|Poker.com, Inc., a leading provider of online gaming systems, today reported record results for the three months ending June 30, 2002.|
Total revenues for the second quarter were $871K, an increase of 249% compared to the revenues of the same quarter last year of $349K. Net income for the quarter was $98K, or $0.0057 per share.
Second quarter revenue gains were the result of a significant increase in revenues generated from licensing and royalties. Licensing revenues increased to $535K, up from $15K, the same quarter last year. Royalty revenues increased to $320K, up from $161K, the same quarter last year. Advertising revenues were $16K, down from $172k, the same quarter last year.
Christa Taylor, Poker.com's President and CFO, said, 'The second quarter of 2002 is less than projected but continues to grow at a positive and consistent rate over previous quarters. The sale of Poker and Casino licenses for the second quarter was extremely strong and hence, is our best quarter to-date in terms of licensing revenue.”
“We also increased our efforts in collecting accounts receivable and hence, even with the increased revenues the accounts receivable balance decreased but unfortunately we had to incur a few bad debts on three customers where payment was determined to be uncollectable.'