Casino Data Systems Reports First-Quarter Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--April 18, 2001 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. Data Systems (Nasdaq:CSDS CSDS Cluster Science Data System CSDS Center for Secure and Dependable Systems CSDS Center for the Study of Democratic Societies CSDS Cardiovascular System Dynamics Society CSDS Cache Satellite Distribution System CSDS Control Speed Drive Starter ) today announced the financial results for its quarter ended March 31, 2001. The company reported consolidated quarterly revenue of $22.4 million compared with $16.8 million for the same prior year quarter. The revenue increase came primarily from the Games line-of-business which reported a quarter-over-quarter revenue increase of $4.3 million or 62%. For the quarter ended March 31, 2001, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increased by $2.6 million to $10.1 million as compared with the $7.5 million reported in the prior year's first quarter. Transaction expenses related to the company's merger with Aristocrat Leisure Aristocrat Leisure Limited ASX: ALL is an Australian company, which has its administrative centre in the Sydney suburb of Lane Cove, although the majority of its research and development is done at its Rosebery site. Ltd., sales commission on the higher revenue base, increased 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. expense, greater investment in research and development and depreciation on a greater installed base of multi-site progressive units drove the increase in operating expense. The company posted quarterly 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 $1.6 million compared with $2.2 million for the first quarter of the prior year. Net income decreased quarter over quarter from $1.6 million, or $0.09 per 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 in the first quarter of 2000, to $1.2 million, or $0.06 per diluted share in the first quarter of 2001. The company also reported the following highlights from its March 31, 2001 balance sheet: -- No long-term debt -- Unrestricted cash and investments of $13.8 million -- Net working capital of $69.7 million -- Total assets of $122.6 million Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Weiss commented on the status of the company's merger with Aristocrat Leisure Ltd., "The Aristocrat and CDS management teams are pursuing the required shareholder and gaming regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals to complete the merger. This work is on track and is progressing as we expected when we entered into the definitive agreement dated January January: see month. 17." Cautionary Statement for the Purposes of 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. " Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements in this release that are not historical facts are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements and "safe harbor" statements under the Securities Litigation Reform Act of 1995 and involve risks and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission. For questions regarding the merger with Aristocrat, contact: Mackenzie Mackenzie, river, c.1,120 mi (1,800 km) long, issuing from Great Slave Lake, Northwest Territories, Canada, and flowing generally NW to the Arctic Ocean through a great delta. Between Great Slave Lake and Lake Athabasca it is known as the Slave River. Partners Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of : Mark Harnett, 212/929-5877. Or for more information on the company, visit its Web site at: http://www.csds.com --0-
CASINO DATA SYSTEMS
Statements of Income
Three Months Ended March 31, 2001 and 2000
(Unaudited)
Three Months Ended
March 31,
2001 2000
(in thousands, except per share data)
Revenue
OASIS(TM) Systems $ 8,823 $ 8,035
Games 11,285 6,985
Signs 1,580 998
TurboPower 680 778
22,368 16,796
Cost of goods sold 10,627 7,021
Gross margin 11,741 9,775
Costs and expenses
Selling, general and administrative 6,084 4,826
Research and development 2,860 1,757
Depreciation and amortization 1,156 958
10,100 7,541
Income from operations 1,641 2,234
Other income 192 222
Income before income tax 1,833 2,456
Income tax expense 601 860
Net income $ 1,232 $ 1,596
Basic net income per common share $ 0.07 $ 0.09
Diluted net income per common share $ 0.06 $ 0.09
Basic weighted average shares
outstanding 18,566 18,416
Diluted weighted average shares
outstanding 19,502 18,738
CASINO DATA SYSTEMS
Balance Sheets
As of March 31, 2001, and December 31, 2000
(Unaudited)
March 31, Dec. 31,
2001 2000
(in thousands)
ASSETS
Current assets
Cash unrestricted $ 10,379 $ 13,826
Cash restricted 3,527 2,706
Investments ($1,089 and $1,001,
respectively are restricted) 4,489 4,384
Accounts and notes receivable, net 34,757 33,337
Inventory, net 29,333 25,194
Other current assets 2,563 2,577
85,048 82,024
Property and equipment, net 16,717 17,026
Investments - restricted 10,089 10,089
Deferred tax asset, net 7,891 7,891
Software development, net 1,338 1,743
Other assets 1,501 1,466
37,536 38,215
Total assets $ 122,584 $ 120,239
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Accounts payable $ 4,651 $ 4,128
Accrued slot liability 1,799 1,576
Accrued compensation 1,206 2,232
Income tax payable 3,671 3,082
Other accrued expenses 4,056 3,506
15,383 14,524
Non-current liabilities
Accrued slot liability 12,659 12,499
Other non-current liabilities 20 --
12,679 12,499
Total liabilities 28,062 27,023
Shareholders equity
Common stock 85,595 85,521
Retained earnings 8,927 7,695
94,522 93,216
Total liabilities and
shareholders equity $ 122,584 $ 120,239
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