Concorde Gaming Reports Strong 2nd Quarter Profits; Second Quarter Net Revenue Up 25.9 %.Business Editors RAPID CITY, S.D.--(BUSINESS WIRE)--May 9, 2002 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 (Pink Sheets:CGAM CGAM Centre for Global Atmospheric Modelling (UK) CGAM Computer Generated Images for Advertising & Marketing (conference) ) announced financial results for the three months ended March 31, 2002 and six months ended March 31, 2002. For the quarter ended March 31, 2002, the Company reported net income of $475,130, or $0.02 per share, compared to a net loss of $(324,145), or $(0.01) per share, for the same quarter a year ago. Net revenue for the quarter was $5,554,507, an increase of 25.9%, compared to net revenue of $4,411,930 for the same quarter a year ago. For the six months ended March 31, 2002, net income was $644,954, or $0.03 per share, compared to a net loss of $(1,339,253) or $(0.06) per share for the same period a year ago. Net revenue for the six months ended March 31, 2002 was $10,470,195, an increase of 27.2%, compared to net revenue of $8,229,433. "Increased customer traffic was the primary driver of our second quarter results," commented Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Baum, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Concorde Gaming. "Strong revenue growth contributed to one of our most profitable quarters in recent periods. Our results for the first two quarters of our fiscal year also positions us to report strong results for the fiscal year ending September September: see month. 30, 2002." The Black Hawk, Colorado For other uses of Blackhawk/Black Hawk, see Black Hawk. 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. 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. contributed net revenues of $1,959,562 and segment profits of $732,068 for the three months ended March 31, 2002, an increase of 18.8% and 69.0%, respectively, over the same quarter last year. The offshore gaming vessel, the Princessa
Princessa, born Mónica Capel Cruz, is a Spanish pop/dance singer. , contributed net revenues of $3,594,945 and segment profits of $126,050 for the quarter ended March 31, 2002, an increase of 30.2% and 138.9%, respectively, over the same quarter a year ago. The offshore gaming passenger count increased 31.1% in the current year quarter over the prior year quarter. These second quarter results represent the fourth consecutive quarter of profitable results. The Company reported earnings of $253,802, $117,757 and $169,824 for the quarters ended June June: see month. 30, 2001, September 30, 2001 and December December: see month. 31, 2001 respectively. Earnings for the twelve months ended March 31, 2002 were $1,016,513, or $0.04 per share. Concorde Gaming owns and operates two gaming properties with over 500 gaming devices in operation. The Company operates a limited stakes gaming property, the Golden Gates Casino in Black Hawk, Colorado, and a day-cruise gaming property, the Casino Princesa based 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. . The Company's corporate offices are located in Rapid City, South Dakota Rapid City is a city located in the western part of South Dakota and is the second largest city in the state of South Dakota after Sioux Falls. Set against the eastern slope of the Black Hills, Rapid City is in the county of PenningtonGR6 USA. . Statements contained in this press release, which are not historical facts, are 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. , as that term is defined in 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. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, changes in gaming regulations and tax rates in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Florida, and other jurisdictions, the level and rate of growth in the Company's operations, the Company's ability to continue to increase customer traffic to its properties, the Company's ability to continue to impose strong cost controls, and the effect of the Company's accounting policies and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. Concorde Gaming Corporation's Statement of Operations See Income statement. and Summary Balance Sheet were as follows:
Concorde Gaming Corporation and Subsidiaries
Consolidated Statement of Operations
Three Months Ended Six Months Ended
March 31 March 31
2002 2001 2002 2001
----------- ----------- ------------ -----------
Gross revenues $6,293,100 $5,106,836 $11,745,765 $9,866,584
Less promotional
allowances 738,593 694,906 1,275,570 1,637,151
----------- ----------- ------------ -----------
Net revenues 5,554,507 4,411,930 10,470,195 8,229,433
Cost and expenses 4,792,085 4,305,972 9,216,858 8,674,163
----------- ----------- ------------ -----------
Income (loss) from
operations 762,422 105,958 1,253,337 (444,730)
Other income 32,783 14,419 48,791 22,652
Interest (expense) (320,075) (444,522) (657,174) (917,175)
----------- ----------- ------------ -----------
Income (loss) before
income taxes 475,130 (324,145) 644,954 (1,339,253)
Income taxes - - - -
----------- ----------- ------------ -----------
Net income (loss) $475,130 $(324,145) $644,954 $(1,339,253)
=========== =========== ============ ===========
Net income (loss) per
share $0.02 $(0.01) $0.03 $(0.06)
=========== =========== ============ ===========
Consolidated Balance Sheet
March 31, 2002
Assets Liabilities
------ -----------
Cash and cash Notes payable and current
equivalents $ 1,544,709 maturities $ 1,437,904
Other current Other current
assets 738,495 liabilities 1,616,994
----------- ------------
Total current Total current
assets 2,283,204 liabilities 3,054,898
Long term debt,
less current
maturities 5,088,467
Property and Note payable to
equipment, net 12,508,109 related party 10,260,042
Other assets and
intangibles, Stockholders
net 1,629,531 (deficit) (1,982,563)
----------- ------------
$16,420,844 $16,420,844
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