American Wagering announces first quarter financial results; Company announces four new sports and race book contracts.LAS VEGAS--(BUSINESS WIRE)--June 24, 1996--AMERICAN WAGERING wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq NM: BETM) today announced results for its first quarter ended April 30, 1996. Revenues for the quarter were $1,053,000, compared to $1,215,000 reported for the quarter ended April 30, 1995. Net income after pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma provision for income taxes for the quarter was $5,301, or $0.00 per share, compared to $142,744, or $0.03 per share, for the comparable year ago period. The company noted that the decrease in revenues for the first quarter of fiscal 1997 compared to the prior year principally reflects a decline in basketball wagering. Handle for the first quarter increased 11.5% to $17,182,000 from $15,412,000 reported for the first quarter of fiscal 1996, primarily due to increased wagering on professional baseball. Commenting on the results, Victor Salerno Salerno (sälār`nō), city (1991 pop. 148,932), capital of Salerno prov., Campania, S Italy, on the Gulf of Salerno, an inlet of the Tyrrhenian Sea. It is an agricultural, commercial, and industrial center. , president and chief executive officer of 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 WAGERING, INC., stated, "The increase in handle for the first quarter of fiscal 1997 primarily represents an increase in wagers WAGERS. A wager is a bet a contract by which two parties or more agree that a certain sum of money, or other thing, shall be paid or delivered to one of them, on the happening or not happening of an uncertain event. 2. The law does not prohibit all wagers. on baseball. Wagering on baseball during the comparable quarter of the prior year was lower due to the continuation of the baseball players' strike. Excluding the effects of baseball wagering in the fiscal 1997 first quarter, we are pleased with the increase in handle and net win percentage our existing locations achieved over the prior year period. Although the new locations we have opened in the past year have not performed to the level of the four closed locations, we continue to be encouraged by their progress." Mr. Salerno continued, "We are pleased to announce the signing of new contracts to provide sports and race book operations to the Alystra Hotel & 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. in Henderson, the Ormsby House The Ormsby House is a hotel/casino in Carson City, Nevada. Originally opened in 1971, it closed in 2000 for renovations. It was planned to reopen on July 4th, 2001, but the opening date has been pushed back several times due to construction delays. Hotel & Casino in Carson City Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. , the Saddle West Hotel & Casino in Pahrump and the Red Lion Red Lion may refer to:
"We have also utilized a portion of the proceeds from the offering to complete the purchase of the 150 room Howard Johnson's Howard Johnson’s restaurant-motel chain throughout America; buildings recognized by their bright orange roofs. [Trademarks:Crowley Trade, 274] See : Ubiquity Hotel & Casino and adjacent restaurant, located approximately 1/2 mile west of the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. . We plan to begin expansion and renovation activities beginning in the fourth quarter of 1996. Plans include expansion and renovation of the casino, including the addition of a sports and race book, renovation of all rooms and conversion of the complex into a sports theme hotel/casino. We believe this portion of our business will provide a brand identification for the company as we duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. this theme in other parts of the state and which will create an identifiable marketing presence for all our sports books." American Wagering, Inc. owns and operates Leroy's Horse and Sports Place, the licensed bookmaker with the largest number of sports book locations in the state of Nevada. The company also owns and operates a 150-room hotel/casino complex 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. . -0-
AMERICAN WAGERING, INC.
(COMBINED STATEMENTS OF OPERATIONS OF LEROY'S HORSE AND SPORTS
PLACE AND LEROY'S HOTEL CORPORATION)
UNAUDITED CONDENSED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED APRIL 30, 1995 AND 1996
1996 1995
Revenues
Horse and sports wagering $ 1,053,042 $ 1,202,767 Other revenues 59 12,237 Total revenues 1,053,101 1,215,004 DIRECT COSTS 642,578 669,713 Gross profit 410,523 545,291 ADMINISTRATIVE EXPENSES 399,427 345,692 DEPRECIATION AND AMORTIZATION 38,172 18,792 Operating income (loss) (27,076) 180,807 INTEREST AND OTHER INCOME, net 35,108 35,472
Net income before pro forma income
tax provision 8,032 216,279
PRO FORMA PROVISION FOR INCOME TAXES(a) 2,731 73,535 PRO FORMA NET INCOME $ 5,301 $ 142,744 PRO FORMA EARNINGS PER SHARE $ 0.00 $ 0.03 PRO FORMA WEIGHTED SHARES OUTSTANDING 5,250,000 5,250,000 (a) Prior to the reorganization, which occurred immediately prior to the closing of the company's initial public offering, which was completed on May 15, 1996, Leroy's Horse and Sports Place and Leroy's Hotel Corporation were operated as S Corporations and, therefore, not subject to federal income taxes. The accompanying statement of operations See Income statement. includes a pro forma income tax adjustment to reflect the estimated income tax expense of the company as if Leroy's Horse and Sports Place and Leroy's Hotel Corporation had been subject to federal income taxes for all periods presented. -0- The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or future performance of the company, the occurrence of which involve certain risks and uncertainties including that the sports book operator takes financial risks on the outcome of sports events as a betting principle against its patrons; that there can be no assurance (a) that future suitable sports book locations can be opened and (b) that the expansion and renovation of the hotel/casino occurs in a timely manner, and uncertainties detailed in the company's filings with the Securities and Exchange Commission. CONTACT: Robert Ciunci Chief Financial Officer (702) 735-0101 or Jeffrey Volk Lippert/Heilshorn & Associates, Inc. (212) 838-3777 |
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