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Youbet Posts Net Loss, Receives Non-Compliance Notification

Online wagering firm Youbet.com wrapped up what its chief executive called a challenging year posting a net loss and with notification of non-compliance with its common stock. Woodland Hills-based Youbet has six months to regain compliance with the NASDAQ Capital Market by raising the price per share to more than $1 for a minimum of 10 days. For the fourth quarter ending Dec. 31, the company reported a net loss of $28.7 million, or a loss of $0.68 per diluted shares, on revenues of $28 million. For the same period in 2006, the company reported a net loss of $5.1 million, or a loss of $0.14 per diluted share, on revenues of $32 million. For the full year, the company had a net loss of $27.4 million, or a loss of $0.65 per diluted share, on revenues of $138.2 million. For 2006, the company had a net loss of $2 million, or a loss of $0.06 per diluted share, on revenues of $136 million. While the year had been challenging, Youbet made progress toward restructuring, said CEO Gary Sproule. In January, the company sold its production company subsidiary Bruen Productions after executives determined it was not part of the company’s core horse track wagering business. In February came the closure of the unprofitable pari-mutuel wagering account business International Racing Group. “We are focusing our efforts and priorities on our Youbet Express platform and fully expect that the impact our initiatives will be evident this year,” Sproule said. “Additionally, we will continue to focus on improving our yields and operating margins as well as securing new content.” Youbet shares closed at $.081.

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