Atlantic International Entertainment, Ltd. Announces Second Quarter Results
Revenues from new product platform commence -- exhibit significant growth sequentially
BOCA RATON, Fla., Aug. 20 /PRNewswire/ -- Atlantic International Entertainment, Ltd. (OTC Bulletin Board: AIEE - news) today reported its operating results for the second quarter and six month period ended June 30, 1999. For the second quarter, revenues decreased to $469,500 from $1,425,908. The company's net loss was $2,222,795 versus a profit of $420,884 in the prior period. Finally, the loss per share of $(0.17) compares to a net gain of $0.03 per share in the second quarter of 1998. For the six months ended June 30, 1999 revenues were $498,500 versus $2,457,908, the net loss was $2,496,950 compared to a net gain of $542,000 and the loss per share was $(0.20) versus a net gain of $0.05 per share.
Atlantic's President & CEO, Richard Iamunno, stated, ``Despite the negative comparisons to last year's second quarter and six month results, we are excited about our performance on a sequential basis. In fact, our results exhibit dramatic top-line growth relative to the first quarter of 1999. This is a direct result of increased R&D spending in the latter half of fiscal 1998 that produced a new gaming platform, Version 2.0, as well as new Bingo and lottery products that can be easily licensed by a variety of gaming clients around the world.' Iamunno added, ``As our recurring revenue model continues to take shape, we have put any and all material write-offs behind us, and enjoy significant revenue visibility for the foreseeable future.
Atlantic International Entertainment, Ltd. (www.aieltd.com) develops and markets Internet and private network transaction-based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include: Internet Casino Extension(TM) (ICE)(TM), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The company also offers wireless and portable gaming devices through its Las Vegas-based Excel Design, Inc., a wholly owned subsidiary.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 7, 1999 and form 10Q filed May 18, 1999.
SOURCE: Atlantic International Entertainment, Ltd.
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