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Neteller Reports Six Month Results

Neteller’s first half of 2007 financial report has been overdue for months, but the company has finally ended the suspense a comprehensive report on the online casino e-wallet’s financial situation. And considering the amount of legal trouble the e-wallet has had with the U.S. government over the past eight months, the report was surprisingly hopeful. Though the online casino related U.S. lawsuit has certainly temporarily crippled Neteller, active customers and new customer registration is up in other countries and markets. An additional plus, even after paying the U.S., Neteller will have millions in cash.

A few highlights from the six month report – at statistics are reported to reflect the company’s status up until June 20, 2007:

•  Cash available at the online casino e-wallet equaled US $210.5 million. The US $136 million U.S. settlement has yet to be deducted, but the government previously seized US $60 million which can and will be used toward the settlement and is not reflected in the company’s cash.

• The e-wallet’s non-U.S. and North American markets have shown a 29 percent increase in active Neteller customers. Second quarter active customers from 2007 were at 75,381. At the end of the second quarter of 2007, active customers totaled 97,216.

• The revenues from both the Asian Pacific and European markets reported 46 percent growth. This may indicate that Neteller is finding a niche in the growing online casinos industries in both regions.

• Neteller has completed the company’s restructuring plan, operating and business costs for the restructuring plan are now to aligned with the company’s anticipated revenue.

•  Not counting the fines levied in the U.S. online casino related settlement, Neteller reported before tax losses of US $ 24.7 million. These losses are primarily in legal fess and restructuring costs.

The tone of the report is naturally professional, but certainly the figures and promising growth and expansion in new markets are at the root of Neteller’s positive outlook on the company’s future. The President and CEO at Neteller, Ron Martin, comments on the report’s results; “These results have been produced during a very challenging period for the Neteller Group and they represent the first stage of rebuilding the business into a platform for growth within the European and Asia Pacific markets...The Board looks forward to the next six months and beyond with confidence about the Group’s prospects.”