INTERNATIONAL TOTALIZATOR SYSTEMS MAKES SMALL PROFIT IN SECOND QUARTER
/following is a repeat for points needed/ CARLSBAD, Calif., July 30 /PRNewswire/-- International Totalizator
Systems Inc.(R) (NASDAQ: ITSI) posted a net profit for the quarter ended June 30, 1993, of $42,000, or $.004 per share, on $5.3 million in revenue. Year-to-date, the net loss was $52,000, or $.005 per share, on $9.7 million in revenue. For the quarter ended March 31, 1993, the company posted a net loss of $94,000, or $.01 per share, on revenues of $4.3 million.
The quarter and year-to-date results reflect a lower level of contract volume throughout those periods compared to the previous year. Influencing the second quarter results were higher legal and professional costs associated with securities and contracting issues and the research and development related to the new Flipper terminal in addition to costs associated with the development of software the North and South American wagering markets. Backlog at June 30, 1993, was approximately $15.1 million, $10.9 million of which is expected to be recognized throughout the remainder of 1993. As an update to the forecast made earlier in the year, the company still anticipates its total revenues for the 1993 fiscal year to range between $25 million to $26 million, resulting in approximate net income of $1.2 million. Earnings per share based on the number of shares outstanding at June 30, 1993, would equate to approximately $.10 per share due to the increase in shares issued to Berjaya Lottery management in a stock sale which raised nearly $10 million for the company. It is also expected that the third quarter of 1993 will generate more significant revenues than in the other quarters of the year. International Totalizator Systems Inc. designs, manufactures, sells, supports and services computerized ticket issuing systems and terminals for the global pari-mutuel wagering, on-line lottery and automated travel ticket printing industries. INTERNATIONAL TOTALIZATOR SYSTEMS INC. Statement of Operations (Unaudited) (Thousands of dollars except per share amounts) Three months ended Six Months ended June 30, June 30, 1993 1992 1993 1992 Revenues $5,328 $6,276 $9,650 $11,233 Net income (loss) $42(a) $116 ($52)(a) $130 Average shares: 10,453,000(b) 9,677,000 9,983,000(b) 9,677,000 Net income per common share $.004 $.01 ($.005) $.01 (a) Includes a gain of $131,000 and $185,000 for the three- and six- month periods ended June 30, 1993, respectively, from the sale of McKinnie & Associates. (b) Includes the weighted number of shares outstanding during the period from the sale of 1,950,000 shares of common shares to Berjaya Lottery Management. -0- 7/30/93 /CONTACT: Karen Patchen, manager-investor relations of International Totalizator Systems, 619-931-4027/ (ITSI)
CO: International Totalizator Systems Inc. ST: California IN: CPR SU: ERN
LM-MF -- SD001 -- 7573 07/30/93 07:26 EDT