American Bingo & Gaming announces record earnings.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--July 23, 1996--American Bingo & Gaming Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNGO) today announced record quarterly earnings. The company reported that for the second quarter ended June June: see month. 30, 1996 sales totaled $863,000 and earnings were $186,000 or 5 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. . This compares with sales of $612,000 and earnings of $6,000 or 0 cents per share in the comparable quarter of 1995. These results represent a 41% increase in sales and a spectacular 3,200% increase in earnings over the prior year's second quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales for the first six months of 1996 totaled $1,794,000 vs. $1,145,000 for the comparable period of 1995. Earnings for the first six months of 1996 totaled $354,000 or 9 cents per share vs. $27,000 or 1 cent per share in the prior year. These year-to-date results reflect a 57% increase in sales and a 1,200% increase in earnings over the prior year. The company also reported cash balances increased to $707,000 at the end of the second quarter, up 64% from the end of 1995. Courtland L. Logue, president, noted that the company was pleased with its continued turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. . "We have delivered the second straight quarter of increased sales and record earnings. We will continue to work to deliver increased earnings and cash flows for our shareholders. We have cleared almost all regulatory roadblocks in South Texas and expect to have all four of our bingo centers there open in the second half of 1996 which will further increase our earnings momentum. We are also expanding our successful South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. operation and are on the hunt for additional expansion opportunities. In a nutshell nut·shell n. The shell enclosing the meat of a nut. Idiom: in a nutshell In a few words; concisely: Just give me the facts in a nutshell. Adv. 1. , we are pleased with our results, we are growing and we expect even better things in the future." Logue joined the company as president and director in early 1996. Prior to joining the company, Logue founded and served as chief executive officer and chairman of EZCORP., a NASDAQ company, which he successfully built into the nation's second largest pawn shop a shop where a pawnbroker does business. - Shak. See also: Pawn chain with over 200 stores. -0-
American Bingo & Gaming Corp.
Consolidated Net Income Statement For Three Months Ended June 30, 1996 1995 Total revenues $863,220 $611,999 Costs and expenses, net 677,363 606,453 Net income $185,857 $ 5,546 Earnings per share $ .05 $ .00 Shares outstanding 4,108,394 4,083,333 -0- Consolidated Net Income Statement For Six Months Ended June 30, 1996 1995 Total revenues $1,794,278 $1,144,580 Costs and expenses, net 1,440,748 1,117,827 Net income $ 353,530 $ 26,753 Earnings per share $ .09 $ .01 Shares outstanding 4,100,864 4,083,333 -0- Consolidated Balance Sheet June 30, 1996 Cash and cash equivalents $ 707,346 Other current assets 548,396 Total current assets 1,255,742 Property and equipment 2,032,745 Other assets 1,143,736 Total assets $4,432,223 Current liabilities $ 661,407 Other liabilities 500,218 Shareholder's equity 3,270,598 Total liabilities and shareholders' equity $4,432,223 CONTACT: American Bingo & Gaming Corp., Austin Corky cork·y adj. cork·i·er, cork·i·est 1. Of or resembling cork. 2. Informal Lively; buoyant. cork Logue or John Orton John Andrew Orton (born December 8, 1965, in Santa Cruz, California) was a Major League Baseball catcher. He is an alumnus of the California Polytechnic State University. , 512/472-2041 |
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