Following is a recent press release on GVCU. Any and all feedback/imput would be appreciated
Friday January 17 1:35 PM EDT
Gaming Venture Corp., U.S.A. Announces Record
Earnings for the Fourth Quarter and Fiscal Year
FORT LEE, N.J., Jan. 17 /PRNewswire/ -- Gaming Venture Corp today released
4th quarter and year end results. Both Revenues and Earnings continued to set
records in the 4th quarter led by a strong quarter in consulting revenue.
Consulting Revenue grew to $120,925 in 4th quarter 1996 as compared to
$22,100 in the year ago quarter. Subscription Sales increased to $27,145 from
$12,121 in the comparable quarter. Net Income per share rose to 0.07 per
share in the fourth quarter as compared to a loss of 0.34 per share in the
year ago, primarily due to startup of operations in the year ago quarter.
Results for the year were on the high end of expectations that the Company
had set in October of 1995. Net income for the year was 0.15 per share with
the Consulting end of the business contributing about 2/3 of the total
revenue for the quarter and about 40% of total revenues for the year.
Subscription sales increased by 300% in fiscal 1996 and the first quarter of
1997 is showing subscription sales that are within striking distance of the
record set in first quarter of 1996 when the Company began publishing The
Gaining Industry Daily Report.
Commenting on the 4th quarter and Year End earnings, Gaming Venture Corp.,
U.S.A. President and CEO Alan R. Woinski said, "The completion of our first
full year of operations yielded results that were on the high end of our
expectations. In the first half of the year, we set the stage for the future
and the second half of the year began yielding those results. The 3rd and 4th
quarter combined contributed 0.11 per share to the total of 0.15. This
momentum is what gives us the feeling that fiscal 1997 will once again prove
to be a record year of growth in revenues and net income. While the earnings
were at the top of our expectations, the improvement in our Balance Sheet was
beyond our expectations. Assets grew by over 50% and even with that growth in
assets, our cash position improved by about 8%. Also, our deferred revenue
grew from $16,397 to $244,699, 50% additional of our total revenue that was
booked for the year. That deferred revenue is a result of newsletter
subscriptions that have been paid for but are being amortized and pre-paid
consulting revenue. This revenue will be recorded as income in the next 12
months. Profit margins in the 4th quarter reached our highest ever, over 66%
which exceeded our goal as did profit margins for the year. With the recent
addition of our two new board members and our new Gaming Stock Investor Forum
on our Internet site, I am very optimistic that our goals for the future will
be met."
DD |
