Youbet.com, Fluxx.com Shrink Losses
Youbet.com (UBET) narrowed its losses in the third quarter because of increased revenue from its newly opened race-wagering hub in Oregon.
Third-quarter losses totaled $2.1 million, or 11 cents per share, compared to losses of $3.7 million, or 19 cents per share, for the same period last year. This year, third quarter revenue was $8.1 million, a large increase over the $1.1 million in revenue the Los Angeles-based company earned in the third quarter of 2001.
The company believes the numbers prove a turnaround is taking place, said Chuck Champion, Youbet.com's CEO.
During the quarter, handle was up 146 percent to $46.3 million from $18.1 million in the same period last year.
German online lottery operator Fluxx.com said last week that it has reduced its losses to EUR 2.5 million in the first nine months of 2002. In the same period last year, the company had losses of EUR 8.9 million.
The group's net turnover for the period was EUR 6.2 million, down from the previous year's net turnover of EUR 12.9 million as it has dropped some of its online agency services. Fluxx.com's liquid funds are up to EUR 1.94 million from EUR 1.67 million.
Tab Resignation Sends Stock Tumbling
The resignation of founding chairman Gary Pemberton from Tab Ltd. had a negative effect on the Australian company's shares, sending then down 4.2 percent to AU $2.94 on Tuesday.
Pemberton will leave the company on Dec. 31 to pursue other interests. Graham Kelly, who has been the non-executive director since 1997, will replace him. An Australian equities analyst said Pemberton's departure is sure to cause some fluctuation in the company's stock because he is so well respected.
Kelly is currently the chairman of Colonial First State Private Capital Ltd. and the director of Australian Transport Network Ltd. and FreshFood Australian Holdings Pty. Ltd.
Revenue, EBITDA Increase at Intralot
Greek lottery services company Intralot is reporting revenue growth of 12.4 percent to EUR 227 million in the third quarter of 2002. That compares to revenue of EUR 202 million in the same period last year.
The company's EBITDA is up 19 percent to EUR 70.7 million compared to last year's third-quarter EBITDA of EUR 59.5 million.
Based in Athens, the company develops integrated gaming systems and provides services related to the operation and support of the games. Among the world's lottery suppliers, Intralot ranks third in revenue and second in profits. Its CEO, Constantinos Antonopoulos, said the third quarter results are in line with expectations.
"Intralot continues to expand its business in the international market, pursuing numerous contracts worldwide," he said in a press release.