Alliance Gaming Reports Second- Quarter Results Consistent With Pre-announcement; Announces Sales Contract for 1,200 Gaming Machines and Expansion of Rainbow Casino.LAS VEGAS--(BUSINESS WIRE)--Feb. 8, 1999--Alliance Gaming Corp. (Nasdaq:ALLYD) Monday Monday: see week. announced a net loss consistent with the company's pre-announcement of results on Jan. 11, 1999. For the three months ended Dec. 31, 1998, the company reported a net loss applicable to common shareholders of $10.2 million compared with net income of $3.0 million in the prior-year quarter. "As we announced on Jan. 11, 1999, our results were impacted by several factors, including customer-imposed delays in shipping gaming machines See video game console. ," stated Morry Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , president and chief executive officer. "Looking forward, all business units are progressing consistent with our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business strategy. With important new product approvals in hand for Bally bally Adjective, adv Brit old-fashioned, slang extreme or extremely: a bally nuisance, he's too bally charming for his own good Adj. 1. Gaming and Systems, we are aggressively moving to increase installations of these products. "We have experienced a pick-up pick-up Noun 1. a small truck with an open body used for light deliveries 2. Informal a casual acquaintance made for a sexual purpose 3. Informal a. in unit-sales volume and have announced several large orders for both gaming machines and our SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. system. Bally Gaming shipped more units in January January: see month. 1999 than in the December December: see month. 1998 quarter, and will ship more units in the March 1999 quarter than in the September September: see month. and December 1998 quarters combined. "Today I am pleased to announce another large order from a longtime long·time adj. Having existed or persisted for a long time: a longtime friend; a longtime resident of Detroit. longtime Adjective international customer for a total of 1,200 ProSeries and Game Maker machines. These machines are being delivered at a rate of approximately 100 units per month and payment is in U.S. dollars." Goldstein added: "In mid-January n. 1. the middle part of January. Noun 1. mid-January - the middle part of January period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" we launched Betty Bet´ty n. 1. A short bar used by thieves to wrench doors open. The powerful betty, or the artful picklock. - Arbuthnot. 2. Boop'sTM Big Hit, our latest wide area progressive product. We are very pleased with the initial acceptance of this product by Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). casinos A list of casinos. Antigua and Barbuda
"We also continue to make significant progress in our other business units," stated Goldstein. "In Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , we hired a new president for Bally Wulff to lead the return to greater profitability. Our Route and Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Operations continue to provide a predictable and growing revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become streams. Our Nevada Route operations recently announced a new contract with Templeton Templeton self-centered rat. [Children’s Lit.: Charlotte’s Web] See : Egotism Gaming that continues the expansion of our installed base and immediately increases both net win per day and EBITDA." Goldstein continued: "At our Rainbow Hotel Casino, we began an internal remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling project in November November: see month. to enhance the ambience am·bi·ence n. Variant of ambiance. ambience or ambiance Noun the atmosphere of a place Noun 1. of the casino. The December quarter results showed a slight decrease as we removed machines from the casino during this renovation. We have also developed a plan to address the fact that on weekends we have been at capacity and have more people in the casino than gaming positions available. "We are therefore today announcing a plan to expand the casino, including a 25 percent increase in the number of gaming machines. Construction should take six months, and based on the construction plan, we anticipate it will not have a material impact on our ongoing operations. "Moreover, we anticipate full recovery of this investment within one year. We have already received the necessary approvals from the Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by Gaming Commission and the Vicksburg Planning Commission Noun 1. planning commission - a commission delegated to propose plans for future activities and developments commission, committee - a special group delegated to consider some matter; "a committee is a group that keeps minutes and loses hours" - Milton Berle . This expansion demonstrates our commitment to the Vicksburg market to provide the most entertaining venue at the best value. "We are proud of the success of our team at Rainbow and look forward to the opening of our exciting expansion this summer." Concluded Goldstein: "Today's announcements, when coupled with the business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets announcements over the past few weeks, demonstrate our corporate commitment to increase EBITDA and earn a profit for both the March quarter and June quarters. We continue to move forward with the plan that we launched over a year ago." Operating results for the December 1998 quarter include: -- Consolidated revenues of $103.9 million for the quarter ended Dec. 31, 1998 compared with $106.7 million in the prior-year quarter. Bally Gaming and Systems recorded an 18 percent decrease in revenues, Route Operations a 15 percent increase, Casino Operations a 3 percent increase, and Wall Machines and Amusement Amusement is the state of experiencing humorous and usually entertaining events or situations, and is associated with enjoyment, happiness, laughter and pleasure. Amusement may also be experienced through the recollection of events which have given rise to amusement in the past. Games a 14 percent decrease, in comparison with the 1997 quarter. -- Consolidated EBITDA was $4.0 million in the quarter ended Dec. 31, 1998 compared with $17.3 million in the 1997 quarter, while the company reported a consolidated operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.8 million in the 1998 quarter compared with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $11.4 million in the 1997 quarter. The decreases result primarily from lower unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. at Bally Gaming and Systems, lower gross margins at Bally Wulff, higher selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. at each of the business units, a 15 percent increase in research and development costs and the fact that the 1997 period included $2.5 million of income from unusual items. For the six months ended Dec. 31, 1998 revenues totaled $202.7 million resulting in EBITDA of $15.7 million compared with $204.7 million of revenues and $29.7 million of EBITDA in the prior-year period. For the six months ended Dec. 31, 1998 the company reported a net loss applicable to shareholders of $12.9 million compared with a loss of $76.9 million for the prior-year period. The 1997 results were affected by a refinancing Refinancing An extension and/or increase in amount of existing debt. transaction that resulted in substantially lower borrowing rates and through redemption of its 15 percent Series B Special Stock eliminated substantially all of the impact of non-cash preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends. On a pro-forma basis assuming the refinancing transaction had occurred on June 30, 1997 and after reflecting the impact of the reverse split, the company would have reported net income available to common shareholders of $1.3 million for the six months ended Dec. 31, 1997, or $0.14 per basic share. Effective Feb. 1, 1999, the company implemented a 1-for-3.5 reverse split of its common stock. The December 1998 quarter results are consistent with the company's pre-announcement of a per-share loss of $0.29 to $0.33 pre-reverse split which equated to $1.02 to $1.16 after the reverse split. The following chart summarizes the net income (loss) applicable to common shareholders before and after the reverse split:
Three Months Ended Six Months Ended
Dec. 31, Dec. 31,
1998 1997 1998 1997(a)
Prior to reverse split:
Basic $(0.30) $ 0.09 $(0.38) $(2.41)
Diluted $(0.30) $ 0.09 $(0.38) $(2.41)
After reverse split:
Basic $(1.04) $ 0.33 $(1.34) $(8.43)
Diluted $(1.04) $ 0.31 $(1.34) $(8.43)
(a) Includes the impact of one-time charges incurred in refinancing transaction. Bally Gaming and Systems Increases Systems Sales The following table summarizes the financial information for the Bally Gaming and Systems business unit:
Three Months Ended
Dec. 31,
1998 1997
(Dollars in Millions)
Revenues $22.5 $27.5
EBITDA $(3.5) $ 2.8
EBITDA Margin (16)% 10%
Operating Income (Loss) $(4.5) $ 1.7
Approximate Number of New
Gaming Machines Sold 1,800 3,400
For the quarter ended Dec. 31, 1998, Bally Gaming and Systems reported revenues of $22.5 million, an 18 percent decrease over the prior-year quarter. Revenues were impacted by an 18 percent increase in Bally Systems revenues offset by a 47 percent decrease in shipments of new gaming machines. In addition, the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of new gaming machines declined 3 percent due to a higher proportion of international sales which typically have a lower selling price. The decrease in unit shipments resulted from several customers delaying their delivery requirements The stipulation that requires that an item of materiel must be delivered in the total quantity required by the date required. until the March 1999 quarter and a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in replacement demand. Bally Systems continued its pattern of strong sales, reporting $6.5 million of revenue in the current-year quarter vs. $5.5 million in the prior-year quarter. The December quarter 1998 shipments for Bally Gaming included approximately 200 units to the Nevada and Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. markets, 1,200 units to international markets and 400 units to riverboats, Native American casinos American Casino is a current American reality television series. The show originally aired on the Discovery Channel, but in June 2005, it was moved to The Travel Channel. and other domestic markets. Gross margin for the quarter ended Dec. 31, 1998 decreased to 41 percent compared with 44 percent in the prior-year quarter. The decrease was due principally to the increase in international sales that traditionally have lower margins, and the impact of lower utilization at the manufacturing facility, partially offset by a greater percentage of higher margin Systems revenues. Bally Gaming and Systems reported an operating loss of $4.5 million in the current-year quarter. The decrease resulted from lower revenues, a lower gross margin percentage, higher selling, general and administrative costs, and higher research and development costs. Research and development costs totaled $3.2 million, an increase of 18 percent over the prior- year quarter, resulting from the company's ongoing efforts to expand its new and existing product offerings. Selling, general and administrative expenses increased due to higher marketing costs related to new product launches and the implementation of a product management organization focus. Route Operations Report a 15 Percent Increase in Revenues The following table summarizes the combined financial information for the Nevada route operations and the Louisiana-based Video Services Inc. (VSI VSI Vinyl Siding Institute VSI Voltage Source Inverter VSI Virtual Switch Interface VSI Vertical Speed Indicator VSI Voluntary Separation Incentive VSI Virtual Socket Interface VSI Vision Systems International VSI Vertical Shaft Impactor ) operations:
Three Months Ended
Dec. 31,
1998 1997
(Dollars in Millions)
Revenues $42.8 $37.0
EBITDA $ 6.0 $ 6.0
EBITDA Margin 14% 16%
Operating Income $ 3.4 $ 4.1
Average Number of Gaming
Machines 7,990 7,130
For the quarter ended Dec. 31, 1998, the Route Operations business unit reported revenues of $42.8 million, a 15 percent increase over the prior-year quarter. The revenue improvement was due to a 17 percent increase in Nevada route operations revenues and a 6 percent increase at VSI, in each case resulting from increases in the number of units installed and increases in net win per day. For the Nevada route operations, net win per day per gaming machine increased to $55.50 in the 1998 quarter compared with $53.60 in the 1997 quarter. The average number of gaming machines deployed increased 13 percent over the prior-year quarter. Net operating margins Net operating margin The ratio of net operating income to net sales. in Southern Nevada were consistent with the prior-year quarter, but operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in Northern Nevada declined due to a decrease in the number of gaming machines partially offset by a modest increase in net win per day per gaming machine. Currently, the Gamblers Bonus product is installed in approximately 2,300 gaming machines at 200 locations or 32 percent of the installed base of gaming machines in Nevada. The improvement in revenues at VSI is due primarily to increased play which resulted in an improvement in net win per day per gaming machine to $78.90 in the current-year quarter compared with $74.20 in the prior-year quarter. The average number of gaming units deployed increased slightly to 742 from 740. Route Operations EBITDA of $6.0 million was consistent between periods as higher revenues were offset by higher direct costs and higher selling, general and administrative costs. Operating income of $3.4 million decreased by 17 percent during the current-year quarter primarily from an increase in depreciation expense associated with an increase in the installed base of gaming machines. Casino Operations Report Revenues up 3 Percent The following table summarizes combined financial information for the Rainbow Hotel Casino in Vicksburg, Miss. and the Rail City Casino in Sparks Sparks, city (1990 pop. 53,367), Washoe co., W Nev., just E of Reno; inc. 1905. The Southern Pacific RR was the major employer until the dieselization of railroad engines forced the closing (1957) of the railroad shops there. , Nev.:
Three Months Ended
Dec. 31,
1998 1997
(Dollars in Millions)
Revenues $14.9 $14.5
EBITDA $ 4.6 $ 5.0
EBITDA Margin 31% 34%
Operating Income $ 4.0 $ 4.4
Average Number of Gaming
Machines 1,180 1,150
Average Number of Table Games 21 29
For the quarter ended Dec. 31, 1998, Casino Operations reported a 3 percent improvement in revenues over the prior-year quarter to $14.9 million. Rainbow Hotel Casino revenues improved by 3 percent to $11.3 million as a result of a 3 percent increase in net win per day per gaming machine to $147 and a 4 percent increase in the average number of gaming machines resulting from the removal of five table games. The number of gaming machines decreased from the September 1998 quarter because machines were temporarily removed as part of an internal remodeling project which will be completed during the June 1999 quarter. Rail City Casino revenues increased 3 percent to $3.6 million over the prior-year quarter. The improvement resulted from a 10 percent increase in net win per day per gaming machine to $65 and a 3 percent increase in the average number of gaming machines, partially offset by a lower number of table games and lower food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. revenues. Operating costs operating costs npl → gastos mpl operacionales as a percentage of revenues remained stable between quarters, but selling, general and administrative costs increased, as a percentage of revenues, by 13 percent primarily because of higher promotion and marketing expenses at the Rainbow Hotel Casino. For the 1998 quarter, operating income decreased by 9 percent to $4.0 million, resulting from higher selling, general and administrative costs as a percentage of revenues and higher depreciation expense due to the increase in the number of gaming machines, partially offset by the increase in revenues. Wall Machines and Amusement Games Reports Lower Results The following table summarizes the financial results for the Wall Machines and Amusement Games business unit:
Three Months Ended
Dec. 31,
1998 1997
(Dollars in Millions)
Revenues $23.8 $27.7
EBITDA $ 1.3 $ 5.2
EBITDA Margin 5% 19%
Operating Income $ 0.1 $ 3.4
Approximate Number of New Wall
Machines Sold 2,900 4,100
Approximate Number of New Wall
Machines Leased 900 900
For the quarter ended Dec. 31, 1998, the Wall Machines and Amusement Games business unit reported revenues of $23.8 million, a 14 percent decrease over the prior-year quarter. The revenue decline resulted from a 29 percent decrease in unit shipments of new wall machines, and a 3 percent decrease in average selling price of new wall machines. In addition leasing revenues declined 18 percent stemming from both a decrease in the installed base of leased machines and a decrease in the monthly lease rates. Lastly, amusement-game distribution revenues decreased by 15 percent. The exchange rate fluctuation Fluctuation A price or interest rate change. between the dollar and the deutschmark increased revenues by $1.2 million and EBITDA by less than $0.1 million, in the quarter ended Dec. 31, 1998. Wall Machines and Amusement Games deployed approximately 900 new machines in its leasing program during the current-year quarter which was consistent with the prior-year quarter. Lease revenues decreased as the total number of machines out on lease decreased by 15 percent between quarters and the average monthly lease rate decreased by 13 percent. Gross margin for the quarter was 38 percent compared with 45 percent in the prior-year quarter. This decrease was due to the impact of lower revenues, higher volume of trade-ins of used equipment on the sales of new wall machines and lower utilization at the manufacturing facility. Operating income of $0.1 million decreased from the prior- year quarter, due primarily to higher selling, general and administrative expenses resulting from the costs of a trade show as the prior-year quarter did not include expenses for a trade show, costs incurred with the change in management, decreased revenues and lower gross margins, partially offset by lower depreciation expense resulting from a lower installed base of leased equipment. Net interest expense in the three months ended Dec. 31, 1998 increased to $7.4 million from $7.3 million in the 1997 quarter. The increase is due primarily to a higher average amount of working capital borrowings in the current quarter, partially offset by lower interest rates. During the quarter, the company reduced its total indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. by $10.0 million, primarily by reducing working capital borrowings. The company recorded an income tax benefit of $0.2 million in the 1998 quarter compared with an income tax provision of $0.4 million in the prior-year quarter. The current quarter benefit is due primarily to tax losses, which will be carried back for the Bally Wulff entities, partially offset by various state income tax provisions. Alliance Gaming Alliance Gaming NYSE: AGI is a Las Vegas, Nevada based manufacturer of slot machines and casino management software. History On June 18, 1996 merged with Bally Gaming International. is a diversified diversified (di·verˑ·s gaming company with headquarters in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The company is engaged primarily in the design, manufacture and distribution of advanced gaming devices and systems worldwide and is the nation's largest gaming machine route operator and operates two regional casinos A Regional Casino, more commonly known as a Super Casino (or occasionally known as Mega Casino or variants) is the term given to the largest category of casino permitted under English law. . Additional information about the company can be found on the Alliance Gaming Web site at http://www.ally.com. The disclosures herein include statements that are "forward- looking" within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Act of 1934, as amended, and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such forward-looking information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made by or on behalf of the company. Future operating results may be adversely affected as a result of a number of factors enumerated This term is often used in law as equivalent to mentioned specifically, designated, or expressly named or granted; as in speaking of enumerated governmental powers, items of property, or articles in a tariff schedule. in the company's public reports and prospectuses such as the impact of competition, uncertainties concerning such matters as the company's high leverage, its ability to service debt, its holding company structure, its operating history and recent losses, competition, product development, customer financing, sales to non-traditional gaming markets, foreign operations, dependence on key personnel, strict regulation by gaming authorities, gaming taxes and value added taxes value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM) value added tax n (Brit , the uncertain effect of National Gambling Commission, change in control, and other risk factors listed from time to time in the company's Securities and Exchange Commission reports, including but not limited to the most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q. -0-
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
(In 000's, except per share amounts)
Three Months Ended
Dec. 31,
1998 1997
Revenues $ 103,910 $ 106,714
Cost of operations 68,088 65,404
Selling, general and
administrative expenses 27,866 23,158
Research and development costs 3,976 3,446
Unusual items - (2,545)
EBITDA 3,980 17,251
Depreciation and amortization 5,757 5,809
Operating income (loss) (1,777) 11,442
Net interest expense (7,361) (7,287)
Minority interest and other (864) (382)
Net income (loss) before
income taxes (10,002) 3,773
Income tax benefit (provision) 245 (427)
Net income (loss) (9,757) 3,346
Special stock dividends (418) (373)
Net income (loss) applicable
to common shares $(10,175) $2,973
Basic and diluted earnings
(loss) per share:
Prior to reverse split:
Basic earnings (loss)
per share $(0.30) $ 0.09
Diluted earnings (loss)
per share $(0.30) $ 0.09
After reverse split:
Basic earnings (loss)
per share $(1.04) $ 0.33
Diluted earnings (loss)
per share $(1.04) $ 0.31
Weighted average common shares
outstanding
Prior to reverse split 34,263 31,974
After reverse split 9,789 9,135
Weighted average common and common
share equivalents outstanding
Prior to reverse split 34,263 34,058
After reverse split 9,789 9,731
-0-
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
(In 000's, except per-share amounts)
Six Months Ended
Dec. 31,
1998 1997
Revenues $ 202,681 $ 204,685
Cost of operations 129,941 126,656
Selling, general and
administrative expenses 48,903 44,562
Unusual items - (2,545)
Research and development costs 8,145 6,314
EBITDA 15,692 29,698
Depreciation and amortization 11,159 10,812
Operating income 4,533 18,886
Net interest expense (15,032) (13,125)
Rainbow royalty buyout - (19,000)
Minority interest and other (1,595) (1,371)
Loss before income taxes (12,094) (14,610)
Income tax benefit (provision) 61 (920)
Loss before extraordinary item (12,033) (15,530)
Extraordinary loss with no tax benefit - (42,033)
Net loss (12,033) (57,563)
Special stock dividends (824) (2,773)
Premium on redemption of
Series B Special Stock - (16,553)
Net loss applicable to common shares $(12,857) $(76,889)
Basic and diluted loss per share:
Prior to reverse split:
Loss before extraordinary item $(0.38) $(1.09)
Extraordinary item - (1.32)
Net loss $(0.38) $(2.41)
After reverse split:
Loss before extraordinary item $(1.34) $(3.81)
Extraordinary item - (4.62)
Net loss $(1.34) $(8.43)
Weighted average common shares outstanding
Prior to reverse split 33,623 31,913
After reverse split 9,607 9,118
Weighted average common and common
share equivalents outstanding
Prior to reverse split 33,623 31,913
After reverse split 9,607 9,118
-0-
ALLIANCE GAMING CORP.
SELECTED BALANCE SHEET DATA
(In 000's)
As of
Dec. 31, June 30,
1998 1998
Cash and cash equivalents $ 20,518 $ 23,487
Working capital 108,534 119,480
Total assets 355,357 366,837
Total long-term debt,
including current maturities 317,359 325,953
Total stockholders' deficiency (24,793) (23,748)
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