Partygaming der neue Verdoppler
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US poker revenues rose 77 pct in the first half, while revenues from elsewhere climbed 110 pct.
Earnings before interest, tax, depreciation, goodwill amortisation and the cost of share options and the company's June flotation, rose to 257.7 mln usd in the six months to June 30 on revenues up 81 pct to 437.7 mln usd.
On that basis, financial analysts had forecast profit of around 245.5 mln usd.
House broker Dresdner Kleinwort Wasserstein slashed its 2006 underlying earnings forecast by 12 pct to 622 mln usd in response.
Segal said the company is "monitoring developments" at Empire Online Ltd, a company which provides marketing services to the online gaming industry.
The Sunday Telegraph said last Sunday that Partygaming was mulling an offer for Empire, which yesterday received a 791 mln stg bid from Sportingbet.
PartyGaming said it continues to monitor the regulatory environment in the US, where it earns 86 pct of its revenue.
With right-wing Christian politicians pressing the US government to curb online gambling on moral grounds, the US Justice Department says several laws that prohibit interstate gambling apply to the internet as well, and it intends to prosecute violators.
PartyGaming said it expects to return around 200 mln usd to shareholders when it pays a maiden dividend in May 2006 in respect of the 2005 financial year.
The stock is expected to join Britain's benchmark FTSE 100 index at the next quarterly re-shuffle tomorrow.
rob.branch@afxnews.com
rhb/jsa
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09-06-05 07:52 AM EST
LONDON (Dow Jones) -- PartyGaming, the controversial poker web site operator that earns most of its revenue where its services are considered illegal, on Tuesday lost a third of its market value when the company warned that more casual players joining its site weren't spending as much as its initial core of users.
PartyGaming said revenue growth is slowing as the market matures.
It's comfortable with 2005 EBITDA excluding share option and IPO expenses forecasts, but retention rates and player yields have declined at faster-than- expected rates, due to more casual players joining the player pool.
New sign-ups are in line with expectations, with more from outside the U.S.
"You're talking about an industry that's had almost unprecedented growth rates, remarkably high growth rates. Very clearly, they are moderating over time. Very clearly, they will continue to moderate. But let's be clear, they're moderating from very high levels," said CEO Richard Segal.
The company added it won't bring on any new "skins," or third-party websites which use their platforms.
Shares tumbled 32.4% to 106 pence a share in mid-day trade, below where it priced its late June public offering.
PartyGaming said first-half after-tax profit climbed 23.8% to $171 million, with EBITDA excluding share option and IPO expenses up 70% to $257.7 million.
Revenue climbed 81% to $437 million on strong growth in poker. The number of daily active players rose to 123,447 from 60,738, though the yield per active player day slid to $17.80 from $19.20.
Most of its users come from the U.S., where the Department of Justice considers online gaming illegal, though it hasn't brought prosecutions.
PartyGaming said about 15% of its active players are outside the U.S., from 9% in 2004.
"We made it very clear throughout the IPO process that we would stick to the knitting and concentrate on our core product, i.e. poker, in our core market, the United States and that is something that absolutely we are doing," Segal said.
He said they're still monitoring developments on the legal side, including the introduction of a bill by Senator Jon Kyl (R-Ariz.), but said it was a "fair assessment" that he wasn't particularly concerned.
Segal added that the company will monitor Sportingbet's interest in buying Empire Online "closely," but didn't commit to a counter-bid.
(END) Dow Jones Newswires
09-06-050752ET
Copyright (c) 2005 Dow Jones & Company, Inc.
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved
Mein SK liegt so bei 1,70€
Und Morgen geht es weiter rauf.Aber dennoch ein geniales Szenario.Obwohl der Umsatz übertroffen wurde,wurde dieses Horrorszenario geschildert. Der Kurs bricht um über 30% ein,obwohl nichts passiert ist. Abends und am nächsten Tag geht dann der Kurs wieder stetig bergauf ;-)
PS: der Kurs in England sieht auch gut aus +3,54% (gestern auch im Plus)
Viel Erfolg
Die Fa schreibt schwarze Zahlen und das ist was zählt, nichts anderes.
Lieber geduldig sein, und in Firmen wie Partygaming, die in einem Wachstumsmarkt DIE FÜHRENDE POSITION hält, investieren. Ich meine, der Kursabsturz war eigentlich ein Geschenk, das ich gerne angenommen habe.
Boden schon erreicht bei 1,48 ....
jetzt kann es nur noch hoch gehen...
viel spass bei der aktie.....
diesen Monat sehen wir noch 2,0€€€€€