On Wednesday PartyGaming PLC, the parent company of PartyPoker, announced the financial results for the fourth quarter of 2009 and preliminary results for the fiscal year 2009. The company’s profits were up for the quarter compared to the previous year, but showed a decline for the fiscal year overall due to company decisions and purchases the organization made.
PartyGaming’s group revenue for the fourth quarter of 2009 was $132.2 million, a change of 32% against the same time period last year ($100.4 million) and also showed an increased of 17% versus the third quarter of 2009. For the year, however, PartyGaming’s revenues totaled $446.2 million, a drop of over 6% versus their profits from 2008 of $472.9 million. PartyGaming purchased the World Poker Tour (WPT) in late 2009 from the now-defunct WPTE, Inc., which caused the 6% decrease in revenues.
For the start of 2010, PartyGaming is looking to future gains from its new acquisitions.“With the integration of Cashcade and the World Poker Tour well on track, our performance in the first four weeks of 2010 has been in-line with the Board’s expectations and we remain confident about our prospects for the full year,” stated Jim Ryan, the Chief Executive Officer of PartyGaming. “With the introduction of ring game poker, casino, and bingo anticipated in Italy in the first half of 2010, the opening of the French market later this year and Denmark in 2011, we believe the outlook remains positive.”
During the announcement of its fourth quarter performance, PartyGaming also took the time to introduce a new executive. Per Widerström was named to a newly created position at PartyGaming, Chief Operating Officer, and will start work with the company on February 15th. “I am delighted that we have secured the services of such an internationally experienced and multi-disciplined executive as our Chief Operating Officer,” Ryan commented. “Per will report directly to me and will be primarily responsible for driving growth across the PartyGaming brands. He has a great track record for leading business operations and delivering results. I’m confident he will be a great asset for PartyGaming as we push ahead with our strategic plan.”
Widerström has a long history in the online gaming industry, most recently as the Chief Executive Officer and Director of Mangas Gaming Malta, Limited. Widerström, in the past, also held the head position at Expekt.com Ltd and Telenor Mobile Sweden and was a Vice President and COO at Kyivstar GSM. He was the one-time Director of Operational Marketing and Business Development with Coca-Cola. Widerström’s background with Expekt.com and Mangas Gaming, companies much like Party Gaming, will be key to his success in the newly created position.
After the fourth quarter financial details were released, PartyGaming stock rose to nearly 300 pence before settling down at the close of business. Traded on the London Stock Exchange under the symbol "PRTY," PartyGaming PLC was trading at 285.1p at the close of business on Wednesday, 0.20p higher on the day.
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