Concorde Gaming Posts Record Revenues for Fourth Quarter and Fiscal 1999.Business Editors RAPID CITY, S.D.--(BUSINESS WIRE)--Dec. 28, 1999 Reports Second Consecutive Profitable Quarter Concorde Concorde First supersonic, passenger-carrying, commercial airplane. Built jointly by British and French manufacturers, it entered regular service in 1976. Its maximum cruising speed is 1,354 mph (2,179 kph), more than twice the speed of sound; the London-New York flight Gaming Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGAM CGAM Centre for Global Atmospheric Modelling (UK) CGAM Computer Generated Images for Advertising & Marketing (conference) ), a diversified diversified (di·verˑ·s gaming firm with explosive explosive, substance that undergoes decomposition or combustion with great rapidity, evolving much heat and producing a large volume of gas. The reaction products fill a much greater volume than that occupied by the original material and exert an enormous pressure, growth and a recent turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. to profitability, today announced financial results for the fourth quarter and fiscal year ended September September: see month. 30, 1999. For the recent fourth quarter, Concorde Gaming achieved record revenues of $6.4 million, an increase of 440% compared to revenues of $1.2 million for the same quarter a year ago. The fourth quarter represents Concorde Gaming's second consecutive quarter of profitability. Net income for the quarter was $552,050, or $0.02 per share, compared to a net loss of $1.8 million, or $0.08 per share for the same period a year ago. For the 12-month period, Concorde Gaming reached record revenues of $19.0 million, an increase of 350% compared to revenues of $4.2 million for fiscal 1998. For the recent fiscal year, Concorde Gaming recorded a net loss of $969,553, or $0.04 per share, compared to a net loss of $2.5 million, or $0.10 per share for fiscal 1998. "During 1999, the company completed the transition of its business into a geographically diverse national gaming company," said Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Baum, President and Chief Executive Officer of Concorde Gaming. "We are pleased with first year revenues of $14.6 million for the 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. Princesa, and positive cash flow from the venture during the last two quarters. "Additionally, Golden Gates Casino in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. contributed revenues of $4.4 million for fiscal 1999. We anticipate that the March 2000 projected opening of the new parking garage connected to the casino and a planned expansion of our casino will increase future customer traffic and revenue for Golden Gates." Baum noted that the company is poised for the next stage of its development during the new millennium millennium [Lat.,=1,000 years], the period of 1,000 years in which, according to some schools of Christian eschatology, Christ will reign again gloriously on earth. Belief in the millennium, based on Rev. 20, has recurred in Christianity since the earliest times. . "As part of our growth strategy, we plan to acquire gaming or gaming-related ventures that will expand our geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. presence, further strengthen our financial performance and maximize shareholder value," he added. Concorde Gaming Corporation specializes in the development and management of casinos A list of casinos. Antigua and Barbuda
The historic City of Black Hawk is a Home Rule Municipality in Gilpin County, Colorado, United States. The city population was 118 at U.S. Census 2000, making Black Hawk the least populous city in Colorado. and day-cruise gaming through its Casino Princesa that cruises out of Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. . Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, changes in gaming regulations and tax rates in Colorado, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and other jurisdictions that could impact the Company's operations, changes in economic conditions, declining popularity of gaming, increased levels of competition and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Note: News releases and other information on Concorde Gaming can be accessed at www.cgam.com on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the .
CONCORDE GAMING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, 1999 and 1998
and Years Ended September 30, 1999 and 1998
Three Months Ended
September 30,
------------------------------
1999 1998
----------------------------------------------------------------------
Net revenues $6,432,406 $1,190,637
------------------------------
Costs and expenses:
Cost and expenses 5,097,378 1,174,846
Pre-opening and start-up costs 177,323 1,391,170
------------------------------
5,274,701 2,566,016
------------------------------
Income (loss) from operations 1,157,705 (1,375,379)
Other income (expense):
Other income (expense) 47,054 14,072
Interest expense and financing costs (537,609) (176,870)
------------------------------
(490,555) (162,798)
------------------------------
Income (loss) before income
taxes and cumulative effect
of accounting change 667,150 (1,538,177)
Federal and state income taxes (benefit) 115,100 45,000
------------------------------
Income (loss) before
cumulative effect of
accounting change 552,050 (1,583,177)
Cumulative effect of change in
accounting principle related to
pre-opening and start-up costs - (259,181)
------------------------------
Net income (loss) $552,050 $(1,842,358)
==============================
Basic and diluted earnings (loss)
per share
Income (loss) before cumulative
effect of accounting change $0.02 $(0.07)
Cumulative effect of change in
accounting principle 0.00 (0.01)
------------------------------
Net income (loss) $0.02 $(0.08)
==============================
Year Ended
September 30,
------------------------------
1999 1998
----------------------------------------------------------------------
Net revenues $19,033,658 $4,226,687
------------------------------
Costs and expenses:
Cost and expenses 17,453,503 5,029,980
Pre-opening and start-up costs 718,275 1,391,170
------------------------------
18,171,778 6,421,150
------------------------------
Income (loss) from operations 861,880 (2,194,463)
Other income (expense):
Other income (expense) 117,834 38,542
Interest expense and financing costs (2,049,967) (324,039)
------------------------------
(1,932,133) (285,497)
------------------------------
Income (loss) before income
taxes and cumulative effect
of accounting change (1,070,253) (2,479,960)
Federal and state income taxes (benefit) (100,700) (285,000)
------------------------------
Income (loss) before
cumulative effect of
accounting change (969,553) (2,194,960)
Cumulative effect of change in
accounting principle related to
pre-opening and start-up costs - (259,181)
------------------------------
Net income (loss) $(969,553) $(2,454,141)
==============================
Basic and diluted earnings (loss)
per share
Income (loss) before cumulative
effect of accounting change $(0.04) $(0.09)
Cumulative effect of change in
accounting principle 0.00 (0.01)
------------------------------
Net income (loss) $(0.04) $(0.10)
==============================
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