The internet pari-mutuel company announced a net income of $1.5 million from a total handle of $112.6 million, of which $22.5 million attributable to International Racing Group.
For the full year net profit was $5,69m from a total handle of $472.4m, of which $77.2 million attributable to IRG.
“Our 2005 fourth quarter financial results were adversely impacted by the previously disclosed weather-related track closures and the cancellation of races at a number of other tracks that led to approximately 300 fewer races available to our customers compared to the prior year period,” commented Charles F. Champion, Youbet Chairman and Chief Executive.
“Despite this level of lost content, Youbet\’s quarterly handle grew approximately 17% year-over-year, demonstrating our continued ability to offer the industry\’s premier wagering service and success in expanding our customer base. We believe that the strong growth in our fiscal 2005 full year financial results underscores the attractiveness of our Advanced Deposit Wagering platforms among a growing base of customers, many of whom we believe are experiencing the excitement and entertainment of pari-mutuel wagering on horse racing for the first time.”
The company made significant progress in completing the strategic acquisitions of United Tote and International Racing Group, respectively a pari-mutuel industry end-to-end technology provider and the only pari-mutuel wagering rebate provider licensed by a US racing regulatory jurisdiction.
“Our continued organic growth and recent acquisitions have transformed Youbet into a company with more wagering, product, geographic and revenue scale, with excellent prospects for significant top and bottom line growth. Our plans call for growth to be generated by new products, further enhancements to our core offerings and IRG and United Tote products, as well as through our targeted marketing programs. At the same time we are carefully managing our operating expenses with the ongoing goal of achieving long-term profitability as we continue to pursue other acquisitions that can further diversify our sources of revenue and product offerings. Reflecting these factors, we believe Youbet is on track to continue to generate significant year-over-year gains in net income and diluted earnings per share,” added Champion.
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