Total Entertainment, Inc. Reports 238% Increase in Revenues for Third Quarter; Third Consecutive Quarter That TTLN Has Achieved in Excess of 200% Revenue Growth
NEW YORK--(BUSINESS WIRE)--Nov. 15, 2000--Total Entertainment, Inc (OTC BB: TTLN - news), one of the leading global interactive marketing and internet gaming technology companies, today announced its financial results for the third quarter ended September 30, 2000.
The Company reported $ 200,210 in net revenue in the third quarter, a 238 % increase from $59,196 in the third quarter of 1999. "We are very pleased with the financial results for the third quarter. This is the third consecutive quarter that we have achieved in excess of 200% revenue growth." said Sandy J Masselli, Jr, Chairman and Chief Executive Officer. "We continue to grow our global business and maintain our leadership position, while balancing the need to develop proprietary software, increase staff 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 has implemented 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 third 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 third 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 casino software and sportsbook software, offering a broader range of European wagering, horseracing and progressive jackpot games. Onlinesportsbook.com, the Company's state-of-the-art sports portal and gaming platform was launched in late August, at the start of the 2000/01-football season.
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 40% increase in member deposits for the nine months ended September 30, 2000, a significant increases over the same period ended September 30, 1999. Total Entertainment, Inc. recorded net revenue of $565,755 for the nine months ended September 30, 2000, a 35% increase over revenue of $371,097 for the nine months ended September 30, 1999. The net loss for the first nine months of 2000 was ($10,537) or ($0.00) per basic and diluted share respectively, compared to a loss of ($718,795) 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.
CONTACT: Total Entertainment, Inc.
Sandy J. Masselli Jr. / Mitchell Brown
514/842-6999
or
Investor Relations:
Lewis Taylor, 310/575-9505
investors@ttln.com |
