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INTERNATIONAL GAMING MANAGEMENT, INC. ANNOUNCES FIRST QUARTER RESULTS

 MINNEAPOLIS, Jan. 14 /PRNewswire/ -- International Gaming Management, Inc. (NASDAQ: IGMM) (IGM) today reported financial results for its first quarter ended Nov. 30, 1993.
 Revenues for the quarter were $6,443,739 compared to $2,434,653 for the comparable three month period ended Nov. 30, 1992, or an increase of 164.7 percent. Operating losses decreased to ($56,333) compared to a loss of ($529,369) for the year ago quarter. The net loss for the quarter was ($237,462) or ($.02) per share compared to a loss of ($526,142) or ($.05) per share a year ago.
 The increase in revenues and improved operating results for the current quarter are primarily attributable to the growth in gaming machines, representing the company's distribution system, from 996 at Nov. 30, 1992 to 1,558 at Nov. 30, 1993. "The expansion of gaming machines and the resulting economies of scale has enhanced profit margins in the company's route operations, specifically leading to operating profitability from the company's Louisiana affiliate for the first time," said Douglas M. Polinsky, president and chief executive officer. "Continued start-up costs in the company's proposed Mississippi dockside gaming operations mitigated these positive results from the company's route operations, but represent an investment in the company's future growth," continued Polinsky.
 IGM, headquartered in Minneapolis, sells and leases gaming machines. The company's consolidated affiliate, Louisiana Gaming Management, Inc. is one of the largest video lottery terminal route operators in the State of Louisiana. The company's common stock is traded on NASDAQ under the symbol "IGMM."
 INTERNATIONAL GAMING MANAGEMENT, INC.
 SELECTED FINANCIAL INFORMATION
 (Unaudited)
 Selected Operating Results: Three Months Ended
 11/30/93 11/30/92
 Revenues:
 Gaming $6,443,739 $2,434,653
 Operating costs and expenses:
 Cost of gaming 2,109,707 727,646
 State franchise fee 1,199,279 392,345
 Salaries and benefits 659,214 509,427
 Selling, general & administrative 2,531,869 1,334,604
 Loss from operations (56,333) (529,369)
 Other income (expense):
 Interest expense (198,524) (46,773)
 Other 17,395 50,000
 Net loss $(237,462) $(526,142)
 Loss per common share $(.02) $(.05)
 Weighted average
 common shares outstanding 12,745,519 10,881,888
 Selected Balance Sheet Data:
 11/30/93 8/31/93
 (unaudited)
 Working capital $(4,331,293) $(4,471,101)
 Total assets 10,397,656 5,288,947
 Long-term debt, including
 current portion 6,761,468 6,778,523
 Shareholders' equity 2,320,761 1,381,227
 -0- 01/14/94
 /CONTACT: Douglas M. Polinsky or Mark A. Sorensen, of International Gaming Management, 612-546-8140/
 (IGMM)


CO: International Gaming Management, Inc. ST: Minnesota IN: CNO SU: ERN

CP-DB -- MN008 -- 1173 01/14/94 11:40 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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