The Nasdaq-quoted World Poker Tour Enterprises has announced its results for the fourth quarter of 2008 with revenue plunging 50 percent to $2.6 million from $5.1 million in the fourth quarter of 2007.
International television license revenues fell $468,000 in the fourth quarter of 2008 as a result of fewer international 
territories accepting license arrangements and the substitution of sponsorship arrangements for license arrangements in many territories. Product licensing revenue also dropped $432,000 due to lower royalties from two licensees.
Cost of revenues decreased to $798,000 in the fourth quarter of 2008, compared to $1,630,000 in the fourth quarter of 2007 and selling, general and administrative expenses decreased to $5.3 million in the fourth quarter of 2008, compared to $5.8 million in the third quarter of 2007.
As a result the net loss in the fourth quarter of 2008 was $3.3 million compared to $1.8 million in the same period in 2007.
Full year 2008 revenues decreased to $15.5 million, compared to $21.7 million in 2007 due to a number of factors including a decrease in domestic television license fees, lower product licensing revenue and lower domestic sponsorship fees.
Steve Lipscomb, president and CEO of WPT Enterprises, said, “In the fourth quarter, we continued to pursue three major businesses: our emerging sponsor model of distributing the World Poker Tour television series, the ClubWPT.com online subscription business and WPT China. We ended our standalone online gaming business after disappointing results.
“Our new collaboration with FSN [Fox Sports Network] has been productive with the network airing all 13 one hour episodes of the ClubWPT.com television show, and supporting ClubWPT.com’s growth through continued sponsorship and marketing. FSN began airing the 26 all-new episodes of Season Seven of the World Poker Tour television series across the U.S. in January as a part of FSN’s Sunday sports block. FSN also recently agreed to air Season Eight of the World Poker Tour television series.”
During the fourth quarter FullTiltPoker.net agreed to be the domestic sponsor for Season Seven of the WPT television series.
