The online gambling software company reported the results for the second quarter ended June 30, showing a 55.5% rise in like-for-like royalty revenue to $1.53m
Total revenues decreased 49.5% to $4.8m, as the company no longer charges royalties to Sportingbet for the use of its software, while net income from operations decreased by 80.5% to $328,000 for the second quarter 2005 and by 68.3% to $1,163,000 for the first half of the year.
Total gross wagering volumes handled by the company\’s servers increased 33.3% to $1.6bn for the second quarter 2005, and hit $3.6bn for the six months, up from $2.6bn this time last year.
The balance sheet showed a strong cash flow and a growth in working capital up 34% to $19.9m.
The company announced the signing of two new licensees and the launch of a multi-player poker solution and it remained confident to be well placed to continue strong earnings growth throughout 2005 and beyond.
“The second quarter is seasonally the industry\’s least busy period in the year and the Company has utilised this time well to pursue new licensing opportunities and implement robust software and hardware upgrades. We are delighted with the results of these efforts which have resulted in new licensees and greater system speed and capacity. We look to the third quarter with confidence and a resolve to continue to deliver on our strategies,” said Daniel Moran, World Gaming\’s CEO.
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