WGA Amex 1.35...I am expecting a big 4th qtr here..this release helps as it was NOT part of original forecast...9mo numbers excellent on a comp basis..rev $35m vs $32m and net inc of $553k or 10 cents vs loss of ($3.1m or 57 cnets):
B: Wells-Gardner Announces New Gaming Monitor Order of $1.7 Mil
B: Wells-Gardner Announces New Gaming Monitor Order of $1.7 Million Order
Expected to Ship in 4th Quarter
CHICAGO, Nov 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Wells-Gardner
Electronics Corporation (Amex: WGA) announced that the Company has received a
new monitor order valued at $1.7 million from one of its major gaming customers.
"Wells-Gardner is delighted to have received this substantial order," said
Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer. "We expect
the products to be manufactured in our Malaysian facility and shipped by the end
of the year to an international location. Consequently we expect to book these
sales in the fourth quarter 2002."
"This is a further example of our penetration into the fast growing gaming
market," noted Marty Glazman, Wells-Gardner's Vice President of Sales.
Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and
manufacturer of color video monitors and other related distribution products for
a variety of markets including, but not limited to, gaming machine
manufacturers, casinos, coin-operated video game manufacturers and other display
integrators. During 2000, the Company formed a 50/50 joint venture named
Wells-Eastern Asia Displays ("WEA") to manufacture video monitors in Malaysia.
In addition, the Company acquired American Gaming & Electronics, Inc. ("AGE"), a
leading parts distributor to the gaming markets, which sells parts and services
to over 500 casinos in North America with offices in Las Vegas, Nevada; Egg
Harbor Township, New Jersey; Hollywood, Florida and McCook, Illinois. AGE also
sells refurbished gaming machines on a global basis as well as installs and
services some brands of new gaming machines into casinos in North America.
B: Wells-Gardner Reports Third Quarter Earnings of $0.02 Per Sh
B: Wells-Gardner Reports Third Quarter Earnings of $0.02 Per Share Compared to
A Loss of $0.06 Per Share for the Prior Period Company Announces Sales Growth
of 20 Percent in the Third Quarter
CHICAGO, Nov 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Wells-Gardner
Electronics Corporation (Amex: WGA) announced that sales in the third quarter
ended September 30, 2002 were $11.9 million, an increase of 20.3%, from $9.9
million in the same quarter in the previous year. The Company also announced
third quarter, 2002 net earnings of $122,000 or $0.02 per share compared to a
loss of $337,000 or ($0.06) per share in the third quarter, 2001. The 2001
results included a charge of $215,000 for loss on discontinued operations.
For the first 9 months of 2002, sales were $35.3 million, an increase of 10.1%
from the $32.0 million in the same period in 2001. Net earnings for the 2002
nine month period were $553,000 or $0.10 per share compared to a loss of $3.1
million or ($0.57) per share in 2001.
"Wells-Gardner has continued its good performance in 2002 with increased
earnings on a sales increase of 10.1%," said Anthony Spier, Wells-Gardner's
Chairman and Chief Executive Officer. "The results have been favorably impacted
by our cost reduction programs implemented in 2001 and a combination of moving a
substantial amount of production to our joint venture in Malaysia and a
favorable sales mix. Third quarter sales showed increased penetration to the
growing gaming market."
2002 Outlook
"We anticipate improved sales in the fourth quarter, driven in part by the $4
million Canadian gaming order we announced in June and increased sales to our
major gaming customers. Due to this and the cost reduction program mentioned
above, we expect the Company's results to continue to improve," noted George B.
Toma, Wells-Gardner's Chief Financial Officer.
Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and
manufacturer of color video monitors and other related distribution products for
a variety of markets including, but not limited to, gaming machine
manufacturers, casinos, coin-operated video game manufacturers and other display
integrators. During 2000, the Company formed a 50/50 joint venture named
Wells-Eastern Asia Displays ("WEA") to manufacture video monitors in Malaysia.
In addition, the Company acquired American Gaming & Electronics, Inc. ("AGE"), a
leading parts distributor to the gaming markets, which sells parts and services
to over 500 casinos in North America with offices in Las Vegas, Nevada; Egg
Harbor Township, New Jersey; Hollywood, Florida and McCook, Illinois. AGE also
sells refurbished gaming machines on a global basis as well as installs and
services some brands of new gaming machines into casinos in North America. |
