TOTAL ENTERTAINMENT INC - Posts 244% Increase in Revenue over Prior Year Second Quarter Results [121]
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Total Entertainment, Inc, one of the leading global interactive
marketing and internet gaming technology companies, announced its financial
results for the second quarter ended June 30, 2000. The Company reported
$155,611 in net revenue in the second quarter, a 244% increase from $45,228
in the second quarter of 1999. "We are very pleased with the financial
results for the second quarter," said Sandy J Masselli, Jr, Chairman and
Chief Executive Officer. "We are aggressively growing our global business
and maintaining our leadership position, while balancing the need to
develop proprietary software and leverage resources throughout the
organization. Our goal is to translate revenue growth into profitability as
quickly as possible while increasing market share." Total Entertainment Inc
is aggressively developing a global advertising strategy and customer
loyalty program. Total Entertainment is driven by growth in the number of
new members, which again increased in the second quarter. Total
Entertainment's goal is to generate one of the highest reach figures in the
Internet Gaming industry.
International revenue continued to grow in the second quarter, this
growth is due primarily to expansion/availability of Internet access around
the world and the expansion of sports wagering overseas, primarily in
Europe. The Company upgraded its sportsbook software offering a broader
range of European wagering and horseracing. Onlinesportsbook.com, the
Company's next generation state-of-the-art sports portal and gaming
platform will be launched in late August, at the start of the football
season.
As previously announced, in the first quarter, the Company completed
the sale of its remaining interest in the Slotsvegas.com web site with
Netforfun.com Inc.The Company recorded $500,000 as other income from this
transaction which is included in the results for the six months ended June
30,2000. A further estimated $ 1.5 million in Netforfun.com stock received
from this transaction will be recognized when realization is determinable.
Any gain realized on the Netforfun.com stock will be recorded in other
income. The Netforfun.com hosting agreement should bolster Total
Entertainment recurring revenue streams for turnkey solutions.
The Company is addressing growing opportunities in other interactive
platforms including wireless and broadband. As a result, the Company
announced a new integrated global structure. The alignment of business
units and management appointments significantly empowers and strengthens
Total Entertainment, improving the Company's ability to deliver leading
Internet gaming technology and turnkey solutions to members and customers
globally. Masselli concluded, " We continue to make significant progress
toward our vision of being the preeminent global provider of Internet
gaming, turnkey solutions and services. Our new product line
diversification, proprietary software and enhanced global organization will
contribute to meeting our goals. We remain very optimistic about the
outlook for the rest of the year." Total Entertainment, Inc. recorded a 23%
increase in member deposits for the six months ended June 30,2000,a
significant increases over the same period ended June 30,1999. Total
Entertainment, Inc. recorded net revenue of $365,545 for the six months
ended June 30, 2000, a 17% increase over revenue of $311,901 for the six
months ended June 30, 1999. The net income for the first half of 2000 was
$381,103 or $0.01 and $0.00 per basic and diluted share respectively,
compared to a loss of ($447,747) or ($0.01) per basic and diluted share,
for the same period in 1999.
About Total Entertainment, Inc
Total Entertainment, Inc is a leading global operator of end-to-end
interactive software based games of chance and sports wagering facilities.
Through its network of Internet properties, users can play realistic online
games, receive the latest news, financial information and free e-mail and
create a personalized portal to the Internet. Total Entertainment's
e-commerce solution and services enables users to purchase electronic cash
by credit card, wire transfer, money order or personal check. Total
Entertainment provides a comprehensive suite of turnkey products and
services that enables its clients to attract and retain customers
worldwide, and to reap the benefits of our interactive and other electronic
media. Corporate Head Office is based in Montreal. For more information,
visit www.TTLN.com.
This news release contains statements of a forward-looking nature
relating to the future events or the future financial results of Total
Entertainment, Inc. Investors are cautioned that such statements are only
predictions and that actual events or results may differ materially. In
evaluating such statements, investors should specifically consider the
various factors that could cause actual events or results to differ
materially from those indicated from forward-looking statements, including
the matters set forth in Total Entertainment's reports and documents filed
from time to time with the Securities and Exchange commission.
TEL: (514) 842-6999 Sandy Masselli, Jr. Mitchell Brown
Total Entertainment Inc.
Website: www.ttln.com |
