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VEGAS CHIPS ANNOUNCES FIRST QUARTER RESULTS

 LAS VEGAS, Aug. 18 /PRNewswire/ -- Vegas Chips Inc. (NASDAQ: VCHP) announced today that the company had sales of $709,638 for the first quarter of fiscal 1994, as compared to $670,099 for the first quarter of fiscal 1993. The company suffered a net loss of $67,436 (.05 per share), as compared to $32,035 (.04 per share) for the first quarter of the prior year. The results for 1994 include approximately $27,000 in depreciation and $15,000 related to the year-end audit, as compared to $18,000 and $15,000 for the prior-year's quarter.
 "We have cut our losses substantially as compared to the $165,143 loss in the third quarter and the $304,546 loss in the fourth quarter of fiscal 1993," commented Roger Nix, chairman of the board.
 The company is manufacturing new fat-free baked potato chips under an agreement with Fit Foods Inc. of Boston. Shipping of these chips is anticipated to begin before the end of August.
 VEGAS CHIPS INC.
 Statement of Operations
 (Unaudited)
 Three months ended
 June 30,
 1993 1992
 Sales $729,430 $693,772
 Less: Discounts and allowances 19,792 23,673
 Total 709,638 670,099
 Cost of sales 506,055 488,031
 Gross profit 203,582 182,068
 Selling, general and
 administrative expenses 268,463 211,700
 Loss from operations (64,881) (29,632)
 Other income (expenses):
 Dividend and interest income --- 137
 Gain (loss) on disposition
 of property and equipment --- ---
 Interest expense (13,835) (2,540)
 Sublessee rental income 11,280 ---
 Total (2,555) (2,403)
 Net loss ($67,436) ($32,035)
 Net loss per share ($.05) ($.04)
 Weighted average number
 of common shares outstanding 1,449,945 752,145
 -0- 8/18/93
 /CONTACT: Kevin Holden of Vegas Chips, 702-647-3800/
 (VCHP)


CO: Vegas Chips Inc. ST: Nevada IN: FOD SU: ERN

JL-LM -- SD001 -- 3774 08/18/93 08:45 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
Words:312
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