Concorde Gaming Corporation announces results.RAPID CITY, S.D.--(BUSINESS WIRE)--Aug. 21, 1996--Concorde Gaming Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CGAM CGAM Centre for Global Atmospheric Modelling (UK) CGAM Computer Generated Images for Advertising & Marketing (conference) ) today reported results for the third quarter and nine months ended June 30, 1996. Revenues were $2,807,586 for the third quarter of fiscal 1996 compared to $3,296,211 for the comparable quarter of fiscal 1995, a decrease of 14.8%. The decrease was attributable to decreases in video lottery revenues in South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). and Management Agreement revenues from the 4 Bears Casino & Lodge. Net income for the third quarter of fiscal 1996 was $146,585 or $0.01 per share, compared to $444,905 or $0.02 per share, for the same period last year. Net income has been adversely impacted by the decrease in revenues and 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. costs associated with the Management Agreement. For the nine months ended June 30, 1996, the Company reported revenues of $8,410,711 compared to $7,517,161 for the comparable nine months of fiscal 1995, an increase of 11.9%. Revenues from video lottery were 22.5% higher than a year ago due to the impact of the statewide shutdown of video lottery in South Dakota during the first quarter of fiscal 1995. Management agreement revenues from the 4 Bears Casino & Lodge decreased 26.5% compared to the prior year due to harsh winter weather, road construction, increased competition in Canada, and a reduction in tourism. Net income for nine months ended June 30, 1996 was $302,742 or $0.01 per share, compared to $538,007 or $0.02 per share, for the same period last year, a decrease of 43.7%. The decrease in net income is primarily attributable to the decrease in Management Agreement revenues and the increase in litigation costs experienced during the last two quarters. "With our revenues from the 4 Bears Casino & Lodge being off due to road construction, a downturn in tourism and an increase in competition, our earnings per share were lower for the current period than the same period last year," said Jerry L. Baum, President. "We expect the decrease in our revenues to level off during the last quarter of 1996 and the first quarter of 1997. Nevertheless, the Company has reduced its notes payable to $5,608,462 as of June 30, 1996, compared to $8,789,743 at this time last year." Baum also added, "We are in negotiations with the Three Affiliated Tribes to settle disputes arising out of the Management Agreement. A successful settlement of these disputes would eliminate ongoing litigation costs and enable the Company to proceed with other opportunities where we have been restricted because of the legal uncertainty created by these contract disputes." Concorde Gaming Corporation owns and operates a video lottery route in South Dakota and manages a Class III casino under a seven-year management agreement with the Three Affiliated Tribes. The casino, known as the 4 Bears Casino & Lodge, is located on the Fort Berthold Indian Reservation The Fort Berthold Indian Reservation is a U.S. Indian reservation in North Dakota that is home for the Three Affiliated Tribes which consists of the Mandan, Arikara and Hidatsa peoples. in North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). . The Company also owns a percentage of Bayou Gaming, Inc., a Louisiana company that owns and operates a video poker Video poker is a casino game based on five-card draw poker. It is played on a computerized console which is a similar size to a slot machine. History Video poker first became commercially viable when it became economical to combine a television-like monitor with a route in the state of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. . CONTACT: Jerry Baum, President and COO or David L. Crabb, CFO See Chief Financial Officer. at 605/341-7738 |
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