Concorde Gaming reports revenues for the three months ended Dec. 31, 1995.Gaming Corp. (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 their revenues for the three months ended Dec. 31, 1995 (first quarter of fiscal 1996) marked the strongest first quarter revenues in the history for the Company. Revenues were $3,000,698 for the first quarter of fiscal 1996 compared to $1,371,846 for the comparable quarter of fiscal 1995, an increase of 118.7 percent. Net income for the first quarter of fiscal 1996 was $145,565 or $0.01 per share, compared with a net loss of $183,724 or ($0.01) per share, for the same period one year ago. Jerry L. Baum, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated, "We are very pleased with our revenues and net income for our first quarter of fiscal 1996. Our increase in revenues represents an increase of 179 percent for video lottery for the first quarter of fiscal 1996 compared to the same period last year. In the first quarter of fiscal 1995, there was the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of video lottery operations for 52 days throughout 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). . Continued strong performance at the 4 Bears Casino & Lodge provided an 8 percent increase in revenues for the comparable quarters." Baum added, "We are also pleased to announce that our application for a riverboat riv·er·boat n. A boat suitable for use on a river. gaming license has been submitted to the Missouri Gaming Commission for a proposed riverboat gaming operation to be located on the Missouri river Missouri River River, central U.S. The longest tributary of the Mississippi River, it rises in the Rocky Mountains of southwestern Montana. It flows east to central North Dakota and south across South Dakota, forming sections of the South Dakota–Nebraska boundary, the in Lexington, Missouri Lexington is a city in Lafayette County, Missouri, United States. The population was 4,453 at the 2000 census. It is the county seat of Lafayette CountyGR6. . The preliminary plans have been completed and together with the City of Lexington, we await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. further notice from the Missouri Gaming Commission." Concorde Gaming Corp. owns and operates a video lottery route in South Dakota. The Company also manages the 4 Bears Casino & Lodge located on the Fort Berthold Reservation 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). , pursuant to a seven-year management agreement with the Three Affiliated Tribes. -0-
CONCORDE GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended December 31, 1995 and 1994
(unaudited)
1995 1994
---------- ---------
Revenues:
Video lottery $2,470,796 $ 882,983
Management agreement 523,410 486,608
Other 6,492 2,255
---------- ----------
3,000,698 1,371,846
---------- ----------
Costs and expenses:
Video lottery state share 1,226,458 321,655
Video lottery location share 815,550 365,178
Compensation expenses 195,962 135,569
Business development costs 13,941 54,673
Operating expenses 433,404 364,348
---------- ----------
Total costs and expenses 2,685,315 1,241,423
---------- ----------
Operating income 315,383 130,423
---------- ----------
Other income (expense):
Interest income 139,503 138,792
Loss on sale of equipment (457) (48,525)
Other income (expense) 1,221 25,824
Interest expense and financing costs (227,235) (533,438)
----------- ----------
(86,968) (417,347)
----------- ----------
Income (loss) before taxes 228,415 (286,924)
Federal and state income taxes (benefit) 82,850 (103,200)
----------- ----------
Net income (loss) $ 145,565 $(183,724)
=========== ==========
Net income (loss) per common and
common equivalent share $0.01 ($0.01)
=========== ==========
Weighted average number of common and
common equivalent shares outstanding 21,978,732 22,079,859
=========== ==========
CONTACT: Concorde Gaming Corp. Jerry Baum, President and COO (Cell Of Origin) See mobile positioning. or David L. Crabb, CFO See Chief Financial Officer. 605/341-7738 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion