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Most Recent Online Casino News

Youbet.com’s Revenue Up 60%

WOODLAND HILLS — Youbet.com posted a 60 percent increase in fourth-quarter revenue Thursday, maintaining a steady trot amid costs associated with a proxy spat.

The Woodland Hills-based company reported revenue of $5.1 million for the fourth quarter 2003, compared with revenue of $3.2 million in the same period a year ago. The company also saw a net loss of $1.15 million, or 4 cents a share, in the fourth quarter, versus a net loss of $1.4 million, or 6 cents a share, in the equivalent 2003 period.

"They are doing quite well. The executives have been able to grow the business back into shape and keep the position up," said Jeff Martin, an analyst with Roth Capital Partners in Newport Beach.

Operating expenses for the fourth quarter were $4.8 million, compared with $3.1 million in the like period a year ago. The company attributed the increase to executive performance-based bonuses and other items.

Martin said the company continues to stave off costs associated with court proceedings and related arbitration surrounding stock ownership. Excluding these costs, Youbet would be in the black, according to Martin.

Youbet’s earnings before interest, taxes, depreciation and amortization were $368,000 for the fourth quarter, a 62 percent increase compared with the year-ago quarter.

Read the entire article at: DailyNews.com 

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