Global Entertainment Reports 66 Percent Revenue Growth
Global Entertainment Holdings/Equities Inc. (GAMM.OB) is reporting second-quarter revenue growth of 66 percent over the same quarter last year. The company, based in Miami, said its growth was driven by its online gaming subsidiary, Interactive Gaming & Wagering.
Revenue rose to $1,159,863 in the second quarter, compared to $697,586 last year. Software royalties increased 36 percent year-on-year. Bryan Abboud, CEO, said things are looking up for the remainder of the year as well.
"Global is making headway to becoming a significant player in the online gaming software industry as reflected in our financials," he said. "With an enhanced cash position, decreasing receivables and more new business this quarter, we will achieve our most profitable year in 2002."
Sportech Buys Zetters Football Pools
Sportech plc (SPO), owner of the Littlewoods group of gambling brands, is purchasing the football pools section of Zetters International Pools Ltd. for £1.35 million. Zetters International Pools is a subsidiary of Zetters Group plc (ZTTR).
Sportech estimates that the net assets of the Zettersfootball pools business to equal £0.2 million, which includes £0.7 in cash. In the year to March 31, the business turned an operating profit of £0.6 million on turnover of £6.1 million.
Sportech's purchase is payable in cash. After the acquisition, Sportech will add 60,000 new gamblers to its rosters. Colin McGill, managing director of Sportech, said the Zetters football pools business is a natural fit with Sportech's products.
"We welcome all Zetters Football Pools customers and are sure that we will be able to offer them an ever increasing range of innovative and entertaining gaming and betting opportunities," he said.
MGM Mirage Approves Employee Stock Plan
MGM Mirage (MGG) announced the approval of its 2002 restricted stock plan, and it grants the company the ability to give up to 1million restricted treasury shares to its key employees.
Under the plan, employees who receive shares are only allowed to sell 50 percent of the shares after three years have passed and on the fourth year are permitted to sell the remaining shares. MGM stated that the restrictions would help ensure "continuity of management."
The company, which was granted an online gambling license in the Isle of Man last September, awarded 882,000 shares to 65 key employees in June. Valued at $30.4 million, the shares were noted as deferred compensation in the company's second quarter report.
Reports Released
Oakville, Ontario-based dot com Entertainment Group Inc.(DCEG.OB) is reporting second-quarter revenue of US$829,000, slightly below the company's second-quarter revenue last year of $834,000. For the six-month period ending June 30, net income was down to $26,643 from$256,765 last year. Included in the company's second-quarter net loss is a contractual settlement of $345,207 with a customer.
dot com Entertainment Group Inc.(DCEG.OB) - Second-Quarter Report
CryptoLogic Inc. (CRYP) is stating second quarter revenue of US$8.9 million, a three percent increase over the first-quarter revenue of $8.7 million, but a fall from last year's Q2 revenue of $10.8 million. Asa result of a special charge, the company is reporting a net loss for the quarter of $7.8 million, or 65 cents per share.
CryptoLogic Inc. (CRYP) - Second-Quarter Report
Interactive Systems Worldwide Inc. (ISWI) is reporting a net loss of $543,000 or 6 cents per share for the quarter ending June 30,which compares with net income of $738,000 or an 8-cent per share gain in the same quarter last year.
Interactive Systems Worldwide Inc. (ISWI) - Third-Quarter Report
Youbet.com Inc. (UBET) is reporting that its second-quarter EBITDA loss improved 30 percent compared to the first quarterof 2002 and 60 percent compared to the second quarter of 2001. In addition, its handle increased 39 percent from second quarter last year.
Youbet.com Inc. (UBET) - Second-Quarter Report