3rd Quarter Results............
May 20, 1999
Third Quarter Results
LAKE CITY GAMING CORP ("LCG-V")
- Third Quarter Results
Steve Kumpf, President, Lake City Gaming Corp. (LCG) announces Q3 1999 results and
re-location of Kelowna casino
//st
3 months ended, 9 months ended,
March 31,1999 March 31,1999
Income Statement
Revenue $ 4,973,844 $14,464,696
Expenses 3,589,913 9,734,437
Earnings before Taxes 1,383,931 4,730,239
Income Tax 624,568 2,134,757
After Tax Income $ 759,363 $ 2,595,482
Earnings per share
Basic $.06 $.23
Fully Diluted $.06 $.21
//et
Revenues for the three-month period ending March 31, 1999 (Q3 1999) increased by 5%
compared to Q2 1999 reflecting the Vernon expansion
completed in December 1998. Comparing Q2 to Q3, revenues increased by 51% in the
Vernon casino and decreased 4-5% in Kelowna and Kamloops
due to seasonal fluctuations in tourism. Expenses increased reflecting additional wages and
premise costs associated with expansion in Vernon.
Facilities assistance totaled $542,092 for the three-month period ended March 31, 1999. As
of March 31, 1999 the company had $4,676,487 in cash
plus $1,446,543 in cash floats.
Kelowna Grand Opening
The new location opens May 21, 1999 at 10:00 AM at the Grand Okanagan Resort (GOR).
Construction began at the GOR in September 1998 for the
relocation and expansion of the Kelowna casino along with a new tower for the hotel adding
120 rooms. GOR is the largest and most prestigious hotel
in Kelowna offering a Strategic waterfront location. LCG has entered into a 10-year lease
with a further option for another 10 years.
The casino is designed to a Caribbean cruise ship theme, featuring unique lighting, murals,
waterfalls. rockwork, and foliage. The 21,000 SF facility
represents a $4 million upgrade in size and quality of premises and will have 300 slot machines
and 20 tables. LCG will now operate 752 slots and 46
tables.
The Vancouver Stock Exchange has neither approved nor disapproved of the contents
contained herein and does not accept responsibility for the
accuracy or completeness of this information.
TEL: (250) 861-5457 Dale Peterson, Corporate Finance FAX: (250) 860-4407 Leah
Gunther, Investor Relations Website: lakecitycasinos.com
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This Report Updated by Canstock at 10:51:50 Pacific Time |
