American Gaming Reports 1997 First Quarter Results.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. , N.J.--(BUSINESS WIRE)--May 22, 1997--American Gaming & Entertainment Ltd. (the "company") reported, as previously disclosed in its Form 10-QSB filed with the Securities and Exchange Commission, that net loss for common stockholders for the three months ended March 31, 1997 was approximately $2,442,000 or ($0.19) per share as compared to $697,000 or ($0.06) per share for the comparable period in 1996, based upon a weighted average number of 12,532,102 common shares outstanding for each period. The primary components of such increase in net loss for common stockholders are discussed below. Revenues for the three months ended March 31, 1997 amounted to approximately $1,000, compared to approximately $1,184,000 for the three months ended March 31, 1996. For the three months ended March 31, 1996, the company recorded revenues of (i) approximately $986,000 related to the charter of the company's 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. barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. and (ii) approximately $194,000 attributable to keno operations. For the three months ended March 31, 1997, the company recorded the payments of approximately $164,000 received from the charter of the company's casino barge as 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. to its major stockholder, which has asserted a right to such payments, and not as revenue. The company's keno assets and operations were sold on March 28, 1996 and therefore no keno revenues were generated during the three months ended March 31, 1997. Other income for the three months ended March 31, 1996 includes a net gain of approximately $948,000 on the sale of the company's keno operations. Operating costs operating costs npl → gastos mpl operacionales and expenses for the three months ended March 31, 1997 amounted to approximately $634,000, compared to approximately $998,000 for the three months ended March 31, 1996. The company's keno assets and operations were sold in March 1996, therefore no operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to keno operations were incurred for the three months ended March 31, 1997, compared to operating expenses related to keno operations of $302,000 for the three months ended March 31, 1996. Additionally, corporate expenses for the three months ended March 31, 1997 decreased approximately $90,000 compared to the three months ended March 31, 1996, as a result of the company's efforts to reduce expenses to a level consistent with its current business direction of holding equity interests in various properties which, at the respective times of purchase, were anticipated to be utilized in casino gaming projects. The company's common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol "AGEL." CONTACT: American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Gaming & Entertainment Ltd. J. Douglas Wellington, 609/272-9099 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion