OK, so I could not help myself. Had to see what the numbers
would come out to! :)
Done two ways...based on gross revenues and a 30% net profit
margin and based on net taxable profits by category less general
corporate expenses. Interest income was run on a program I have.
Tear away...this stock is a steal! Haven't we all be saying that?
-Scott
===========================
1998 -
700 VGM's Revenues Profits
Gross per machine $19,300 state ave 13,510,000.00 4,200,000.00
21 Bingo halls
SC 11 360,000.00 150,000.00 3,960,000.00 1,650,000.00
AL 4 400,000.00 175,000.00 1,600,000.00 700,000.00
TX 3 210,000.00 100,000.00 630,000.00 300,000.00
Current Operations 19,700,000.00 6,850,000.00
50 Bingo Halls 1998
Average Gross of $300,000 for
1/2 of the year, $125,000 profit 7,500,000.00 3,125,000.00
Interest Income $13.5 million, 6%,
$200,000 withdrawal per week
to pay for halls 523,000.00 523,000.00
Gross 27,723,000.00 10,498,000.00
Pretax Margin 30 % 8,316,900.00
Corp Expenses 2,500,000.00
Taxable 8,316,900.00 7,998,000.00
Tax 2,910,915.00 2,799,300.00
Net Income 5,405,985.00 5,198,700.00
Per Share 0.5691 0.5472
Twenty Times Earnings 11.38 10.94
-------------
1999 -
700 VGM's Revenues Profits
Gross per machine $19,300
state average 1/2 year operation 6,755,000.00 2,100,000.00
71 Bingo halls
SC 11 360,000.00 150,000.00 3,960,000.00 1,650,000.00
AL 4 400,000.00 175,000.00 1,600,000.00 700,000.00
TX 3 210,000.00 100,000.00 630,000.00 300,000.00
50 300,000.00 125,000.00 15,000,000.00 6,250,000.00
Current Operations 27,945,000.00 11,000,000.00
50 Bingo Halls 1999, Average Gross
of $300,000 for 1/2 of the year,
$125,000 profit 7,500,000.00 3,125,000.00
Interest Income
Will run out of money this
year after 21 halls purchased 51,000.00 51,000.00
Gross 35,496,000.00 14,176,000.00
Pretax Margin 30 % 10,648,800.00
Corp Expenses 3,000,000.00
Taxable 10,648,800.00 11,176,000.00
Tax 3,727,080.00 3,911,600.00
Net Income 6,921,720.00 7,264,400.00
Per Share 0.7286 0.7647
20 Times Earnings 14.57 15.29
-------------------
-scott |
