wpt files for public offering

LACO is spinning off WPT Enterprises in an IPO, through which they hope to raise $32 million. Not bad if they can get it, based on these figures:

Lakes is headed by Minnesota businessman Lyle Berman and reported 2003 revenue of $4.3 million with a net loss for the year of $4 million.

Reading their SEC filings is quite amusing. Turns out the are paying some company for the patent to use the cameras that show you the cards on the table.

Of course that's less interesting than the existing 15M shareholders who paid 0.007c per share and can sell after 180 days. (Not including 600k options awarded to the CEO on IPO day and a remaining 2.4M options under their empoyee stock incentive plan).

I actually think they may be profitable this year but a million dollars doesn't spread all that well around 20M shareholders (PE of 100-140).

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