Casino Data Systems Reports Quarterly Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--Feb. 21, 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 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 :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 and twelve months ended December December: see month. 31, 2000. Revenue for the quarter ended December 31, 2000 was $21.1 million compared with $17.0 million for the same prior year quarter. The Company reported 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 $2.8 million compared with $1.9 million for the fourth quarter of the prior year. Net income for the fourth quarter of 1999 included the effect of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. tax benefit of $9.6 million, or $.52 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, related to the elimination of a deferred tax valuation allowance established in 1997. After eliminating the effect of this one-time tax benefit, net income increased quarter over quarter from $1.7 million, or $.09 per diluted share in the fourth quarter of 1999, to $2.3 million, or $.12 per diluted share in the fourth quarter of 2000. For the year ended December 31, 2000, the Company reported revenue of $78.6 million compared with $75.5 million for the prior year. Operating income for fiscal 2000 was $13.7 million compared with $7.0 million for fiscal 1999. After eliminating the effect of the one-time tax benefit referred to above, net income increased from $5.6 million, or $.30, in 1999 to $10.1 million, or $.53 per diluted share in 2000. The Company also reported the following highlights from its December 31, 2000 balance sheet: -- No long-term debt -- Unrestricted cash and investments of $17.2 million -- Net working capital of $67.5 million -- Total assets of $120.2 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 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., "The Aristocrat and CDS management teams are pursuing the required FTC FTC See Federal Trade Commission (FTC). , SEC, 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. and shareholder 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." For more information on the Company, visit our Web site at: http://www.csds.com 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 which are not historical facts are "forward looking" statements and "safe harbor" statements under the Securities 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. 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.
CASINO DATA SYSTEMS
Statements of Income
Three and Twelve Months Ended December 31, 2000 and 1999
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ---------- --------
(in thousands, except per share data)
Revenue
OASIS(TM) Systems $ 10,931 $ 7,703 $ 39,060 $ 30,075
Games 7,721 7,411 31,203 37,533
Signs 1,714 1,379 5,407 5,702
TurboPower 725 520 2,973 2,220
-------- -------- -------- --------
21,091 17,013 78,643 75,530
Cost of goods sold 8,479 9,781 32,624 41,029
-------- -------- -------- --------
Gross margin 12,612 7,232 46,019 34,501
-------- -------- -------- --------
Costs and expenses
Selling, general and
administrative 6,310 4,488 19,964 18,666
Research and development 2,430 1,679 8,316 6,525
Other operating, net -- (1,852) -- (1,852)
Depreciation and
amortization 1,111 1,037 3,991 4,173
-------- -------- -------- --------
9,851 5,352 32,271 27,512
-------- -------- -------- --------
Income from operations 2,761 1,880 13,748 6,989
Other income 314 52 1,203 1,022
-------- -------- -------- --------
Income before income tax 3,075 1,932 14,951 8,011
Income tax expense
(benefit) 753 (9,329) 4,818 (7,201)
-------- -------- -------- --------
Net income $ 2,322 $ 11,261 $ 10,133 $ 15,212
========= ========= ========= =========
Basic net income per
common share $ 0.12 $ 0.61 $ 0.55 $ 0.83
========= ========= ========= =========
Diluted net income per
common share $ 0.12 $ 0.60 $ 0.53 $ 0.82
Basic weighted average
shares outstanding 18,748 18,389 18,479 18,234
======== ======== ======== ========
Diluted weighted
average shares
outstanding 19,118 18,717 18,956 18,628
======== ======== ======== ========
CASINO DATA SYSTEMS
Balance Sheets
As of December 31, 2000 and 1999
(Unaudited)
12/31/00 12/31/99
----------- -----------
(in thousands)
ASSETS
Current assets
Cash - unrestricted $ 13,826 $ 6,866
Cash - restricted 2,706 2,389
Investments ($1,001 and $1,309,
respectively are restricted) 4,384 2,581
Accounts and notes receivable, net 33,337 25,445
Inventory, net 25,194 25,600
Other current assets 2,577 2,143
--------- ---------
82,024 65,024
--------- ---------
Property and equipment, net 17,026 17,762
Investments - restricted 10,089 14,517
Deferred tax asset, net 7,891 10,172
Notes receivable 371 539
Intangible assets, net 108 122
Software development, net 1,743 2,362
Other assets 987 389
--------- ---------
38,215 45,863
--------- ---------
Total assets $ 120,239 $ 110,887
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ -- $ 214
Accounts payable 4,128 1,427
Accrued expenses 8,820 8,567
Accrued slot liability 1,576 1,766
--------- ---------
14,524 11,974
--------- ---------
Noncurrent liabilities
Accrued slot liability 12,499 16,387
--------- ---------
12,499 16,387
--------- ---------
Shareholders' equity
Common stock 85,521 84,964
Retained earnings
(accumulated deficit) 7,695 (2,438)
--------- ---------
93,216 82,526
--------- ---------
Total liabilities and
shareholders' equity $ 120,239 $ 110,887
========= =========
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