Stockbrokers Society issues research report on Northern Gaming Inc.LOS ANGELES--(BUSINESS WIRE)--Aug. 23, 1996--Northern Gaming Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :NTGMF), a Toronto company whose U.S. subsidiary has ambitious plans to become a major distributor of gaming devices in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , is the subject of a research report issued by the Stockbrokers Society. The four-page report, which was commissioned by Northern Gaming, is available at no charge from the Stockbrokers Society by calling 800/552-2855 or faxing 818/957-1424. Management expects Northern Gaming's revenues to top $17 million for 1996 and generate earnings per share of 46 cents on a fully diluted basis. Projected results for 1997 are $35 million in revenues and 71 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , and for 1998, $51 million and 92 cents per share. The per-share figures reflect a proposed 1-for-4 reverse stock split, which shareholders are expected to approve at the company's upcoming annual meeting on Sept. 16. Shareholders will also be asked to approve reincorporation of the company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as a Delaware corporation. The company recently completed a three-part $14.8 million financing arranged by Baker Weeks & Co., a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. investment banking firm. Most of the funding will support the sales efforts of Northern Gaming's U.S. sales subsidiary, Wolf Gaming of Grand Junction, Colo. Another subsidiary, Northern Gaming Financial Corp. is being established to finance the sale of machines by Wolf Gaming. Wolf is the exclusive distributor for the Williams line of gaming devices in all North and South American markets except Nevada and Atlantic City. Williams is a brand of WMS Gaming Inc., a large and long-established Chicago-based manufacturer of electronic slot machines and other casino games. Northern Gaming is WMS WMS Warehouse Management System WMS Web Map Service (open geospatial consortium specification) WMS West Middle School (Rochester Hills, MI) WMS Workforce Management Software WMS Wechsler Memory Scale Gaming's vehicle to gain market share in the American Indian casino market and in off-reservation markets such as Deadwood Deadwood, city (1990 pop. 1,830), seat of Lawrence co., W S.Dak.; settled 1876 after discovery of gold. A Black Hills tourist center, it is also a trade hub for a lumbering, stock-raising, and mining region. , S.D., and aboard Mississippi riverboats and Caribbean cruise ships. Northern Gaming believes that in the near future, it can capture 12 percent to 14 percent of the market, which is expected to exceed $130 million this year. Currently there are an estimated 50,000 electronic gaming devices operating in the American Indian marketplace, a figure that is expected to double by the year 2000. Because many of the existing machines are either worn out or outdated, unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of new machines over the next five years should be well in excess of 50,000. CONTACT: Stockbrokers Society Robert A. Dresser, 800/552-2855 |
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