Hallo!
Ich möchte euch hier mal worldgaming (Wkn:676315, Kürzel Deutschland wgma, Kürzel USA
wgmgy) vorstellen.
Worldgaming ist ein Entwickler von I-Gaming Spielen. Letztes Jahr hat dieses
Unternehmen den Turnaround geschafft und 7 cent Gewinn geschrieben.
Aktuell notiert die Aktie bei 80
US-cent und ist meiner Meinung nach unterbewertet. In wenigen Wochen ( 10. Mai 2004) kommt der
Quartalsbericht zum Q1, von dem ich mir auch 4-6 cent Gewinn erwarte. Hier die letzte PR vom Montag.
World Gaming plc reports fourth quarter and full year 2003 results
LONDON, UK, Apr 5,
2004 /PRNewswire-FirstCall via COMTEX/ -- World Gaming plc (OTC BB: WGMGY), a UK-based Internet-gaming
software and e-business services group of companies (the " Group" ), is pleased to report financial
results for the three months and full year ended December 31, 2003.
Highlights
- Full year net profit of \$2,958,000 or 7 cents per share vs. loss of
\$5,318,000 for the
same period last year or a loss of 16 cents
per share.
- Net profit for the quarter of
\$2,934,000 vs. loss of \$593,000 for the
same period last year.
- Full year profit before
interest and related items and depreciation of
\$5,245,000 (12 cents per share) vs. loss of
\$2,197,000 (loss of
6 cents per share) for the same period last year.
- 33% increase in
wagering volume in the quarter when compared to the
same quarter last year.
- Royalty revenue
grew 7 percent for the year ended December 31, 2003.
- Operating expenses including interest and
depreciation down 34% for
the year ended December 31, 2003.
- Settlement of certain legal
claims and capital lease obligations.
- Working capital deficit reduced from \$5,581,000 at
December 31, 2002
to \$126,000 at December 31, 2003.
- New Casino games and Virtual Games
released during the year with
further products scheduled for release.
Fiscal results
Total revenues for the quarter ended December 31, 2003 grew 22% to \$7,357,000 compared to
\$6,043,000 for the same period last year. Together with a 33% year on year increase in the volume of
wagers processed on our systems in the quarter, the increase is also attributable to royalties received
as a result of the strong net win achieved by our licensees. Stable deposit processing gateways further
assisted the increase in wagering volume for the quarter. The Group experienced a 9% increase in royalty
revenues in the quarter when compared to the same period last year.
Total revenues for the
year grew \$921,000 or 5%. This growth was driven by a 7% or \$1,056,000 increase in royalty revenue and
a 56% or a \$634,000 increase in transaction processing revenues. Revenues in respect of new license fees
fell \$658,000 as the Group did not seek to sign new licensees in the year. The increase in royalty
revenues occurred despite the impact of losing a licensee in May, who at that time contributed 6% of
total revenues. Increased transaction processing fees in the year represent the increase in revenues from
on-charging higher processing costs from suppliers, charges that our licensees were finding increasingly
difficult to sustain.
In February 2004, the Group closed transaction processing and customer
service divisions of the business. This closure affected less than 6% of total deposit volume on behalf
of licensees and is expected to contribute a further \$600,000 in profits through shedding this
ineffective and loss making aspect of the business.
There was no revenue from new licenses for
the year as the Group continued to focus on existing licensees during the year. As the enhancement of its
platform and product suite continues, the Group expects to widen its focus to once again include
marketing to new licensees, but only to the extent the Group is in a position to fully support such
licensees.
For the year ended December 31, 2003, total system-wide wagers grew 12% to \$3.8
billion from \$3.4 billion in the prior year.
Net profit for the quarter ended December 31,
2003 was \$2,934,000 or 7 cents per share compared to a net loss of \$593,000 or 2 cents loss per share.
The increase in net profit in the quarter driven by increased revenues also reflected the results of
restructuring that has brought the Group`s cost base to more manageable levels.
Net profit for
the year ended December 31, 2003 was \$2,958,000 or 7 cents per share compared to a loss of \$5,318,000
or a loss of 16 cents per share in the prior year.
The gross margin for the quarter was 87.9%
as compared to 92.5% for the same period last year. For the full year, gross margin was 87.9% as compared
to 89.9%. The decline in gross margin represents the heightened direct costs attributable to the
transaction processing division of the business that was closed in February 2004.
Operating
expenses including interest and depreciation decreased 42% to \$3,551,000 during the fourth and final
quarter of 2003 compared to \$6,142,000 for the same period last year. This decline primarily consisted
of a 95% reduction in bad debt write-offs or provisioning, a decline in professional fees and a decline
in depreciation charges as many high-value assets became fully depreciated in the quarter.
For
the full year ended December 31, 2003, operating expenses including interest and depreciation declined
34% to \$13,421,000 compared to \$20,483,000 for the same period last year. Efforts to reduce operating
costs continued throughout the year with the primary contributors to this reduction being:
- Bad debts for the year ended December 31, 2003 decreased 90 percent or
\$3,056,000
compared to the same period last year. Last year the Group
experienced significant write-offs in
failed transaction processing
routes. The failure of these routes typically occurred due to
implementation of transaction processes that lacked transparency.
Improved due diligence
procedures and reinforcement of risk sharing
policies with licensees has resulted in a significant
reduction in
this cost in the year ended December 31, 2003.
- Depreciation expense decreased
39% or \$1,235,000 when compared to the
same period last year. This reduction was the result of a
number of
significant assets becoming fully depreciated in the third quarter of
2003.
-
Communication costs decreased 46% or \$397,000 when compared to the
same period last year as
contracts with certain suppliers were
cancelled or renegotiated and the use of voice-over IP
telecommunication was utilized.
- Salaries and wages decreased 10% or \$670,000 despite severance
costs
incurred on a number of senior employees in the year.
- Professional fees declined 22%
or \$390,000 as litigious matters
requiring third party advice declined and other advisors were not
utilized or changed.
- Other corporate overhead including occupancy costs, board expenses and
travel declined 30% or \$1,314,000 when compared to the same period
last year through
initiatives such as relocation or closure of offices
and renegotiation or changes in certain
supplier accounts.
As a result of settling a number of significant capital lease obligations
in the year, the company derived other income of \$981,000 through write-backs of amounts previously
accrued in respect of these obligations.
Selected statement of operations
information
For the three For the nine
months ended months ended
December 31,
December 31,
2003 2002 2003 2002
\$`000 \$`000 \$`000 \$`000
------------------
------------------
Net Sales 7,357 6,043 17,698 16,777
Gross Profit 6,466 5,590 15,548
15,073
Operating Expenses (3,551) (6,142) (13,421) (20,483)
Other Income/(Loss) 19 (41) 831
92
Net (Loss)/Profit 2,934 (593) 2,958 (5,318)
Operational update
In
the lead-up to the winter sports calendar, the Group concentrated efforts in upgrading the Oracle
Database and network infrastructure. This planning has maintained a more stable platform throughout the
season with fewer system outages. In addition, on-line security risks through Denial of Service Attacks
that were prevalent throughout the season have predominately been mitigated through the implementation of
new filtering hardware and Internet traffic routing. Further security measures are being reviewed and
implemented across the system with the key result to bring system outages to an absolute minimum.
During February 2004, the Group closed its transaction processing and customer service divisions.
This decision formed an integral part of the overall business review that commenced in April 2003. The
closure of these divisions allows the Group to concentrate on its core software development business
while shedding divisions that we cannot efficiently administer.
In keeping with the Group`s
commitment to deliver an enhanced product suite, a new concept in on-line gaming called Virtual Games was
released to our licensees in the fourth quarter of 2003. Performance of these games has met management`s
expectations and provides an enhanced dimension to the Group`s product suite.
The Group`s
expanded horseracing product is in the final stages of testing with licensees and is expected to be
released in April 2004. In addition, we plan to continue developing the horseracing product thus giving
our licensees the ability to better manage their risk and enable improved yield on this product.
Multi-player poker remains a significant priority of the Group. Further stages of development have
commenced under a partnership with a third-party supplier. The multi-player poker product is expected to
add a significant revenue stream to our licensee`s product suite and we expect to have this available in
the third quarter of 2004.
Over the coming twelve months, we intend to invest further in our
software platform to enable improved functionality. Together with a new development process, this is
expected to deliver better quality products with a faster delivery timetable.
Daniel Moran,
World Gaming`s CEO commented:
" The Group has undergone a number of changes in the year
including implementation of a new executive Board early in the year, restructuring of certain aspects of
the business and closure of those areas that the Group could not effectively maintain or were
inconsistent with our core software development business. This continued into the first quarter of 2004.
Many of these changes have streamlined the business and enabled it to turnaround and produce the results
that we see today."
" The Board`s resolve remains that of growing the business through
enhanced products and infrastructure as we continue to act in a culture of heightened fiscal
responsibility. The benefits of this strategy are beginning to show as the Group`s financial position
begins to strengthen."
SEC filing
The company has today filed its Form
20-F in respect of the year ended December 31, 2003 with the U.S. Securities and Exchange Commission.
Full details of this filing are available for viewing at www.sec.gov.
Corporate background
World Gaming PLC
is a UK-based I-gaming software and e-business services Group. The Group is an international developer,
licensor, and provider of online gaming products, including casino, sportsbook, and pari-mutuel betting.
For more information about World Gaming PLC, visit the Group`s Web site at www.worldgamingplc.co.uk.
Starnet
Systems International Inc., a subsidiary of the Group incorporated and operating out of Antigua, licenses
its gaming software to third parties for an initial licensing fee and monthly royalties. Inphinity
Interactive Inc., a wholly-owned subsidiary of the Group develops gaming software and web pages.
Contact: Investor Relations
World Gaming plc
investor.relations@worldgaming.com
Special note regarding forward-looking statements
We make certain forward-looking
statements in this document within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. The Private Securities Litigation
Reform Act of 1995 provides a safe harbour for forward- looking statements. To comply with the terms of
the safe harbour, we note that a variety of factors could cause our actual results and experience to
differ substantially from the anticipated results or other expectations expressed in our forward-looking
statements. When words and expressions such as: " believes," " expects," " anticipates," " estimates," "
plans," " intends," " objectives," " goals," " aims," " projects," " forecasts," " possible," " seeks," "
may," " could," " should," " might," " likely," " enable" or similar words or expressions are used in
this document, as well as statements containing phrases such as " in our view," " there can be no
assurance," " although no assurance can be given" or " there is no way to anticipate with certainty,"
forward-looking statements are being made. These forward-looking statements speak as of the date of this
document.
The forward-looking statements are not guarantees of future performance and involve
risk and uncertainties. These risks and uncertainties may affect the operation, performance, development
and results of our business and could cause future outcomes to differ materially from those set forth in
our forward-looking statements. These statements are based on our current beliefs as to the outcome and
timing of future events, and actual results may differ materially from those projected or implied in the
forward looking statements. Further, some forward-looking statements are based upon assumptions of future
events which may not prove to be accurate. The forward-looking statements involve risks and uncertainties
including, without limitation, the risks and uncertainties referred to in our filings with the Securities
and Exchange Commission, including our most recent Form 20-F.
We undertake no obligation to
publicly update or revise any forward- looking statements as a result of future developments, events and
conditions outside of our control. New risk factors emerge from time to time and it is not possible for
us to predict all such risk factors, nor can we assess the impact of all such risk factors on our
business or the extent to which any factor, or combination of factors, may cause actual results to differ
significantly from those forecast in any forward-looking statements. Given these risks and uncertainties,
investors should not overly rely or attach undue weight to our forward-looking statements as an
indication of our actual future results.
SOURCE World Gaming plc
CONTACT:
Investor Relations, World Gaming plc,
investor.relations@worldgaming.com
(WGMGY)
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