Tough Times For Boss Media
Published: Monday, August 15, 2005 Online-Casinos.com
TOUGH TIMES FOR BOSS MEDIA
Swedish software company profits fall dramatically: Bertilsson on the way out
There was little to cheer about for Boss Media shareholders this week as the turnkey provider posted an 82 percent fall in half year profits to US$2.8 million, despite poker driving royalty revenues up 63 percent to US$11.5 million, with more than 50 percent of the increase coming from the Boss online poker network.
And further strife could lie ahead with reports that Sportingbet is expected to reduce its usage of Boss in moving customers onto the Paradise Poker network.
The termination of a video lottery terminal joint venture with Norwegian firm EssNet was part of the reason for the drop in profits, causing a 192 percent dive in licensing revenues.
Boss remains committed to the land-based gaming sector, which it has targeted as an area for recruiting future licensees, says a company spokesman. "There are around 140 WLA members around the world, of which about 60 are in Europe, plus some 500 land-based casinos that all constitute potential customers" he said.
The firm recently signed a deal to provide an online casino and poker room for land-based operator Princess Group, which operates casinos in Eastern Europe, Turkey, St Maarten and Belize.
The firm also announced that its president and chief executive Peter Bertilsson is stepping down. Bertilsson is leaving for family reasons, and will remain with the firm until a replacement is appointed in the autumn.
"Peter has done an excellent job and it is regrettable that he has now chosen to leave" Bjorn Nordstrand, president of the Boss Media board, said.
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