues were $3,741,055 as compared with revenues of $2,085,311 in the same period a year ago, growth of 79% year-over-year and 5% versus the fourth quarter of Fiscal 2005.
Revenues grew as a result of increased usage of the Company's Gaming Software. The Company had net income for the quarter of $315,128 as compared to $364,329 in the first quarter of Fiscal 2005.
Jake Kalpakian, President and CEO of Las Vegas, said, “I am pleased to report another quarter of growth and profitability.” Mr Kalpakian was particularly pleased with the areas of growth… “the daily rake revenue generated by the licensing and operation of our software (excluding one time up-front licensing fees and administration fees), perhaps the most important operating barometer, continued to grow to an average of US $34,591 per day.
Q4 Fiscal 2005 Financial Results:
Fourth quarter revenues were $3,561,718 as compared with revenues of $1,073,518 in the same period a year ago, growth of 231% year over year. Revenues grew as a result of increased usage of the Company's Gaming Software. The Company incurred a net loss for the quarter of $177,218 as compared to a net loss of $3,461,006 in the corresponding period of 2004.
Commenting on the Q4 results, Mr. Kalpakian said, 'The fourth quarter was unfairly impacted by some non-operating expenses. In fact, the core business performed well showing continued growth.'