Alliance Gaming Reports Third-Quarter Net Income of $0.08 Per Share on a 23% Increase in Revenues.LAS VEGAS--(BUSINESS WIRE)--April 26, 1999-- 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. Corp. (Nasdaq:ALLY) Monday Monday: see week. announced net income of 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the March 1999 quarter, which exceeded analysts' consensus estimates of 6 cents per share. These results include a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of 6 cents per share for costs incurred in amending its bank credit agreement. For the three months ended March 31, 1999, the company reported net income available to common shareholders of $0.8 million, compared with a net loss of $1.1 million, or 12 cents per share, in the prior-year quarter. Moreover, earnings for the March 1999 quarter compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the net loss of $10.2 million, or $1.04 per share, in the December December: see month. 1998 quarter. The company reported that at March 31, 1999, its 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 business unit had an installed base of approximately 500 gaming machine See video game console. units earning recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues compared with an installed base of approximately 200 units at Dec. 31, 1998. This installed base is expected to exceed 1,300 units by the end of the June June: see month. quarter. During the March 1999 quarter, the company recorded $1.7 million of recurring revenues, up 15 percent from the December 1998 quarter. The company has signed a contract to install the Bally SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. 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. Management System at Paris Las Vegas This article is about the Las Vegas hotel. For other uses, see Paris (disambiguation). Paris Las Vegas is a hotel and casino located on the famed Las Vegas Strip in Las Vegas, Nevada, USA , that is owned and operated by Harrah's Entertainment. which is scheduled to open later this year. In addition, the company has received letters of intent to install the SDS System to replace the existing systems at the Rio See RapidIO and MP3. Suites Hotel and Casino 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. and the Grand Casino Tunica Grand Casino is owned and operated by Harrah's Entertainment. The casino offers a 140,000 square foot casino and 3 hotels with a total of 1,356 rooms. There is also an RV park. The Bellissimo Spa & Salon offers massages, as well as manicures, facials, hair cuts, and other services. . Operating results for the March 1999 quarter include:
-- Consolidated revenues of $125.7 million for the quarter ended
March 31, 1999, up 23 percent over $102.2 million in the March
1998 quarter and up 21 percent from $103.9 million in the
December 1998 quarter. Bally Gaming and Systems reported a
78 percent increase in revenues over the March 1998 quarter due
to an increase in the number of units shipped, the average price
per unit and the installed base of recurring revenue units. Route
Operations recorded a 24 percent increase in revenues over the
March 1998 quarter and Casino Operations reported an 8 percent
increase. Wall Machines and Amusement Games reported a 12 percent
decrease in revenues in comparison to the March 1998 quarter and
a 5 percent improvement over the December 1998 quarter.
-- Consolidated EBITDA was $15.4 million in the quarter ended
March 31, 1999, up 6 percent compared with $14.5 million in the
March 1998 quarter and up 285 percent from $4.0 million in the
December 1998 quarter. Consolidated operating income totaled
$9.7 million in the 1999 quarter, up 21 percent compared with
operating income of $8.0 million in the March 1998 quarter and an
operating loss of $1.8 million in the December 1998 quarter. The
increases are primarily a result of higher unit sales coupled
with higher revenues from recurring revenue sources at Bally
Gaming and Systems and overall lower depreciation and
amortization expense, partially offset by higher selling, general
and administrative costs at all of the business units, higher
research and development costs and the impact of lower revenues
at Bally Wulff.
"Our consolidated results show a marked improvement over the past few quarters," 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. "In addition to producing these positive results, we accomplished other important tasks during the quarter: We successfully launched two significant new products in 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). : 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's(TM) Big Hit and Let's Make A Deal Let's Make a Deal is a television game show which originated in the United States and has since been produced in many countries throughout the world. The show was based around deals offered to members of the audience by the host. (TM). Each of these products provides exciting entertainment for casino patrons and the initial performance of each product supports our premium pricing Premium pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. for these games. "We are moving rapidly to install these games to satisfy the demand. At the same time, it continues to take longer than we anticipated to physically install recurring revenue units. Our plan is to develop and deploy premium-performing games to generate recurring revenues and cash flow for the company. "We estimate that our installed base of games earning recurring revenue and cash flow for the company will exceed 1,300 units at June 30, 1999. Our Bally Systems business is stellar. After the SDS system is installed in Paris, Rio and Grand Tunica tunica /tu·ni·ca/ (too´ni-kah) pl. tu´nicae [L.] a tunic; in anatomy, a general term for a membrane or other structure covering or lining a body part or organ. , we will have over 105,000 gaming machines operating worldwide on the Bally System." "During the quarter, we initiated efforts to better utilize our engineering and manufacturing resources," continued Goldstein. "We signed important contracts with Dreamport and Oasis Technologies which will open up new markets for Bally Gaming and Systems. These opportunities include additional recurring revenue units. "In addition, Bally Wulff has signed agreements to export its wall machine product to two of the largest AWP AWP Awaiting Parts (military equipment status) AWP Average Wholesale Price AWP Annual Work Plan AWP Associated Writing Programs AWP Amusement with Prizes AWP Any Willing Provider AWP Aerial Work Platform markets, the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and Spain. On both sides of the ocean, we will use available manufacturing capacity to serve these new customers. Higher levels of production will improve our gross margins by enabling us to obtain higher volume discounts for components while spreading our fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). over a greater number of units. "To help expand the wall machine market, Bally Wulff has also signed an agreement with Maygay, a U.K.-based manufacturer of 'fruit' or 'fun' games, to be its exclusive distributor in Germany. Wulff will also begin to distribute an Austrian company's touch-screen 'fun' games." "Armed with new markets and new products, we anticipate favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacts on our operating results in fiscal 2000," concluded Goldstein. "Although our June quarter is projected to be breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations , we are well prepared to meet expectations for our next fiscal year. "Each of our business units is expanding its capacity to increase earnings: from additional games at our Rainbow Casino, to more Gamblers Bonus units in Nevada, to recurring revenue games at Bally Gaming and Systems, to new export opportunities at Bally Wulff. The tremendous progress that our company continues to make is beginning to show on our scoreboard." For the nine months ended March 31, 1999, revenues totaled $328.4 million, resulting in 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 of $31.1 million, compared with $306.9 million of revenues and $44.2 million of EBITDA in the prior-year period. EBITDA decreased due to worldwide investments in research and development, which aggregated approximately $13.1 million and an overall increase in selling, general and administrative expenses for all business units during the current nine-month period. For the nine months ended March 31, 1999, the company reported a net loss applicable to shareholders of $12.1 million, compared with a loss of $78.0 million for the prior-year period. During the quarter ended Sept. 30, 1997, the company completed 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, the company would have reported a net loss available to common shareholders of $1.7 million for the nine months ended March 31, 1998, or 19 cents per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Bally Gaming and Systems Revenues Increase 78 Percent The following chart summarizes the financial information for the Bally Gaming and Systems business unit: -0-
Three Months Ended
March 31,
1999 1998
(Dollars in Millions)
Revenues $38.4 $21.5
EBITDA $ 4.8 $(0.5)
EBITDA Margin 12% (2)%
Operating Income $ 3.7 $(2.5)
Approximate Number of New
Gaming Machines Sold 4,450 1,900
For the quarter ended March 31, 1999, Bally Gaming and Systems reported revenues of $38.4 million, a 78 percent increase over the prior-year quarter. Revenues were favorably impacted by a 137 percent increase in sales of new gaming machines and a 12 percent increase in 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. Bally Systems continued its pattern of strong sales, reporting $6.7 million of revenue in the current-year quarter compared with $6.1 million in the prior-year quarter. The March quarter 1999 shipments for Bally Gaming included approximately 750 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, 3,000 units to international markets and 700 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 March 31, 1999, increased to 46 percent, compared with 39 percent in the prior-year quarter. The improvement was due primarily to a change in product mix to higher-margin gaming machines, higher revenues from recurring revenue machines and the impact of higher production at the manufacturing facility. Bally Gaming and Systems reported 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 $3.7 million, compared with an 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 $2.5 million in the prior-year quarter. The improvement resulted from higher revenues and an improvement in gross margin percentage, partially offset by 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. , and higher research and development costs. Research and development costs totaled $4.1 million, an increase of 28 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 Reports a 24 Percent Increase in Revenues The following chart 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: -0-
Three Months Ended
March 31,
1999 1998
(Dollars in Millions)
Revenues $46.0 $37.1
EBITDA $ 6.5 $ 6.4
EBITDA Margin 14% 17%
Operating Income $ 3.8 $ 4.3
Average Number of Gaming Machines 8,080 7,100
For the quarter ended March 31, 1999, the Route Operations business unit reported revenues of $46.0 million, a 24 percent increase over the prior-year quarter. The revenue improvement was due to a 28 percent increase in the Nevada route operations revenues and a 3 percent increase at VSI, resulting from increases in win per day per gaming machine and, in Nevada, an increase in the number of gaming machines deployed. For the Nevada route operations, net win per day per gaming machine increased 10 percent to $60.50 in the 1999 quarter, compared with $55.00 in the 1998 quarter. The average number of gaming machines deployed increased 16 percent over the prior-year quarter. Net operating margins Net operating margin The ratio of net operating income to net sales. in Southern Nevada have declined compared with the prior-year quarter due primarily to an increase in rental and participation payments on gaming machines and reduced margins at new locations. Margins in Northern Nevada were consistent with the prior-year quarter. Currently, the Gamblers Bonus product is available at 200 locations and is installed in approximately 2,300 gaming machines, or 32 percent of the total installed base of gaming machines. 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 $85.40 in the current-year quarter, compared with $79.20 in the prior-year quarter, partially offset by a 4 percent decrease in the average number of gaming units deployed. Route Operations EBITDA of $6.5 million showed a 2 percent increase over the prior-year quarter. Increased revenues were mostly offset by lower operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: at the Nevada operations and higher selling, general and administrative costs, principally an increase in marketing costs for the Nevada route operations. Operating income of $3.8 million decreased by 12 percent during the current-year quarter, primarily from an increase in depreciation expense due to the increase in the number of gaming machines deployed and amortization of costs incurred in taking over contracts in the prior fiscal year. Casino Operations Report Revenues Up 8 Percent The following chart 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.: -0-
Three Months Ended
March 31,
1999 1998
(Dollars in Millions)
Revenues $16.4 $15.3
EBITDA $ 6.1 $ 5.7
EBITDA Margin 37% 37%
Operating Income $ 5.5 $ 5.2
Average Number of Gaming Machines 1,200 1,180
Average Number of Table Games 21 27
For the quarter ended March 31, 1999, Casino Operations reported an 8 percent improvement in revenues over the prior-year quarter to $16.4 million. Rainbow Hotel Casino revenues improved by 5 percent to $12.7 million as a result of a 15 percent increase in net win per day per gaming machine to $172, partially offset by a 1 percent decrease in the average number of gaming machines and the impact from the removal of three table games. The number of gaming machines decreased from the March 1998 quarter as a result of temporarily removing machines as part of an internal remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling project that will be completed during the September 1999 quarter. Rail City Casino revenues increased 16 percent to $3.8 million over the prior-year quarter. The improvement was the result of an 8 percent increase in net win per day per gaming machine to $65 and an 8 percent increase in the average number of gaming machines, partially offset by a lower number of table games. 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 2 percent primarily the result of higher promotion and marketing expenses at the Rainbow Hotel Casino that led to the improvement in revenues. Casino Operations EBITDA of $6.1 million showed a 7 percent increase over the prior-year quarter. Rainbow Hotel Casino EBITDA of $5.4 million increased 4 percent and Rail City Casino EBITDA of $0.7 million increased 33 percent. EBITDA as a percentage of revenues increased at Rail City Casino to 20 percent in the current quarter from 17 percent in the prior-year quarter and remained constant between quarters at over 42 percent for the Rainbow Hotel Casino. For the 1999 quarter, operating income for Casino Operations increased by 6 percent to $5.5 million. Rainbow Hotel Casino operating income increased by 3 percent to $4.9 million and Rail City Casino operating income increased by 47 percent to $0.6 million. These improvements were due primarily to the higher revenues, partially offset by higher selling, general and administrative costs as a percentage of revenues. 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 Reports Lower Results The following chart summarizes the financial results for the Wall Machines and Amusement Games business unit: -0-
Three Months Ended
March 31,
1999 1998
(Dollars in Millions)
Revenues $24.8 $28.3
EBITDA $ 3.2 $ 6.6
EBITDA Margin 13% 23%
Operating Income $ 2.2 $ 5.2
Approximate Number of New Wall
Machines Sold 2,700 3,800
Approximate Number of New Wall
Machines Leased 1,000 800
Installed Base of Leased Machines 5,050 5,900
For the quarter ended March 31, 1999, the Wall Machines and Amusement Games business unit reported revenues of $24.8 million, a 12 percent decrease over the prior-year quarter. The revenue decline resulted from a 28 percent decrease in unit shipments of new wall machines, a 12 percent decrease in leased wall machine revenues and a 25 percent decrease in amusement game distribution revenues. This was partially offset by a 40 percent increase in the average selling price of new wall machines due primarily to sales of wall machines coupled with a new single-site progressive jackpot A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine or video poker machine) where the value of the jackpot increases a small amount for every game played. system. The foreign currency fluctuation Fluctuation A price or interest rate change. between the dollar and the deutschmark increased revenues and EBITDA by $1.0 million and $0.1 million, respectively, in the quarter ended March 31, 1999. Wall Machines and Amusement Games deployed approximately 1,000 machines into its leasing program during the current-year quarter, a 25 percent increase compared 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 1 percent. Gross margin for the quarter was 40 percent, compared with 43 percent in the prior-year quarter. This decrease was due to the unfavorable impact of lower revenues, a higher volume of trade-ins of used equipment on the sales of new wall machines and lower production at the manufacturing facility. Operating income of $2.2 million decreased by 57 percent from the prior-year quarter, primarily due to decreased revenues and higher selling, general and administrative expenses, including a higher provision for doubtful accounts, partially offset by lower depreciation expense resulting from a lower installed base of leased equipment. Net interest expense for the company in the three months ended March 31, 1999, increased to $8.1 million from $7.3 million in the prior-year quarter. The increase is primarily due to a one-time fee associated with amending the credit agreement, coupled with a higher average amount of working capital borrowings in the current quarter, partially offset by lower interest rates. During the quarter, the company increased 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 $8.8 million, primarily due to increased working capital borrowings and the semi-annual payment of interest on its 10 percent subordinated notes. During the March 1999 quarter, the company repurchased just under 100,000 shares of its common stock for approximately $0.5 million under the company's authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and . The company recorded an income tax benefit of $0.2 million in the 1999 quarter, compared with an income tax provision of $1.2 million in the prior-year quarter. The current quarter benefit is primarily due to tax losses for the Bally Wulff entities, which will be carried back to the prior year, partially offset by various state income tax provisions. Alliance Gaming Corp. is a diversified diversified (di·verˑ·s gaming company with headquarters in Las Vegas, Nevada. 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 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 SEC 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. Betty Boop is a trademark of The Hearst Corp./Fleischer Studios, Inc. Let's Make A Deal is a trademark of Hatos Productions Inc. and Monty Hall Maurice "Monty Hall" Halperin, O.C., B.Sc., LL.D (born August 25 1921 in Winnipeg, Manitoba) is a Canadian-born actor, singer and sportscaster, best known as the host of the long-running television game show Let's Make a Deal. Enterprises Inc. -0-
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
(In 000's, except per share amounts)
Three Months Ended
March 31,
1999 1998
Revenues $ 125,733 $ 102,226
Cost of operations 78,452 64,294
Selling, general and
administrative expenses 26,944 19,472
Research and development costs 4,949 3,956
EBITDA 15,388 14,504
Depreciation and amortization 5,710 6,516
Operating income 9,678 7,988
Net interest expense (8,104) (7,280)
Minority interest and other (629) (196)
Net income before income taxes 945 512
Income tax benefit (provision) 246 (1,243)
Net income (loss) 1,191 (731)
Special stock dividends (430) (384)
Net income (loss) available
to common shares $ 761 $ (1,115)
Basic earnings (loss) per share $ 0.08 $ (0.12)
Diluted earnings (loss) per share $ 0.08 $ (0.12)
Weighted average common shares outstanding 9,742 9,155
Weighted average common and common
share equivalents outstanding 9,747 9,155
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
(In 000's, except per share amounts)
Nine Months Ended
March 31,
1999 1998
Revenues $ 328,414 $ 306,911
Cost of operations 208,393 190,950
Selling, general and
administrative expenses 75,847 64,034
Research and development costs 13,094 10,270
Unusual items -- (2,545)
EBITDA 31,080 44,202
Depreciation and amortization 16,869 17,328
Operating income 14,211 26,874
Net interest expense (23,136) (20,405)
Rainbow royalty buyout -- (19,587)
Minority interest and other (2,224) (980)
Loss before income taxes (11,149) (14,098)
Income tax benefit (provision) 307 (2,163)
Loss before extraordinary item (10,842) (16,261)
Extraordinary loss with no tax benefit -- (42,033)
Net loss (10,842) (58,294)
Special stock dividends (1,254) (3,157)
Premium on redemption of
Series B Special Stock -- (16,553)
Net loss applicable to common shares $ (12,096) $ (78,004)
Basic and diluted loss per share:
Loss before extraordinary item $ (1.25) $ (3.92)
Extraordinary item -- (4.62)
Net loss $ (1.25) $ (8.54)
Weighted average common shares outstanding 9,651 9,130
Weighted average common and common
share equivalents outstanding 9,651 9,130
ALLIANCE GAMING CORP.
SELECTED BALANCE SHEET DATA
(In 000's)
As of
Mar. 31, June 30,
1999 1998
Cash and cash equivalents $ 29,214 $ 23,487
Working capital 113,883 119,480
Total assets 362,507 366,837
Total long term debt,
including current maturities 326,120 325,953
Total stockholders' deficiency (29,628) (23,748)
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