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INTERNATIONAL GAMING MANAGEMENT REPORTS EARNINGS

 MINNEAPOLIS, April 20 /PRNewswire/ -- International Gaming Management, Inc. (NASDAQ: IGMM) today reported revenues and earnings for both the second quarter and six months ended Feb. 28, 1993.
 Revenues for the three months ended Feb. 28, 1993, increased to $4,579,731 from $300,452 for the same period prior year. The net loss for the period was $669,004 or $0.06 per share compared to a loss of $135,881 or $0.02 per share in the previous year.
 Revenues for the six months ended Feb. 28, 1993, increased to $7,014,384 from $790,643 for the same period prior year. The net loss for the period was $1,195,146 or $0.11 per share compared to net income of $266,495 or $0.04 per share in the previous year.
 The increases in revenues and losses were primarily attributable to the start-up operations in Louisiana, which began in July of 1992.
 International Gaming Management, Inc. is engaged in the business of selling and/or leasing proprietary gaming machines to the rapidly growing gaming industry. IGMM's consolidated affiliate, Louisiana Gaming Management, Inc., is one of the largest video lottery terminal route operators in the state of Louisiana.
 INTERNATIONAL GAMING MANAGEMENT, INC.
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Six Months
 Periods ended 2/28/93 2/29/92 2/28/93 2/29/92
 Gaming income $4,293,941 $300,452 $6,728,594 $613,041
 Sale of gaming
 machines 285,790 -- 285,790 177,602
 Total revenue 4,579,731 300,452 7,014,384 790,643
 Operating costs
 and expenses:
 Cost of gaming 2,307,242 -- 3,307,795 --
 Cost of machines
 sold 149,060 -- 149,060 214,644
 Salaries &
 benefits 480,065 112,336 989,492 206,307
 SG&A me
 (expense):
 Interest expense (127,376) (6,559) (173,806) (13,160)
 Other income -- 67,395 49,657 81,599
 Gain on sale of
 unconsolidated
 affiliate --
 stock net -- -- -- 444,443
 (Loss) from
 unconsolidated
 affiliate -- (55,735) -- (94,762)
 Net income (loss) (669,004) (135,881) (1,195,146) 266,495
 Net income (loss)
 per share (.06) (.02) (.11) .04
 Average shares
 outstanding 11,008,273 6,937,490 11,008,273 7,549,248
 -0- 4/20/93
 /CONTACT: Douglas Polinsky of International Gaming Management, Inc., 612-546-8140; or Parrish Ketchmark of Howard Bronson & Company, Inc., 212-867-6160, for International Gaming Management, Inc./
 (IGMM)


CO: International Gaming Management, Inc. ST: Minnesota IN: CNO SU: ERN

SM-AH -- NY020 -- 7822 04/20/93 09:09 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:418
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