We both are probably dreaming a little too much.
Oh well. I expect we will see a TTM EPS of 42 -46 cents. We got exuberant I think on looking at the Gold Strike pooling as adding to prior earnings. I now don't think that will happen as Gold Strike most likely was incorporated as a vehicle to sell the bingo connected games that Mr. Mims owned to BNGO. The methode of pooling is mainly for tax purposes for Mr. Mims.
While our exuberance might have made things look better than they were they still are great!!! Third quarter undiluted earnings will at least double 2nd quarter and 2nd quarter doubled year earlier 2nd quarter.
With earnings growth that rapid I expect to see PE expand to at a minimum 30-35 and thus still give an October ending price range of $12.50 --- $16.00.
Our over exuberance is not the fault of BNGO and the officers of BNGO continue to do an outstanding job of expanding the company.
In the continuing saga of the Texas 8-liners The Austin American Observer had the following news Item this morning. Thanks again Larry for your great coverage of the Austin scene.
from Austin American-Statesman, 25 Sept 97
Senator against all gambling machines
From Staff and Wire Reports
State Sen. Jerry Patterson said Wednesday he tried to ban asino-like
gambling machines this year and shares Gov. George W. Bush's desire to outlaw them in the next legislative session. Patterson, a candidate for Texas land commissioner, said at a news conference that he ended up blocking a bill Bush supported because it would have banned the machines in places like VFW and American Legion halls but not in nightclubs.
"I share the governor's desire to outlaw gambling machines in Texas," Patterson said.
He blamed the governor's staff for not handling the issue better and said they failed to tell Bush about an amendment Patterson proposed to outlaw all slot-like machines, regardless of location or ownership.
"The fault lies . . . with the governor's legislative staff, who mishandled the issue, mishandled the bill," Patterson said.
Karen Hughes, spokeswoman for the governor, said the governor's taff believes Patterson's proposed amendment "would have killed the bill because it would have banned every kid's game in Texas -- from pinball to Pac Man. Our intent was not to ban the little kids' bowling games. Our intent was to ban illegal gambling machines.
"Governor Bush sides with Senator Patterson on most issues, but strongly resents his revisionist history on this issue," she said.
The machines, known as eight-liners because of video displays that look like slot and other casino gambling machines, have proliferated in Texas in recent years.
Current law allows games of chance as long as they offer noncash prizes worth $5 or less. Prosecutors say, however, that the law's wording makes it difficult to prosecute operators who violate those limits.
The Legislature was unable to agree on a new law before it adjourned in June. The difficulty was in crafting language that would allow easier prosecution of violators while still permitting arcade games that offer small prizes.
Rod
Dream a little |
