TTLN Financial - May 15, 2001
Total Entertainment, Inc. Reports Record Revenue in First Quarter
NEW YORK, May 15, 2001 (BUSINESS WIRE) -- Total Entertainment, Inc. (OTC-BB:
TTLN) ("Total"), one of the leading global interactive marketing and internet
gaming technology companies, today announced its financial results for the first
quarter ended March 31, 2001.
Total revenues for the first quarter were $0.792 million, a new record for the
Company, which represents a 280% increase compared to reported revenues of the
same quarter last year and a 30% increase over Q4. Net loss for the quarter was
$0.282 million, or $0.00 per basic and diluted share, compared to a net gain of
$0.339 million, or $0.01 per basic and diluted share, during the corresponding
quarter in fiscal 2000. Total gaming handle for the first quarter was $25.516
million.
"This is the fifth consecutive quarter that we have achieved strong revenue
growth. We anticipate continuing this trend." said Sandy J. Masselli, Jr.,
Chairman and Chief Executive Officer. "Looking-forward, 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 in 2001 is to increase market share,
improve profitability and increase shareholder value." 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 first quarter.
First quarter revenue gains were the result of a significant increase in TTLN's
core business. Gaming revenues of the Company's web sites increased
substantially. The net revenue from the casino operations for the quarter ended
March 31, 2001 was approximately 248% more then the comparable 2000 quarter. Net
revenues from the sportsbook operations were approximately 225% more then the
comparable 2000-quarter. The higher volume is attributable, in part to our
implementation of our global advertising campaign and customer loyalty program
designed to increase traffic to our websites. Member deposits increased 269%,
from Q1 last year.
"The loss this quarter is primarily attributed to the $0.150 million write down
for pre-paid advertising expenses that we originally intended to be amortized
over several quarters, along with the implementation of our customer loyalty
program." said Masselli.
The Company is exploring various opportunities in Europe particularly in the
United Kingdom where new favorable Internet gaming legislation reinforces Total
Entertainment's 2001 strategy to focus in Europe, a market that offers immediate
growth opportunities.
The Company is in the final stage of testing wireless applications and intends
to introduce this product in the coming months. Masselli concluded, "We continue
to make significant progress toward our vision of being the preeminent global
provider of Internet gaming. Our new product line diversification, proprietary
software and enhanced global organization will contribute to meeting our goals.
"
Total Entertainment, Inc. recorded total revenue of $1.177 million for the year
ended December 31, 2000, an increase in revenue from $0.582 million for the year
ended December 31, 1999. The net income for year ended December 31, 2000 was
$0.027 million or $0.00 per basic and diluted share respectively, compared to a
loss of ($1.191 million) or ($0.02) per basic and diluted share, for the year
ended December 31,1999. Total gaming handle for the year ended December 31, 2000
was approximately $42.000 million. |
