Lakes Entertainment, Inc. Announces Results for Year 2003 - 2004-02-12
Lakes Entertainment, Inc. today announced results for the fiscal year ended December 28, 2003. Revenue for the year were $4.3 million. The net loss for the year was $4.0 million and basic and diluted losses were $0.37 per share. This is an improvement over a net loss of $11.5 million, and basic and diluted losses of $1.08 per share in 2002.
Revenue for the year increased to $4.3 million from $1.5 million in 2002. Revenues from 2003 were derived from license fees related to the World Poker Tour Series which airs on the Travel Channel.
WPT, a subsidiary company of Lakes, entered into an agreement with TRV for a second season during the third quarter of 2003. Revenue from the second season along with related production costs will be recognized in 2004. Revenues for 2002 included management fees for the management of Grand Casino Coushatta through January 16, 2002.
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