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 BOZEMAN, Mont., Oct. 25 /PRNewswire/ -- Video Lottery Technologies, Inc., (NASDAQ: VLTS), today reported third quarter earnings per common share of $0.27 versus $0.13 in the same period of 1992. Third quarter earnings before non-recurring items were $0.25.
 Revenues for the third quarter of 1993 increased to $45,610,000 from $38,234,000 in the same quarter of 1992. The third quarter 1993 increase resulted primarily from $28,567,000 of revenues from the company's on-line lottery subsidiary, Automated Wagering International, Inc., compared to revenues of $24,395,000 in the same period of 1992. Video lottery equipment sales and contract revenue increased $2,704,000 from $10,486,000 in the third quarter of 1992 to $13,190,000 in the same period of 1993.
 Net income for the third quarter increased to $3,355,000 or $0.27 per share from $1,640,500 or $0.13 per share in the prior year period. Net income for the third quarter of 1993 includes a pre-tax, non-recurring lawsuit settlement receipt of $1.78 million classified as other income. Selling, general and administrative expenses for the third quarter included a pre-tax, non-recurring charge to earnings of $1.3 million for executive severance packages. The net after-tax effect of these non-recurring items is a $0.02 increase in per share earnings. Average common shares outstanding increased to 12,285,971 in the third quarter of 1993 compared to 12,268,292 in the third quarter of 1992.
 For the nine months ended Sept. 30, 1993, total revenues were $134,025,000 compared to $72,776,000 in the first three quarters of 1992. On-line lottery revenues of $92,613,000 were up from $26,453,000, reflecting a full nine months of results of Automated Wagering International, Inc. versus three months of results in 1992 following the acquisition of the on-line business in June of 1992. Revenues from video lottery sales and contracts declined from $36,633,000 in the first nine months of 1992 to $31,014,000 in the same period of 1993.
 Net income for the first nine months of 1993 totaled $8,274,000 or $0.67 share, compared to $5,744,000 or $0.52 per share for the same period of 1992. Average common shares outstanding were 12,285,772 in the first nine months of 1993 versus 10,996,081 for the first nine months of 1992.
 Video Lottery Technologies, Inc., through its principal subsidiaries, Automated Wagering International, Inc. and Video Lottery Consultants, Inc., is one of the principal operators of system software and related services for the on-line lottery and video lottery markets, as well as the leading manufacturer of video lottery terminals. Presently, the company's on-line and video lottery terminals are in operation in the United States, Canada, Australia, and Western Europe.
 Financial Highlights
 (in thousands, except per share amounts)
 Periods ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Equipment sales $13,190 $10,486 $31,014 $36,633
 Route operations 3,853 3,353 10,398 9,690
 Services (A) 28,567 24,395 92,613 26,453
 Total revenues $45,610 $38,234 $134,025 $72,776
 Net income $3,355 $1,641 $8,274 $5,744
 Net income per share
 before non-recurring items $0.25 $0.13 $0.65 $0.52
 Net income per share after
 non-recurring items $0.27 $0.13 $0.67 $0.52
 Weighted average common
 shares outstanding 12,286 12,269 12,286 10,996
 (A) Services revenue in 1992 reflects amounts after the June 23, 1992 acquisition of the on-line business by Automated Wagering International, Inc.
 -0- 10/25/93
 /CONTACT: Mark Cushing, senior vice president of Video Lottery Technologies, Inc., 406-585-6613/

CO: Video Lottery Technologies, Inc. ST: Montana IN: CNO CPR SU: ERN

LD -- NY118 -- 6610 10/25/93 18:41 EDT
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Publication:PR Newswire
Date:Oct 25, 1993

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