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Wednesday April 19, 4:17 pm Eastern Time
Company Press Release
Casino Data Systems Reports Record First Quarter Revenue and Earnings
LAS VEGAS--(BUSINESS WIRE)--April 19, 2000--Casino Data Systems (Nasdaq/NM:CSDS - news)
Highest first quarter revenue in Company history
Second highest first quarter operating income in Company history
EPS for the quarter of $.09 vs. $.01 for the prior year's first quarter
Casino Data Systems (Nasdaq/NM: CSDS - news) today announced significant operating profit growth and record revenue for its first quarter ended March 31, 2000.
The Company reported quarterly revenue of $16.8 million, a 7% increase over the same quarter of the prior year and the highest revenue ever for a first quarter. This revenue increase was driven by growth in the Systems and Gaming Devices lines-of-business (LOB). Revenue from the Systems LOB increased $1.1 million or 17% while revenue from the Games LOB increased $914,000 or 19%.
The Company posted operating income of $2.2 million, the second highest ever for a first quarter, compared to $183,000 for the same quarter of the prior year. Net income was $1.6 million or $.09 per share as compared to $192,000 or $.01 per share for the prior year first quarter.
The Company's gross margin improved to 58% as compared to the 45% reported for the same period of the prior year.
The Company also reported the following highlights from its March 31, 2000 balance sheet:
-- No long term debt
-- Cash and investments of $34.8 million
-- Net working capital of $58.0 million
-- Total assets of $113.0 million
-- Book value per diluted share of $4.49
Steve Weiss, Chairman and Chief Executive Officer stated: ``This quarter was significant for CDS. For four consecutive quarters, we have delivered earnings per share of at least nine cents. Those last four quarters are among the strongest in CDS history and should signal to our shareholders that CDS has not just `turned around', but that CDS is back and can deliver profitability consistent with the strongest days in our Company's history.
``We plan on introducing several new game models over the upcoming quarters and plan significant advances to our Oasis(TM) slot information systems. With our strengthened financial position, we plan to increase our emphasis on recurring revenue sources. These plans, and our strong balance sheet, position our Company for continued growth and success.'
For more information on the Company, visit its Website at: csds.com
Cautionary Statement for the Purposes of the ``Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995
Statements in this release which are not historical facts are ``forward-looking' statements and ``safe harbor' statements under the Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission.
CASINO DATA SYSTEMS
Statements of Operations
Three Months Ended March 31, 2000 and 1999
(Unaudited)
(in thousands, except per share data)
Three Months Ended
December 31,
2000 1999
Revenue
Systems and services $ 8,035 $ 6,896
Gaming devices 5,608 4,694
Recurring revenue 1,377 2,200
Signs 998 1,207
TurboPower 778 740
16,796 15,737
Cost of goods sold 7,021 8,686
Gross margin 9,775 7,051
Costs and expenses
Selling, general and administrative 4,826 4,177
Research and development 1,757 1,640
Depreciation and amortization 958 1,051
7,541 6,868
Income from operations 2,234 183
Other income 222 112
Income before income tax 2,456 295
Income tax expense 860 103
Net income $ 1,596 $ 192
Basic net income per common share $ 0.09 $ 0.01
Diluted net income per common share $ 0.09 $ 0.01
Basic weighted average shares outstanding 18,416 18,066
Diluted weighted average shares outstanding 18,738 18,386
CASINO DATA SYSTEMS
Balance Sheets
As of March 31, 2000 and December 31, 1999
(Unaudited)
3/31/00 12/31/99
ASSETS
Current assets
Cash - unrestricted $ 13,596 $ 6,866
Cash - restricted 2,488 2,389
Investments 4,248 2,581
Accounts and notes receivable, net 22,718 26,087
Inventory, net 24,048 25,600
Other current assets 1,524 1,501
68,622 65,024
Property and equipment, net 16,839 17,762
Investments - restricted 14,424 14,517
Deferred tax asset, net 10,172 10,172
Notes receivable 488 539
Intangible assets, net 79 122
Software development, net 2,020 2,362
Other assets 394 389
44,416 45,863
Total assets $ 113,038 $ 110,887
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 1 $ 214
Accounts payable 1,645 1,427
Accrued expenses 8,719 8,567
Accrued slot liability 249 252
10,614 10,460
Non-current liabilities
Accrued slot liability 18,244 17,901
18,244 17,901
Shareholders' equity
Common stock 85,022 84,964
Accumulated deficit (842) (2,438)
84,180 82,526
Total liabilities and shareholders' equity $ 113,038 $ 110,887
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Contact:
Casino Data Systems, Inc., Las Vegas
Ron Rowan, 702/269-5031
or 702/269-5161 (fax)
Info@csds.com
or
Coffin Communications Group, Sherman Oaks, California
Sean Collins/Chris Chan, 818/789-0100
or 818/789-1152 (fax)
www.coffincg.com
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