|One indication of the huge growth of the online gaming industry was Global Entertainment Holdings/Equities Inc. (www.globalentertainmentinc.com) announcement on Tuesday of record revenue and net income for fourth quarter 2001 of $2,087,000 and $1,040,000.|
This represents more than a 44% increase in revenue and a 445% increase in net income from fourth quarter 2000, according to pre-audited financials.
Global Entertainment CEO Bryan Abboud commented, 'The results are excellent as they show the strongest quarter ever for Global in terms of revenue and net income. Although Global was faced with traditional cyclicality of sportsbook-based licensing revenue as witnessed by net losses in the first three quarters in 2001, we anticipated to make-up the balance in the fourth quarter and we did. This will be our second consecutive year of profitability.'
Global income is derived through its wholly owned subsidiaries Interactive Gaming & Wagering, a software provider for online casino and sportsbook companies, and Prevail Online Inc., a Web publishing company focused on online gaming portals.
2001 year-end revenue was $4,734,338 as compared to $4,577,423 for 2000. Global will show a marginal profit of $173,168 as compared to a profit of $217,662 for 2000 -- despite expecting a net loss for the year due to investments in organizational structure, product improvements and marketing.
Also, because of new contractual arrangements with one of Global's major clients, cashflow has increased significantly. In 2002, Global's subsidiary IGW plans to increase its focus on marketing and introduce new business models to adapt to emerging customer requirements. This is expected to have a significant impact on new revenue sources. IGW will continue with significant investment in product development both to improve the end-user's entertainment experience and to improve the profitability of clients.