Earning before interest, taxes, and depreciation increased 136% to $1.1 million for the quarter. Gross handle increased 18% to $72 million.Also during the first quarter, Youbet settled a dispute with minority shareholder TV Games Network. As a result of the settlement, TVG surrendered its warrant in Youbet, and Youbet agreed not to seek stockholder approval of certain charter and bylaw amendments."Three clear shareholder benefits emerge from the completion of our financial turnaround and our settlement with TVG," Champion said. "First, we believe we will now gradually attract a wider and more diverse audience within the investment community. Second, our international strategic and tactical expansion can proceed at a more deliberate and confident pace. And third, we will be scheduling Youbet's annual stockholders meeting."Youbet's stockholders meeting had been delayed because of the dispute with TVG.
Youbet had operating expenses of $4.3 million as compared to $3.3 million in 2003's first quarter.