WPT Enterprises, Inc. F1Q09 Earnings Call Transcript

WPT Enterprises, Inc. (WPTE)

F1Q09 Earnings Call Transcript

May 4, 2009 at 4:30 pm ET

Executives

Steven Lipscomb - President, Chief Executive Officer and Director

Thomas Flahie - Interim Chief Financial Officer

Joseph S. Carson Jr. - Director

Analysts

Clint Morrison - Feltl & Company

Steven Silk - C. Silk & Sons

Presentation

Operator

Please continue to standby. Your conference will begin shortly. Thank you for your patience. (Operator Instructions)

Good afternoon ladies and gentlemen. Thank you so much for standing by. Welcome to the WPT Enterprises, Inc. first quarter 2009 earnings conference call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions, and as a reminder, this conference is being recorded today, Monday, May 4^th, 2009.

I would now like to turn the conference over to Mr. Joshua [Harp 3.12], WPTs Corporate Controller. Please go ahead.

Josh

Good afternoon everyone and thank you for joining us today to discuss WPT Enterprises first quarter 2009 financial results. With us on today’s call are Steve Lipscomb, President and Chief Executive Officer and Thomas Flahie, Chief Financial Officer. By now, everyone should have access to the press release which went out this afternoon at 4:00 pm Eastern Time. If you have not received it, it is available on the Investor Relations portion of the World Poker Tour website.

Before we can begin today, we would like to remind everyone of the Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The following prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore undue reliance should not be placed upon them. For a more detailed discussion of its factors that could cause actual results to differ materially from those projected in any forward-looking statements, we refer you to Company’s filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K as well as the Company’s current reports filed on Form 8-K.

And with that I would like to turn the call over to Steve.

Steven Lipscomb

Thank you Joshua and thank you everyone for joining us this afternoon. On today’s call, I would like to highlight key events in the first quarter of 2009 and update you on our primary initiatives for 2009, including our World Poker Tour sponsorship business and our online subscription business ClubWPT.com. Finally, I will discuss the developments with WPT China and update you on the process of looking at our strategic alternatives for the business.

Turning to what we traditionally have called, WPT Studios, the World Poker Tour itself as well as our domestic and international television operations. Season 7 of the World Poker Tour began airing January 4^th on Fox Sports Net and 13 Season 7 episodes premiered on FSN in the first quarter of 2009. FSN scheduled 11 episodes to premiere in the second quarter and two in the third quarter.

In addition, Seasons 3 through 5 continue to air with regularity on the Travel Channel and Season 6 continues to air on GSN.

Our relationship with FSN was the first important step in transforming our Company from a US Centric Television Licensing business to a global sponsorship focused sports league.

I am pleased to report that we have made significant progress in signing sponsorship deals and important foreign territories. We entered into $2 million worth of deals with PokerStars to sponsor Season 7 in Canada, Germany, Italy, Latin American and Netherlands. Together with the US and Mexico sponsorship by FullTiltPoker.net, we are ahead of planning closing Season 7 sponsorship deals. We are optimistic about our ability to generate revenues outside of the US that are at least twice the size of our US sponsorship revenue.

Our international television strategy has evolved into a dynamic offering of services that serve the particular needs of our broadcast partners and our sponsors in particular markets.

In the first quarter, we recognized revenues from FullTiltPoker.net, a virtual poker education site as the episodes were aired on FSN. We also recognized significant revenues from PartyGaming sponsorship deal, the deal that we signed two years ago.

PartyGaming is the international sponsor of Seasons 4, 5, and 6 of the World Poker Tour Television Show as well as Season 1 of the Professional Poker Tour.

Some WPT Season 7 sponsorship revenue from PokerStars will be recognized in the fourth quarter of 2009, but most of the revenue will fall in 2010. We continued to have interest from multiple parties to associate and affiliate with the World Poker Tour brand. Despite challenges and turbulence in global financial markets, the international online poker market remained strong. We are taking a measured approach to strike reasonable deals that benefit our partners as well as our shareholders.

We are also extending the World Poker Tour to a number of additional nine US venues in 2009. We have already announced Tour Stops in Barcelona, Cyprus, Morocco, Slovakia, and Venice, Italy. We are licensing our brand to online gaming companies to hold WPT branded or co-branded tour events. Some of these events will be selling for internet streaming. Our online partners derive significant value out of [setting] players to a land-based WPT tournament where they are the primary sponsor.

Now, getting back to the US market. On our last investor call, we discussed the progress of an important partnerships with FSN and the News Corp Family. This partnership includes the broadcast of Season 7 of the World Poker Tour Television Series across the US, the broadcast of 13 one hour ClubWPT.com television shows from October 2008 to February 2009, and our MySpace World Poker Tour community at MySpace.com/ClubWPT.

As most of you are aware, we extended the scope of our Fox partnership when FSN agreed to broadcast Season 8 of the WPT Television Series. Early renewal is facilitating timely and meaningful discussions with sponsors and helps us maximize the value of our tournament stuffs and television exposure for our casino and card room partners and our sponsors.

FSN continues to be a good partner in promoting and building our online subscription poker business ClubWPT.com. The television series promoting the website premiered on October on FSN and that aired 10 new one-hour episodes throughout the fourth quarter and three new one-hour episodes in January and February with an average of six yearnings per week. Since then, they have been running. We ran to the 13 episodes. In addition, they ran commercials promoting the show. They also broadcast Season 1 of the WPT Television Show, displaying marketing callouts to join ClubWPT.com.

We are in the 8^th month of running television marketing to build brand awareness and drive traffic to ClubWPT.com. We have seen real growth with over 15,000 subscribers to date, including 1,000 trial memberships. We also have 138,000 freeplay members, an increase of 56,000 since the beginning of the year.

We are widening our marketing strategy for ClubWPT in 2009 by extending our affiliate referral network. Currently, we use the MySpace World Poker Tour Community at MySpace.com/ClubWPT, as referral source of subscribers to ClubWPT. This Poker destination has games, entertainment, poker content, video clips and a new ClubWPT.com television show. We are actively seeking new affiliates for this business. In addition, we continue to air Season 1 of the WPT Television Show on FSN with displayed marketing callouts to join the club.

Now, turning to our China operation, in our last investor call, we outlined the process that we have begun to look for strategic partner for the China business. We continue to believe that the China business with sufficient time and enough investment had a good chance of being successful. Our current cash position and the conditions in the market, however, do not permit us to continue to fund this operation and we have closed down our operations in China. We continue to look for strategic partners to fund Season 3 of the WPT China Traktor Poker Tour in our online and mobile initiatives. We are eliminating our spending in that business.

In the first quarter, we completed all the Season 2 of Traktor Poker Tour events other than the Grand Final tour staff. We are working with China Sports Authority to complete the grand finals in June and to see if there are strategic partner for future seasons of the tour.

We downsized our Los Angeles operations again this quarter, shutdown our China operations and we bought out one large personal services contract for their online gaming spokesperson. Despite this restructuring cost, we are beginning to see the results for the turnaround efforts. We made money and we had a positive cash flow from continuing operations in the first quarter and we are optimistic about our financial picture for the rest of year.

The turnaround actions that we have begun in the second quarter of 2008 were difficult but necessary and we thank that we have now turned the corner.

In today’s press release, we acknowledged our ongoing conversations with current and potential customers and other interested party about strategic ways to maximize the value of the WPT brand in the US and foreign markets and we have provided confidential information to certain of these parties in order to facilitate those discussions. We are not able to predict the outcome of these discussions and no particular strategic alternative has been chosen.

In closing, I want to emphasize that we have taken significant steps to right size our Company and turn the business around. This is never easy to adapt when your primary eight figure source of revenue disappears because of market pressures that are entirely outside of your control and while our metamorphosis is by no means complete. We believe that we are taking the necessary steps to reposition WPTE for long term profitable growth. The actions we have already taken make us more agile and capable of adapting to the ever changing market, one that we have played a significant role in creating.

I would like now turn the call over to Tom to walk you through the financials for the quarter. Tom?

Thomas Flahie

Thanks Steve. First, I would like to make a comment about the change in financial statement presentation we made this quarter. We reclassified the financial statements of our China business as a discontinued operation. Previously, we consolidated the financial results of our WPT China business. All of my comments reflect this presentation for all periods.

Revenues for the first quarter of 2009 were $5.5 million compared to $5 million in the first quarter of 2008. That is an increase of 11%. The major source of this improvement in the first quarter revenues was the $512,000 increase in ClubWPT revenues. We launched the Club in January 2008 but we experienced modest growth until our partnership with Fox was introduced in the fourth quarter of 2008.

In 2009, we aired 13 one-hour episodes of Season 7 of the World Poker Tour, compared the delivery of seven two-hour episodes of Season 6 in the prior year. The per-episode fee was $125,000 in 2009 for one-hour episode, compared to $300,000 in 2008 for two-hour episode. Overall, our television segment generated $3.6 million in revenues in both the first quarter of 2009 and 2008.

We experienced the $600,000 drop in domestic revenues and this was replaced with $565,000 increase in foreign revenues in the first quarter.

Overall gross margins were 63% in the first quarter of 2009, compared to 46% in the first quarter of 2008, a 17-point improvement. Gross margins from the WPT Television Series were 57% in the first quarter of this year, compared to 36% in the first quarter of last year, due to significantly lower cost of producing Season 7. These margins were the primary reason for the significant improvement in over all Company margin this quarter.

We expect the improvement in television gross profit margins to continue in the next three quarters.

Selling, general and administrative expenses decreased by $1.8 million in the first quarter of 2009 compared to last year. Personnel costs decreased by $905,000, website operating costs decreased by $305,000, and sales and marketing costs decreased by $377,000.

We expect to lower selling, general and administrative costs to continue into at least the next three quarters. We performed another impairment analysis of our investment in Cecure Gaming in the first quarter of this year because of ongoing difficulty Cecure is having in obtaining capital to finance their business over the next several years.

We decided to write-off the remaining $1 million investment in Cecure Gaming in the first quarter of 2009. This is the noncash write-offs. Excluding the Cecure Gaming noncash impairment charge, income from our continuing operations in the first quarter of 2009 net income was $479,000 net of tax, compared to a loss in the first quarter of last year a total of $2.3 million. That is an incredible turnaround year-over-year.

Our cash flow from operating activities was also positive in the first quarter of 2009, as a positive cash flow from operating activities compared to a $2.7 million outflow last year.

At March 29, 2009, that is our quarter end date, we had cash, cash equivalents and investments in debt securities totaling $20.2 million which included $3.9 million of auction rate securities. We drew down on the $2.7 million line of credit with UBS. That is a broker that holds our ARS thus providing liquidity for about three quarters of our ARS portfolio.

Net of the borrowings from line of credit, our cash balance increased slightly in the quarter and I want to repeat that. Our cash balance is increased slightly in the quarter.

We do not believe the lack of liquidity relating to our ARS will have an impact on our ability to fund our operations during the next 12 months.

We provide the first quarter of 2009 guidance, investor guidance in our last investor conference call. At that time, we had expected to see a softening of foreign revenues in the first quarter and I am pleased to report, we did not.

Our ClubWPT results also exceeded expectations and we also had a timing issue and that FSN ran one additional episode of Season 7 in the first quarter than we anticipated. The net result was that actual revenues for the first quarter of 2009 significantly exceeded our expectations.

We have increased our expectations for the second quarter and the full year 2009. Financial results as a result of the improved first quarter results.

And now, turning to our second quarter 2009 guidance. For the second quarter 2009, revenues are expected to be in the range of $4 million to $4.3 million and we expect a small loss from continuing operations.

And one last point about our NASDAQ listing, in August 2008, the NASDAQ stock market notified us that we were not in compliance with the $1 minimum stock listing price requirement. As most of you know I am sure NASDAQ has suspended the enforcement of this rule for all companies, unto the current NASDAQ extension we have until November 16^th, 2009 to become compliant with the $1 closing bid requirement.

We recently asked our stockholders to give the Board permission to affect the reverse stock split. Our current plan is not to implement the reverse stock split assuming the stockholders give permission the Board unless the NASDAQ has not further extends the date for us to become compliant with this rule or our stock price increases.

And now, I would like to open up the call to take your questions. Operator?

Question-and-Answer Session

Operator

(Operator instructions) Your first question comes from the line of Clint Morrison - Feltl & Company.

Clint Morrison - Feltl & Company

Just one quickly on ClubWPT, I think you have said 15,000 subscribers of which 1,000 were trials. We have got 14,000 game subscribers. Is that correct?

Steven Lipscomb

It is.

Clint Morrison - Feltl & Company

Okay. And then you gave another number as to how many freeplay subscribers you had?

Steven Lipscomb

It has 138,000.

Clint Morrison - Feltl & Company

Okay. And as that there are people who have whatever signed and done to play it all or what does that really mean?

Steven Lipscomb

It is part of the phenomenon of online poker generally and that is that you always have this robust group of people who will play for free and sometimes convert and oftentimes not. So, what I think it underscores for most when we look at the business is they are really two potential businesses here. One of them is kind of an ‘advertainment’ model where we might be able to monetize those people because there are eyeballs, unlike many places on the web that stay there for a long periods of time. We have not begun to actually monetize that piece of it but I think it is important to realize the kind of the building community is beyond the 15,000.

The reason we say that the trials, if everybody who signs on for ClubWPT signs on with the two-week trial. That was just kind of a part of keeping up and it is actually as a truer number to understand how many people have said, “Hey, I am going to sign up and pay.”

So, the 14,000, 15,000 number is important but there is a broader group of people. They are actually not just signed up but actually play. So, you see a robust number of people playing.

Clint Morrison - Feltl & Company

Okay. And I think you indicated that the Fox was continuing to re-run the television series and obviously that is hoping to drive people to you. What is their expectation or how long do you think that and they will continue to be on the air and benefit you?

Steven Lipscomb

Well, we are with them working. Again, it is one of those things that you... it is always hard to say we are going to give half of the business to someone. On the other hand, we need this kind of partner. There are a lot of possibilities.

So, we are in the next few weeks having discussions as to how we continue to build that business together. They are very committed and have told us that they are committed to the business and growing it and again 15,000 subscribers in all businesses across the web. It is a fantastic number. We want that number to be a hundred, but 15 shows they are something there.

So, I can tell you that our discussions to date have been very positive and that they want to continue to find ways with their power and with the things that we do well in order to grow that business.

Clint Morrison - Feltl & Company

Okay. And tell me, with regards to kind of negotiations and talks with certain parties you have provided confidential information sort of same language before and I realized you cannot really disclose anything, but can you tell us kind of how many people you have actually given information to or it is all the same group or if some come and some gone or just give us a little bit of color what is going on there?

Steven Lipscomb

I have been advised that that is really all that I can say, Clint. I wish I could say more but I do not think I can.

Clint Morrison - Feltl & Company

Okay. But I think you did say some place in here that we are still talking to people with regards to potentially China. So, there is still some potential value to get out of your exit in China?

Steven Lipscomb

I believe that there is and we have just pretty much taken the position that we are not going to fund it to the tune of six maybe seven-figure losses over the next six months. But we have had terrific cooperation from the CLSAC. The government in China is trying to find a way because we really have managed to build something of substance and there are a number of people that have come to talk to if it has changed somewhat because we are not keeping it fully functional. On the other hand, what we have created there, as I said in the text of the call, we are helping get to the end of Season 2. So, when the championship happens in June it will have made it to the end there. The Season was not scheduled to begin until October that gives us a lead time to work with interested parties without us having to lay out more money in order to see what the possibility is going forward.

I would see that most likely as being some sort of just equity participation in what goes forward.

Clint Morrison - Feltl & Company

Okay. So, at this point, the 139,000 you indicated for Q2 should be found at the tail end in China?

Steven Lipscomb

Yes, that should be.

Operator

Your next question comes from the line of Steven Silk - C. Silk & Sons.

Steven Silk - C. Silk & Sons

I would not expect it to open this way but congratulations on the next quarter. I noticed that you now have an alliance now with PokerStars in Europe and FullTilt, so you probably align with the two largest players online.

My question is somewhat speculation on the overturning of the gaming laws in the United States. Do you suspect or you have done research on if the gaming was opened up so that poker will be allowed to be played online in the United States that PokerStars and FullTilt would be welcomed as far as really subverting the law of [practice] to the law becoming legal?

The reason I asked for that is I would assume that you would look at your club members and the eyeballs that you have, people who were playing for free now that because it is illegal to become potential customers for any online site.

Steven Lipscomb

First of all, thanks for the question Steve. I want to be very careful about how I specifically answer these things because some of the things you are talking about illegal conclusions which we really do not want to speak to or talk about. The other thing is to be very careful about who are partners are, alright.

Our sponsorship partners in the US have been FullTiltPoker.net, which is at education only site. We required them to sign an affidavit that specifically says that they do not have any type of gaming. They do not market or cross-market any of the people that are on their site in any way to online gaming. These are the same companies that Disney, General Electric, Harris and MGM have had dealings with over the last number of years, which is where we get our comfort to be able to be in business with those entities and they have been great partners to date.

So, I gave all of that almost as a preempt or just to say that we are very cautious risk averse about who we go into business with and then as far as what is going to happen in the US market, it is a great academic discussion that I am sure I see happening all across the internet bulletin boards as well as I was with Alphonse D’Amato this week and he is talking about all the efforts that are going on to change it from being what we would really think is not a very equitable or fair system. But I really do not know and I think we try not to be in the business at all of speculating what is going to happen with the laws or the regulation simply because in the seven years the World Poker Tour has been in business, very little has actually changed with the possible exception of the UIGEA and we have always aired on being on the site of that which is risk averse and is legal. We continue to do that.

When things change we are very much aware of what is going on. What the lobbying efforts are and how some of the big entities like Harris are really trying to push this and would we be pleased if the rules change to allow an entity like the World Poker Tour to be more involved in that business that seems to be generating so much revenue. But we live it there. I do not really think I can talk anything more about it. It is simply because it is going to be decided entirely outside of our control and we are really working hard to make sure that the sponsorship business which we can control abides by all the rules and allows us to march forward with the model that as you said at the beginning of your question, is really working to make us so that we are financially viable today and if things change that will only be to our benefit.

Steven Silk - C. Silk & Sons

I respect that answer very much. One of the interesting things just on the comment is that the fund that party poker which was also you are involved with, I think it was a way for them to get in compliance and a good standing with United States probably with some anticipation of hopefully something becoming legal in the United States, but can we bet at that?

In my neighborhood, I am very close to Foxwoods for about 10 months out of the year. I can get a room there for $30 or $40 a night. Last month, when the WPT Tournament was there the rates were four times the normal amount and there was not a room to be had. I am still looking at the value of WPT or what it means to the entities that run these events and is there some way that you can again try and squeeze some more money out of that? In this environment, what you did last month to Foxwoods was a boom for Foxwoods.

Steven Lipscomb

I really concur with you that we bring a tremendous amount of value to our partners and they bring great value to us as well. One of the things that we were facing in the next two to three years will be the discussions along how we continue forward with various entities and you can bet that we are having discussions for finding ways with them whether it is more spot inclusion of areas for sponsorship of World Poker Tour events by various partners of ours or other means. But we certainly, we just have the best partners in the world and I would say from Foxwoods to the MGM properties, to Bellagio and Commerce and the like. We get along and find ways to make each others businesses work and they have been very open receptive as we have had discussions really to help this year and next year would be great turnaround years for us because it does bring tremendous value to what they do.

Steven Silk - C. Silk & Sons

On the cash flow positive, congratulations to that. One quick question, the timing of your revenue recognition that really makes it difficult to say this is sustainable revenue number that would be where you would need to be breakeven each quarter or is it just timing, if so secure from quarter to quite a bit that there is no magic number?

Steven Lipscomb

So, you raised a good question Steven and it is just a foreign we had bothered that the number shows that our release in each one of the quarters are different, and so we get spikes and drops. The overhead is relatively fixed but the revenue goes up and down. But the change that we are seeing coming though is that we expect some of the international revenues typically were both in the fourth quarter of the year, a very small amount and then it took a number of quarters moving forward for the foreign revenue coming we are probably going to see some more acceleration in the future not only going to sponsorship model or at a licensing model, and so we will get some better results from accelerating the timing of some of our foreign revenues moving forward now starting the fourth quarter this year.

Thomas Flahie

I was not really tired of your question Steven but I would just jump in. I think given how early we are in a very radical change for our business while the quarter’s results, it is nice to have positive cash flow period but at this early in the trajectory of that change when the entire bottom fell out of sponsorship globally is really a testament to the guys and the men and women here who worked so hard in order to make that happens.

So, the challenging time when we had to go to the impossibly terrible things of letting people go and the like. We have had people really step up to the play and a team that is managing to make that future for us makes a lot of sense.

So, I think there is an awful lot of credit to go around but we are pretty excited about the facts that this seems to really be the place we should be putting our effort and it seems early on to be showing the signs we hope that it would.

Steven Silk - C. Silk & Sons

And my final question is on the Club would be large amount of free members and the paying members. It is a lot of eyeballs that are going to be online looking at the screen. Are you looking at sponsorship there maybe sponsorship free roles to make it more advantageous to people to sign up and pay because there are more opportunities to win which would not cost you more in cash to pay out?

So, how can you increase the prices just too key people coming in without really having to pay out of pockets to do that?

Steven Lipscomb

It is an interesting balance, and the answer is yes. Of course we are looking at that. You have to be very careful in balancing that free roles for free play with the package you really want people to go over and try the subscription service because it is a terrific product.

So, this again debates the ones that we have as we look at the site and we talk with our software partner about what we ought to be doing and how we ought to be doing it, and people just have different beliefs. We have tried a couple of things on that side of the equation but mostly what we try to do is let those people play for free and try and entice them to go over to the subscription model because that seems to be a good way to convert.

The thing we really are looking at now is just advertising since those eyeballs are there and I think that is a real possibility for us in the future.

Steven Silk - C. Silk & Sons

I hope this is the first of many like conference calls. Good luck. Go for it.

Operator

Thank you and that does conclude our question-and-answer session for today’s call. I would like to turn it back to management for any closing comments.

Steven Lipscomb

I think we have said most of the things that we would want to say and I will just recap by saying in a very early stage in the sponsorship transformation of the World Poker Tour, we managed to have an outlook for 2009 that is the one that we really promised to ourselves even though you can necessarily promise shareholders and that is that this was the year that we would be looking at a breakeven or better and when we look toward the rest of the year, we are optimistic that the first quarter is sign of good things to come and we were working hard everyday to bring people in and to take this great global brand that we have created and find the appropriate way forward to be monetized for the benefit of all of our shareholders.

So, thank you for joining us and again thank you to the team here that makes it possible for us to have a call this early and not change.

Operator

Thank you Sir. Ladies and gentlemen this does conclude the WPT Enterprises Inc. first quarter 2009 earning conference call. This call will be available for replay after 3:30 pm Pacific Standard Time today through May 25^th, 2009 at midnight Pacific Standard Time. You may access the replay system at any time by dialing 13035903030 or 18004067325 and entering the access code of 4039658 followed by the pound sign.

Thank you for you participation. You may now disconnect.

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