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WELLS-GARDNER REPORTS 37 PERCENT INCREASE IN FIRST QUARTER SALES; VIDEO GAMING SALES UP SIGNIFICANTLY

WELLS-GARDNER REPORTS 37 PERCENT INCREASE IN FIRST QUARTER SALES;
 VIDEO GAMING SALES UP SIGNIFICANTLY
 CHICAGO, April 27 /PRNewswire/ -- Wells-Gardner (AMEX: WGA) today reported a 37 percent jump in sales for its first quarter ended March 31, 1992. Sales increased to $10,589,000 from $7,709,000 in the year-earlier quarter. Leading the advance were monitors for the video gaming (VLT) industry, sales of which quadrupled over the 1991 quarter and contributed $1.7 million in sales to the current quarter.
 Net income amounted to $74,000, or 2 cents a share, rebounding from a loss of $670,000, or 18 cents a share, in the prior year's quarter. "This represents a positive profit swing of $744,000 and took place prior to implementation of the restructuring plan announced earlier. The financial benefits of the restructuring will not be realized until later in the second quarter, when the voluntary early retirement program and other reductions due to discontinued activities are completed," commented Frank J. Myers, chairman and chief executive officer.
 The company had 3,857,559 weighted average common and common equivalent shares outstanding in the recent quarter and 3,766,338 in the 1991 quarter.
 "The higher sales reflect signs of strengthening in most markets we serve. Strong sales gains were registered in the coin-operated video gaming (VLT) and leisure segments of our business with only automotive failing to keep pace. Exports nearly doubled over a year ago and accounted for 20 percent of total sales. We are encouraged by the continuing improvements we are seeing in the economy in general and, in these markets specifically," Myers said.
 "Of particular interest and note is the revenue contribution from sales of monitors to video lottery terminal customers. First quarter sales nearly equalled total sales generated from this segment in all of 1991. Wells-Gardner has been the leading monitor supplier for the VLTs installed in the state of Oregon, and shipments will soon begin to terminal makers serving the emerging Louisiana market. With VLT- enabling legislation pending in 17 states, we continue to be optimistic about the growth prospects of this industry as well as Wells-Gardner's opportunity to be the dominant supplier of monitors to this market.
 "Our financial strength remains intact. Our current ratio is 3.12 to 1.00; shareholders equity is at $3.17 per share and we have no long-term debt," Myers concluded.
 Wells-Gardner Electronics Corporation is a video products company. It designs and manufactures color and monochrome video monitors for sale to the business, industrial and computer markets. It has a customer base that is growing both domestically and internationally.
 WELLS-GARDNER ELECTRONICS CORPORATION
 Condensed Balance Sheet
 (Unaudited) (Audited)
 March 31, Dec. 31,
 1992 1991
 Assets:
 Cash and Short-Term Investments $ 382,000 $ 423,000
 Refundable Income Taxes 192,000 265,000
 Accounts Receivable 6,016,000 5,716,000
 Inventory 8,377,000 7,839,000
 Other Current Assets 363,000 309,000
 Total Current Assets 15,330,000 14,552,000
 Long-Term Bond 25,000 25,000
 Net Properties and Equipment 2,112,000 1,970,000
 Total Assets $ 17,467,000 $ 16,547,000
 Liabilities and Shareholders' Equity:
 Current Liabilities $ 5,014,000 $ 4,188,000
 Deferred Taxes 217,000 217,000
 Shareholders' Equity 12,236,000 12,142,000
 Total Liabilities and
 Shareholders' Equity $ 17,467,000 $ 16,547,000
 WELLS-GARDNER ELECTRONICS CORPORATION
 Statement of Operations
 (Unaudited)
 First Quarter Ended March 31,
 1992 1991
 Net Sales $ 10,589,000 $ 7,709,000
 Cost of Sales 9,521,000 7,489,000
 Selling and Administrative
 Expenses 1,012,000 973,000
 Other Income, Net (18,000) (26,000)
 Total Cost 10,515,000 8,436,000
 Earnings (Loss) before
 Income Taxes 74,000 (727,000)
 Income Taxes (benefit) 12,000 (57,000)
 Net Earnings (Loss)
 from continuing
 operations 62,000 (670,000)
 Net Earnings form Extraordinary
 item-Tax Effect of Loss
 Carryforward 12,000 ---
 Net Earnings (Loss) $ 74,000 $ (670,000)
 Net Earnings (Loss) per
 share from Continuing
 Operations $ 0.02 $ (0.18)
 Net Earnings per share
 from Extraordinary
 item - Tax Effect of
 Loss Carryforward --- ---
 Net Earnings (Loss)
 per share $ 0.02 $ (0.18)
 Weighted Average Common
 and Common Equivalent
 Shares Outstanding 3,857,559 3,766,338
 -0- 4/27/92
 /CONTACT: Rick Conquest, Chief Financial Officer, Wells-Gardner Electronics, 312-252-8220; or Gale Strenger, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for Wells-Gardner Electronics/
 (WGA) CO: Wells-Gardner Electronics Corporation ST: Illinois IN: CPR SU: ERN


ML -- DE015 -- 3186 04/27/92 12:48 EDT
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