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GAMMA INTERNATIONAL REPORTS FIRST QUARTER RESULTS; COMPANY IS NOW IN COMPLIANCE WITH NASD CAPITAL AND SURPLUS REQUIREMENTS

 GAMMA INTERNATIONAL REPORTS FIRST QUARTER RESULTS;


COMPANY IS NOW IN COMPLIANCE WITH NASD CAPITAL AND SURPLUS REQUIREMENTS
 BILLERICA, Mass., May 20 /PRNewswire/ -- Gamma International Ltd. (NASDAQ: GAMM) reported today results of the first quarter ended March 31 and also noted that it had complied with NASD capital and surplus requirements and that the conditional symbol "C" had been removed from Gamma's NASDAQ stock trading symbol.
 Revenues from game sales for the first quarter were $4,225,474 compared to $3,705,177 in the first quarter of 1991. Game sales from Big Red Keno in Omaha, Neb., for which Gamma serves as consultant, were approximately $6.1 million, bringing total game sales involving Gamma operations to over $10 million. Big Red Keno did not begin operations in the first quarter of 1991 but its game sales for the period of its operations in 1991, during the third and fourth quarters, were approximately $4.2 million. The company reported a loss of $1,049,599 or $0.28 per share for the first quarter, compared to a loss of $238,678 or $0.09 per share in 1991.
 The increase in revenues is the result of the addition of new games to Gamma's operations in Indian gaming halls in the third and fourth quarters of 1991. The increase in losses is largely attributable to increased general and administrative costs resulting from the company's expansion of operations and the development and preparation to launch new products.
 Jack Saltiel, president, also stated that Gamma was in compliance with NASD rules concerning capital and surplus as the result of private placements and the conversion of debt into equity which raised $2.975 million. Accordingly, the conditional designation "C" has been removed from Gamma's stock trading symbols.
 Gamma International, Ltd. common shares, warrants and units are traded on NASDAQ under the symbols GAMM, GAMMW, and GAMMU.
 GAMMA INTERNATIONAL LTD.
 Condensed Financial Information
 (Unaudited)
 Period ended March 31;
 1992 1991
 Revenues from game sales $4,225,474 $3,705,177
 Loss 1,049,599 238,678
 Loss per share 0.28 0.09
 Shares outstanding 5,329,552 2,651,978
 -0- 5/20/92
 /CONTACT: Robert K. Stern, 401-331-5533, or Jack Saltiel, 508-670-0794, both of Gamma International, or John Swanson of Swanson Communications, 212-683-4890, for Gamma International/
 (GAMM) CO: Gamma International, Ltd. ST: Massachusetts IN: SU: ERN


JT -- NY045 -- 6243 05/20/92 12:30 EDT
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Publication:PR Newswire
Date:May 20, 1992
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