LACI just reported 2nd quarter earnings.
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--Aug. 11, 1997--Lloyd Lyons, CEO of Latin American Casinos Inc. announced Monday that the company earned profits of $71,215 or $.02 per share on revenues of $480,878 for the three months ended June 30, 1997.
For the 1st and 2nd Quarters ended June 30 of 1997 the company generated slot machine revenues of $906,686 and earnings of $.04 per share.
The company attributes the disappointing earnings to the increase of taxes in Peru as well as the Peruvian Government's ban on licenses for new locations.
LACI is rapidly expanding in Colombia and Nicaragua and hopes to open in several other South and Central American countries as these markets become available.
Lyons said that he believes the company will continue to be profitable in 1997. He also stated that the board of directors has authorized the extension of the warrants (LACIW) for two additional years to December 1999. The warrants were previously due to expire in December of 1997.
The company remains financially strong with over $9.7 million in assets, of which $4.0 million is in cash and cash equivalents, 7,000 slot machines in inventory, no debt and a tax loss carry-forward of $823,000. The company has slot machine gaming routes and remains the largest slot machine rental and remanufacturing company in Central and South America. The company has 3.3 million shares outstanding.
Latin American Casinos Inc.
Year End Results are summarized as follows:
3 Mos. 3 Mos. 6 Mos. 6 Mos.
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
Rental Income: $480,878 $732,882 $906,686 $1,321,618
Net (Loss) Income: $ 71,215 $374,924 $137,228 $ 703,178
Earning (Loss)
per common share: $.02 $.11 $.04 $.20
With the extension of the warrants until Dec 12, 1999, and the potential for growth in Columbia and Nicaragua, plus the possible expansions into other South American countries I believe applications are pending in at least 5 other countries including Brazil and Argentina. |
