Earnings Call Excerpt
Youbet.com (UBET)
Q1 2006 Earnings Conference Call
May 4, 2006, 9:00am Eastern
Executives
Richard Land, Investor Relations Counsel
Chuck Champion, Chairman, President and CEO
Gary Sproule, CFO
Scott Solomon, General Counsel
Lonn Powell, VP Public Affairs.
Analysts
Ryan Worst, Brean Murray, Carret & Co.
Mark Agento, Craig-Hallum Capital
Todd Eilers, Roth Capital Partners
Traci Mangini, Think Equity Partners
Steve Altabrando, Sudotee and Company
Presentation
Richard land, Investor Relations Counsel
Thank you operator and good morning. I need to remind everybody that this call will contain forward looking statements about Youbet’s future performance and results of operations that involve risks and uncertainties that are more completely described in the risk factors section of ubet’s form 10K for the year ended December 31, 2005. this call will also contain a discussion of adjusted EBITDA, a financial measure not calculated in accordance with GAAP. A reconciliation of adjusted EBITDA to net income, the GAAP financial meaure most directly compareable to adjusted eBITDA, appears in today’s earnings release, which has been posted on Ubet’s website. with that I’ll turn the call over to Mr. Chuck Champion, Ubet’s Chairman, President and CEO.
Chuck Champion, Chairman, President and CEO.
Thank you, Rich and I’d like to welcome you ladies and gentlemen to our call today. I can’t tell you how delighted I am that this call is coming to you from the boardroom at Churchill downs, the home of the Kentucky Derby, which is running its 136 running of that great race here today. I’d like to thank Mr. Tom Meeker, the CEO of Churchill, along with his staff, that has made this facility available to us. Also joining me today is Gary Sproule, our CFO, Scott Solomon, our General Counsel, and also with me today is Mr. Lonny Powell, our VP or Public Affairs. The agenda for this morning’s call is basically an overview of our first quarter results and some of the things that lead to some stellar results this quarter. As well as a review of our growth initiatives; I’ll get you up to speed on where we are and where we’re going; and then opening the call up to you for questions and answers.
So let me cover some of the highlights of the quarter before I turn the call over to Gary and let him get into more of the detail. First of all, as our press release indicated this morning, we showed a 50% increase in revenue for the three product lines at Youbet, this past quarter; which resulted in 128% improvement in EBITDA. Our net income was up 31% and on a diluted basis our EPS number was up 33%.
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