Autotote announces second quarter results.NEW YORK--(BUSINESS WIRE)--May 20, 1996--Autotote Corp. (AMEX AMEX See: American Stock Exchange :TTE TTE Telecommunications Terminal Equipment TTE Transthoracic Echocardiography TTE Transthoracic Echocardiogram TTE Trustee TTE TCL-Thomson Electronics TTE To the Extreme (band) TTE The Tourism Expert ) today announced financial results for its second fiscal quarter and six months ended April 30, 1996. In the second quarter, revenues increased 23.2 percent, from $37.1 million in 1995 to $45.7 million in 1996. 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 (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Despite a 9 percent increase in depreciation and amortization, to $9.6 million, the 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. for the quarter declined to $1.9 million from $3.7 million in the year-earlier period. The net loss fell to $5.9 million, or 19 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. on 31.5 million shares outstanding, from a loss of $9.0 million, or 31 cents per share on 28.9 million shares outstanding, in the year-earlier period. Revenues for the six months ended April 30, 1996 increased 30.5 percent, from $68.2 million in 1995 to $89.0 million in 1996. EBITDA (earnings before interest, taxes, depreciation and amortization) increased 49.4 percent from $10.2 million in 1995 to $15.3 million in 1996. The operating loss for the six months was $3.7 million compared to $6.3 million in the year-earlier period. The net loss was $19.7 million, or 63 cents per share on 31.1 million shares outstanding, compared to a loss of $14.9 million, or 52 cents per share on 28.9 million shares outstanding, in the year-earlier period. A. Lorne Weil, chairman and chief executive officer, said, "The positive trends we identified in the preceding three quarters continued in the second quarter of this fiscal year. EBITDA and consolidated revenues were once again up sharply over year-earlier levels and EBITDA as a percentage of sales increased to 16.8 percent from 13.6 percent in the year-earlier period. Finally, total selling, general and administrative expenses, including R&D, fell both as an absolute number and as a percentage of sales in the second quarter, to $8.4 million and 18.3 percent, respectively. "We also made important progress in operations during the second quarter and first half," he added. "Our strategic objective of extending the contractual relationship with key customers continued successfully, most notably with the decision by the Ontario Jockey Club to sign a new multi-year contract for its track and OTB OTB abbr. off-track betting OTB n abbr (US) (= off-track betting) → apuestas hechas fuera del hipódromo OTB n abbr (US) (= off-track betting network, one of the largest in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , a full two years before the original contract expired. New contracts announced during the second quarter included the Israeli lottery and four pari-mutuel contracts in the U.S. Our Tele Control lottery unit continued to deliver equipment on schedule to key German state lotteries A game of chance operated by a state government. Generally a lottery offers a person the chance to win a prize in exchange for something of lesser value. Most lotteries offer a large cash prize, and the chance to win the cash prize is typically available for one dollar. , and our Connecticut OTB unit also had a strong quarter, thanks in part to the Sports Haven entertainment and simulcasting facility, which opened a year ago." Weil added, "Going forward, Autotote is well positioned for growth as the pari-mutuel industry continues to increase its off-track sources of revenues. As the premier supplier of wagering systems networks in North America, we are benefitting from that trend and the global interest in racing as a key gaming product." Thomas C. DeFazio, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "The impact of the restructuring that we began in the third quarter of fiscal 1995 continues to be felt. We have implemented steps across the company to lower costs while continuing to improve customer service and quality assurance." AUTOTOTE Corp. designs and manufactures computerized wagering equipment and provides facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. for use in off-track wagering, lotteries and legalized sports betting Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. Perhaps more so than other forms of gambling, the legality and general acceptance of sports betting varies from nation to nation. facilities. Autotote's systems are in use in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Canada, Mexico, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and the Far East. -0-
AUTOTOTE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Per Share Amounts)
Three Months Ended
April 30, April 30,
1996 1995
------- --------
Operating Revenues:
Wagering systems $ 35,406 $ 32,423
Wagering equipment and
other sales 10,335 4,709
-------- --------
45,741 37,132
Operating expenses (exclusive
of depreciation and
amortization):
Wagering systems 22,224 19,224
Wagering equipment and
other sales 7,442 2,948
--------- ----------
29,666 22,172
Total gross profit 16,075 14,960
Selling, general and administrative expenses 8,378 9,909 Depreciation and amortization 9,558 8,781
Operating loss (1,861) (3,730)
Other deductions (income):
Interest expense 3,670 4,308
Litigation settlement -- --
Other deductions (income) (149) 253
-------- ----------
3,521 4,561
Loss before income tax expense (5,382) (8,291) Income tax expense 512 667 Net loss $ (5,894) $ (8,958) Net loss per common share $ (0.19) $ (0.31) Weighted average number of common shares outstanding (000) 31,456 28,913 AUTOTOTE CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Amounts) Six Months Ended April 30, April 30, 1996 1995 ------- -------- Operating Revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. : Wagering systems $ 64,974 $ 61,399 Wagering equipment and other sales 24,073 6,850 -------- -------- 89,047 68,249 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. (exclusive of depreciation and amortization): Wagering systems 41,071 35,971 Wagering equipment and other sales 16,140 4,444 --------- ---------- 57,211 40,415 Total gross profit 31,836 27,834 Selling, general and administrative expenses 16,548 17,604 Depreciation and amortization 18,994 16,498 Operating loss (3,706) (6,268) Other deductions (income): Interest expense 7,332 7,157 Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement 6,800 -- Other deductions (income) 143 145 -------- ---------- 14,275 7,302 Loss before income tax expense (17,981) (13,570) Income tax expense 1,714 1,319 Net loss $ (19,695) $ (14,889) Net loss per common share $ (0.63) $ (0.52) Weighted average number of common shares outstanding (000) 31,139 28,862 CONTACT: Gregory W. Miller The Miller Company Tel: 914-834-1868 Fax: 914-834-6782 E-mail:millerco1@aol.com |
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