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Poker.com Misses Projections

Total revenues for the second quarter were $871K, an increase of 249% compared to the revenues of the same quarter last year of $349K. Net income for the quarter was $98K, or $0.0057 per share.

Second quarter revenue gains were the result of a significant increase in revenues generated from licensing and royalties. Licensing revenues increased to $535K, up from $15K, the same quarter last year. Royalty revenues increased to $320K, up from $161K, the same quarter last year. Advertising revenues were $16K, down from $172k, the same quarter last year.

Christa Taylor, Poker.com's President and CFO, states, "The second quarter of 2002 is less than projected but continues to grow at a positive and consistent rate over previous quarters. The sale of Poker and Casino licenses for the second quarter was extremely strong and hence, is our best quarter to-date in terms of licensing revenue. We also increased our efforts in collecting accounts receivable and hence, even with the increased revenues the accounts receivable balance decreased but unfortunately we had to incur a few bad debts on three customers where payment was determined to be uncollectible."

Revenues recorded for the sale of Poker sub-licenses include: Virgin International Production Ltd. at virginpoker.com, E-Bizonline Ltd. selectpoker.com, and Saint Croix Sands Inc. at topgunpoker.com.

Revenues recorded for the sale of Casino sub-licenses include: Seascape Software Solutions Ltd. at www.cardplayercasino.com, Virgin International Production Ltd. at virginpoker.com, Saint Croix Sands Inc. at topgungaming.com, NuPro Services Corp at magiccoincasino.com, Pokendo Inc. at internationalhouseofpoker.com.

Revenues recorded for the sale of Master Poker Cardroom licenses include: Innomed International at worldpokerroom.com.

Poker.com, Inc. (PKER) a fully reporting NASD OTC BB company, is a licensing and marketing organization that sells and licenses Internet Poker, and Casino gaming systems. The company's main sources of revenue are derived from licensing fees, ongoing royalties, and online advertising. Poker.com's mission is "to become the World's preferred site for poker. Poker.com is committed to provide a secure place to play, information you can trust, and an opportunity to learn."

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