Trans World Gaming Corp. Announces Second Quarter and Six Months 1999 Results.NEW YORK--(BUSINESS WIRE)--Sept. 13, 1999-- Company Files Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 10-QSB's for March, June and September 1998 and March 1999 Quarters Trans World Trans World is an economic simulation game for the Commodore 64 published by Starbyte Software in 1990. The player takes control of a new trucking company and competes against up to either three other human or computer players to make the most money. Gaming Corp. ("TWG TWG Technical Working Group TWG Thematic Working Group (WHO) TWG Trans World Group (base metals traders) TWG Terlato Wine Group TWG Training Working Group TWG Transition Working Group ") (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : IBET IBET Integrated Border Enforcement Team IBET Institute of Biomedical Engineering Technology IBET Integrated Biology English and Technology IBET Indoor Building Entrance Terminal (Bellcore) , IBETW) today announced financial results for the second quarter and six months ended June 30, 1999. Revenue for the second quarter totaled $4.9 million compared with $4.8 million in the second quarter of 1998. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become improved by $1.1 million to $1.2 million or 24.5% of total revenue for the three months ended June 30, 1999 versus 1.3% of total revenue during the second quarter of 1998. A net loss of $532,000 or $0.16 per share was reported for the quarter, an improvement of $1.0 million over the previous year's loss of $1.6 million or $0.52 per share during the comparable quarter. For the six months ended June 30, 1999, revenue was $9.6 million compared to $6.4 million for the same period of 1998, an increase of $3.2 million or 50.8%. Most of the increase occurred in the first quarter. EBITDA for the first six months of this year improved by $1.0 million to $1.5 million versus $433,000 last year. The net loss for the first six months of 1999 amounted to $1.9 million or $0.57 per share versus a loss of $1.6 million or $0.52 for the comparable six-month period in 1998. Trans World Gaming Corp. also announced the filing of amended 10-QSB's for the first three quarters of 1998 and the first quarter of 1999 with the Securities and Exchange Commission. The purpose of the amendments was to correct certain recordings of 1998 transactions, most notably the recordings of the Czech and Spanish acquisitions and the allocation of value to the warrants issued in connection with the March 1998 private placement. In commenting on the second quarter results, Rami rami [L.] plural of ramus. rami communicantes bundles of nerve fibers connecting a sympathetic ganglion to spinal nerve; categorized as gray rami (unmyelinated postganglionic fibers) or white rami (myelinated preganglionic Ramadan, Chief Executive Officer of Trans World Gaming stated, "Additional revenues derived from the two acquisitions made early last year combined with a reduction in costs associated with the streamlining of 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. de Zaragoza operations in Spain contributed to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. comparisons between the second quarter of 1999 and 1998." Mr. Ramadan further commented, "We continue to implement cost-saving strategies while positioning ourselves for greater revenue and attendance levels at our casinos A list of casinos. Antigua and Barbuda
Trans World Gaming owns and operates three casinos in Europe and specializes in small to medium sized casinos and gaming parlors in local venues worldwide. The Company maintains offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. -0-
TRANS WORLD GAMING CORP.
FINANCIAL HIGHLIGHTS
(in thousands, except for per share data)
Three Months Ended
June 30, 1999 June 30, 1998
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Revenues $4,874 $4,789
Total Costs and Expenses 4,482 5,428
Income (Loss) From Operations 392 (639)
Other Income (Expense) (924) (838)
Income (Loss) Before Income Taxes (532) (1,477)
Income Taxes 0 101
Net Income (Loss) (532) (1,578)
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Earnings (Loss) Per Common Share
Basic $(0.16) $(0.52)
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Weighted Average Common Shares Outstanding
Basic 3,364 3,044
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TRANS WORLD GAMING CORP.
FINANCIAL HIGHLIGHTS
(in thousands, except for per share data)
Six Months Ended
June 30, 1999 June 30, 1998
----------------------------------
Revenues $9,589 $6,358
Total Costs and Expenses 9,513 6,744
Income (Loss) From Operations 76 (386)
Other Income (Expense) (1,994) (1,121)
Loss Before Income Taxes (1,918) (1,507)
Income Taxes 0 101
Net Loss $(1,918) $(1,608)
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Loss Per Common Share $(0.57) $(0.52)
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Weighted Average Common
Shares Outstanding 3,364 3,044
==================================
Selected Balance Sheet Information
as of June 30, 1999
(in thousands)
June 30, 1999 March 31, 1999
Total Current Assets 3,257 2,712
Total Assets 19,268 19,231
Total Liabilities 23,115 23,177
Long-term Debt 17,968 17,800
Total stockholders' deficit (10,534) (10,267)
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