Revenues increase for

Aug 18, 2009 5:03 PM
Earnings by Ray Poirier |

Revenues rose 3 percent in the second quarter for (UBET) but the company still reported a drop in earnings to $0.03 per share from last year’s $0.05 per share.

The company that specializes in Internet horse wagering said revenues during the period rose to $30.2 million or just shy of analysts’ estimates or $30.8 million. Commissions climbed 10 percent to $23.9 million but contract revenue dropped 13 percent to $5.5 million.

Regardless of the decline, one analyst said he was maintaining a "buy" rating on the stock and a target price of $4 per share.

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