World Gaming plc
By staff
London, United Kingdom


World Gaming plc (OTC BB: WGMGY), a global pioneer in I-Gaming

technologies, today announced results for the three-month and

five-month periods ending September 30, 2001. For additional notes

to the financial statements please refer to the Company's 6K. Note

that the Company has changed its fiscal year end to December 31,

which results in the five-month stub period. All figures are in

U.S. dollars.


Total revenues for the quarter ending September 30, 2001 were $3.3

million compared to $4.8 million for the same period last year,

representing a decrease of 31 per cent. Net loss for the quarter

ending September 30, 2001 was $1.4 million or $0.04 per share

compared to a net loss of $1.56 million or $0.05 per share for the

corresponding period last year.


For the five-month period ending September 30, 2001, revenues were

$5.6 million compared to $7.6 million for the same period last

year, representing a decrease of 27 per cent. Net loss for the

period was $2.77 million or $0.08 per share compared to $2.5

million or $0.08 per share last year.


The Company experienced a 15% decline in royalty revenues during

the quarter largely as a result of the cancellation of national

sporting events at all levels across North America during the month

of September, typically the strongest month of the quarter.


'Understandably, September's numbers were off,' said Mike Aymong,

chief executive officer of World Gaming. 'However, October is

showing signs of full recovery from these terrible world events. We

remain focused on three things: the stability and growth of our

current customer base, profitability by building upon those areas

of our business that offer the highest margins, and software and IT

infrastructure upgrades to capitalize on the increasing demand for

our services.'


Gross margins rose from 69 per cent to 76 per cent in the quarter,

an increase of 7 percent, and from 70 per cent to 73 per cent for

the five-month period, an increase of 3 per cent, respectively from

the prior year, reflecting a more profitable revenue mix.


Operating expenses decreased 21 per cent during the third quarter

and fell 15 per cent over the five-month period. This is the result

of significant cost savings in operations and marketing. World

Gaming expects continued improvements in these areas in the coming

quarters.


'As you can see, going forward we are continuing to focus on

reducing our expenses quarter-over-quarter, focusing on offering

high margin services, and achieving sustainable, profitable growth

through our current customers' successes,' said Aymong.


About World Gaming plc

World Gaming plc is a pioneer and leader in I-gaming software and

e-commerce technologies. World Gaming is an international

developer, licensor and provider of the industry's most

comprehensive offering of online gaming products, including casino,

sports book and pari-mutuel betting. For more information about

World Gaming, visit the company's Web site at www.worldgaming.com


-30-


For World Gaming, please contact:


Media Relations: Investor Relations:

David Doze Chris Barnes / Réjane Wilson

Goodman Communications Inc. The Barnes Organization Inc.

416-924-9100, ext. 222 416-367-5000

david@goodmanpr.com cbarnes@barnesir.com

rwilson@barnesir.com

 
 
 
 
 
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