World Gaming Provides Positive Outlook
London, United Kingdom
World Gaming plc (OTC BB: WGMGY), a global pioneer in I-gaming
technologies, today provided guidance on revenue, gross margins and
earnings, including expectations of a profitable fourth quarter,
for the period ending December 31, 2001.
'In less than nine months new management has strengthened the
company's operations and set an attainable path toward
profitability,' said Mike Aymong, Chief Executive Officer. 'We have
improved internal processes and procedures and strengthened our
service platform for licensees. These initiatives ensure that we
are well-positioned to take advantage of significant opportunities
in this high-growth industry.'
The company provided guidance on key financial measures:
* Royalty revenue is expected to recover after a difficult
September caused by events in the United States.
* Overall, revenues in each of the fourth quarter 2001 and the
first quarter 2002 are expected to be in the range of $6
million to $7 million.
* During the same period, gross margins are expected to return
to historic levels of 75 to 80 per cent.
* Net income is expected to be in the range of $0.9 million to
$1.1 million in the fourth quarter of fiscal 2001 and in the
range of $0.8 million to $0.9 million in the first quarter of
'Looking ahead, we remain committed to developing new sportsbook
products and to making further improvements to our European and
Asian offerings,' said Mr. Aymong. 'In the coming months, we expect
to introduce new gaming products and enter into new jurisdictions,
which will contribute to ongoing revenue in the second half of
About World Gaming plc
World Gaming plc is a pioneer and leader in I-gaming software and
e-commerce technologies. World Gaming is an international
developer, licensor and provider of the industry's most
comprehensive offering of online gaming products, including casino,
sportsbook and pari-mutuel betting. For more information about
World Gaming, visit the company's Web site at www.worldgaming.com
Goodman Communications Inc.
416-924-9100, ext. 233
Chris Barnes/ Rejane Wilson
The Barnes Organization
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical fact are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to, certain delays in testing,
evaluation and deployment of products, fraud occasioned upon
licensees of World Gaming, regulation of the online gaming
industry, and other risks detailed from time to time in World
Gaming's filings with the Securities & Exchange Commission. We
assume no responsibility for the accuracy and completeness of these
statements and are under no duty to update any of the
forward-looking statements contained herein to conform these
statements to actual results. This is not an offer to sell or a
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