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Net Entertainment’s financial results and the Italian delay

Net Entertainment, an online gambling software provider has announced their financial figures for the first quarter of 2011. The net revenues have shown an increase of 8.3% to $15.7 million when compared to last year.

The operating profit for the first quarter however went downhill to $4.33 from last year’s $5.88 million and the operating margin also decreased by 13.1% to hit 27.6%.

Net Entertainment’s profit after tax for these past 3 months also decreased by $1.33 million to reach  $3.78. Net Entertainment confirmed that it had launched a new license agreement and 2 new customers’ casinos.

Johan Ohman, Net Entertainment’s president and Chief Executive Officer said “Revenue growth during the first quarter amounted to eight percent compared to the same period one year ago”

He also added “Cleared of currency effects, revenues grew by 21 percent. Excluding France, which in June of 2010 introduced regulation excluding casino games and thereby affecting some of our licensees negatively, revenues grew approximately 20 percent measured in Swedish Krona. Gaming activity measured in the number of game rounds increased by 32 percent, which is an indicator for the long-term development of the industry and our company.”

“The launch date for our online casino in Italy remains unclear and may be further delayed. It is likely that the launch is pushed into the second half of 2011. As there is no clear information from the Italian gaming authority, we can today only speculate regarding launch dates. We remain positive about the expected business outcome from the Italian market. The activities relating to integration and certification have progressed well and are nearing completion.”

“Our efforts to phase out Swedish consultants and replace them with employees has been successful and resulted in a positive net effect for the company. Strategic initiatives are progressing well although we, as a result of the further delays in Italy, have decided to lower the organisational growth pace going forward. However, despite this, our profitability will be affected until such time that revenues are generated from Italy.”

“During the months to come we will release the platinum games Robin Hood and Frankenstein, our first branded game. We believe both games will be well received among players generating a positive impact on our royalties going forward. Additional platinum games are in various stages of development.”

“We are working on a number of interesting sales opportunities that we hope will materialise over the months to come. Given a successful outcome, this will further solidify Net Entertainment’s position in the market as a leading supplier.”

“We have a positive long-term outlook but short-term we will see continued effects of the investments made in our company, which include regulatory adaptations for Italy.”

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