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WPT Makes First Quarter Profitable for Subsidiary Parent
15th of May 2006
Steve Lipscomb, the founder of the World Poker Tour and its parent company, WPT Enterprises Inc, knew he would be facing a few years of not being profitable when he launched the fledgling poker company. Now the WPT is not only posting its first profitable quarter, but earnings have helped Lakes Entertainment Inc, of which the WPT is a subsidiary, have a profitable first quarter as well.
Lakes posted a net income of $11.7 million, a 0.48 per share profit for share holders, in the first quarter of this year. Last year the first quarter net income was only .10 a share, or $2.1 million. Lake's total revenue for the first quarter is a 62 percent increase from the $4.1 million in 2005, hitting $6.6 million in 2006.
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