Trans World Gaming Corp. Announces Year-End Results.Business Editors NEW YORK--(BUSINESS WIRE)--April 19, 2000 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 its results for the fiscal year ended December 31, 1999. Revenues from the European casino segment of the Company's 1999 operations were $12.3 million versus $9.0 million in 1998, an increase of $3.3 million. Excluded from those numbers are the revenues generated by the Company's Louisiana truck stop operations, which featured video lottery terminals (VLTs). These operations were discontinued on June 30, 1999, as a result of anti gaming legislation which required the termination of video poker Video poker is a casino game based on five-card draw poker. It is played on a computerized console which is a similar size to a slot machine. History Video poker first became commercially viable when it became economical to combine a television-like monitor with a in 35 parishes in Louisiana <onlyinclude>The U.S. state of Louisiana is divided into 64 parishes in the same way that 48 of the other states of the United States are divided into counties (Alaska is divided into boroughs and census areas). , including the two parishes in which TWG conducted operations. Inclusive of inclusive of prep. Taking into consideration or account; including. VLT VLT Valletta (postal locality, Malta) VLT Very Large Telescope VLT Video Lottery Terminal VLT Vermont Land Trust VLT Visible Light Transmittance VLT Variable List Table VLT Very Long-Term revenues, total revenues in 1999 were $15.3 million versus $15.1 million in 1998. The Company reported a net loss of $6.4 million for the period or $(1.78) per share, which represents a $4.3 million improvement over the $10.7 million loss or $(3.52) per share in 1998. In commenting on the 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 S. Ramadan, Chief Executive Officer, pointed out, "1999 represented a critical year in meeting the Company's long range objectives. In 1999, TWG was able to complete the transition from a solely US-based video gaming video gaming n. 1. Gambling by means of interactive games of chance played on a video screen. 2. The playing of video games. operation to foreign-based casinos. We were able to redirect the Company's development strategy toward the European market. In the short time that we have had a presence in Europe, we continue to develop ourselves and our brand, American Chance Casinos, as a premier small to midsize casino operator in the market. The goal for TWG is to turn a profit by the end of 2001. Our latest casino located near Snojmo, Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , which opened in December 1999, is already exceeding projections in terms of both attendance and total dollar volume of play. This casino, together with the existing properties in Ceska and Rozvadov, Czech Republic and Zaragoza, Spain, give us a solid foundation in Europe upon which we will continue to build." The streamlining of its European operations has also been a priority for TWG. Cost cutting initiatives in 2000 have included closure of the Company's offices in London, reorganization of the management structure in the Czech Republic, and negotiation of a sizable reduction in the credit card commission rates in Germany. "The addition of the casino near Snojmo has afforded us the opportunity to benefit from some economies of scale," pointed out Mr. Ramadan. Looking ahead to the remainder of 2000, Mr. Ramadan said, "We are excited about where the Company is headed and have several important projects on the horizon. Namely, the strong demand in the casinos in Rozvadov and near Snojmo has forced us to begin the process of expanding these operations by a combined total of seven gaming tables. We are also planning to move the two other casinos, located in Ceska and Zaragoza to larger facilities in locations that are much more accessible to potential customers." Beyond that, Mr. Ramadan explained further, "We will continue to explore business opportunities on a case by case basis. Expansion will be the key to our success, so it will remain our focus. Moreover, our expansion will not be limited to the casino industry. It is our intention to create a hotel division within the Company. Not only is the hotel business an excellent complement to the casino business, but the qualifications and experience of our Company's management are most noted in this industry." Trans World Gaming specializes in small to medium size international casinos in Europe, where it owns and operates four casinos and a full service hotel. The Company's Corporate Headquarters are located 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 . "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. - Tables to Follow -
TRANS WORLD GAMING CORP.
FINANCIAL HIGHLIGHTS
(in thousands except per share data)
For The Year Ended
December 31, December 31,
1999 1998
---- ----
Revenues $12,294 $ 9,016
Total Costs and Expenses 18,703 19,554
Pre-tax income/(loss) (6,409) (10,538)
Tax 0 191
Net income/(loss) (6,409) (10,729)
Net income/(loss) per share $ (1.78) $ (3.52)
Weighted Avg. Common shares outstanding 3,598 3,044
SELECTED BALANCE SHEET INFORMATION
AS OF DECEMBER 31, 1999
1999 1998
---- ----
Total current assets $ 1,742 $ 3,048
Total assets 17,993 20,562
Total liabilities 32,237 29,965
Long term debt 26,519 23,638
Stockholder's equity/(deficit) (14,244) (9,403)
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