Casino Journal Reports Record EBITDA, Pre-Tax and After Tax Net Income in
2nd Qtr.
EBITDA of .10 per share
Pre-Tax Net Income of .09 per share
After Tax Net Income of .07 per share
LAS VEGAS, Aug. 10 /PRNewswire/ -- Casino Journal Publishing Group, Inc.
(OTC-Bulletin Board: CJPG - news) today reported financial results for the
second quarter of fiscal 1998, the first combined results reported since
the merger of Casino Journal and Gaming Venture Corp., U.S.A.
For the second quarter, revenues rose 58% to $2,624,699 from $1,659,067 in
the year ago period. The rise in revenues is attributable to higher
advertising and subscription revenues as well as the addition of one new
trade show and one new magazine. Income Before Income Taxes rose 262% to
$441,159 from $122,133. Net Income After Provision For Income Taxes rose
255% to $313,159 or $0.07 per basic and diluted share versus a Pro Forma
After Tax Net Income of $88,133 or $0.03 per share. The year ago
comparative period was prior to the merger and was on less shares
outstanding.
Results for the 6 months included 3 months ended March 30, 1998 of Casino
Journal's operating results prior to the merger and 3 months ended June 30,
1998 of the combined companies.
Revenues for the 6 month period rose approximately 41% to $4,705,033.
Income Before Income Taxes rose approximately 23% to $256,663.
Advertising Revenues in the 6 months ended June 30, 1998 rose approximately
53% to $2,722,540 from $1,850,276 in the year ago period. Subscription
revenue rose approximately 7% to $930,641 compared with $876,378 in the
year ago period.
During the quarter ended June 30, 1998, the Company successfully produced a
new trade show, UNLV Casino Ops, in partnership with the University of Las
Vegas' (UNLV) International Gaming Institute. At the trade show, the
Company unveiled their newest quarterly magazine, Casino Ops. Prior to the
merger, but in the past 6 months, the Company produced another new trade
show, The Greater Atlantic City Chamber of Commerce Business Expo. One
additional new magazine is expected to be produced by the end of this
fiscal year. The quarter also included a new company record for monthly
advertising revenues for a single issue of Casino Player magazine, the July
Best of Gaming Issue which produced advertising revenues of over $400,000
for the single issue.
Commenting on the results, Alan Woinski, President and CFO of Casino
Journal Publishing Group, Inc. said, ''We are proud to announce our first
quarterly results as a combined company. Results for the quarter were well
above our expectations as a result of higher than expected advertising and
trade show revenues. During the first 6 months of 1998, the Company also
began a very aggressive direct mail, subscription generating, marketing
campaign for Casino Player magazine and the results have met our
expectations. These aggressive marketing campaigns will continue for all of
our publications in the future. Despite the expenditures related to the
direct mail marketing campaign and merger expenses, cash flow was well
above our expectations for the quarter. Our Balance Sheet is very strong,
our cash position is more than adequate to cover our expected future costs
and start up of additional operations and management is now overly
confident that we will meet or exceed our internal estimates of results for
the entire year.''
Glenn Fine, Chairman and CEO of Casino Journal Publishing Group, Inc.
added, ''We thank our employees and our customers for this quarterly
earnings report. Without them, we could not have produced these higher than
expected results. We also thank the many casinos, including Harrah's, Grand
Casinos, Foxwoods and Boyd Gaming that continue promoting introductory
Casino Player subscriptions to their extensive databases of gamblers. It's
this type of innovative, targeted program that allows us to grow without
the usual costs related to such growth.''
Fine continued, ''The combination of the management and operations of
Casino Journal Publishing Group and Gaming Venture Corp., U.S.A. has been
integrated quicker than we expected. There is no doubt that the merger, our
strong balance sheet and the combination of our great employees has
produced these results and this validates the reason behind this merger. We
hope our shareholders are as pleased with these results as we are and we
thank them for remaining supportive of us while we take the time to educate
Wall Street on the merits and results of our Company.''
Casino Journal Publishing Group (OTC-Bulletin Board: CJPG - news) is the
largest publisher to the Gaming industry. Casino Journal Publishing Group
publishes Casino Journal, a leading industry trade publication; Casino
Player, the nation's largest and most widely read consumer gaming magazine;
The National Gaming Summary, a gaming industry weekly newsletter; Nevada
Hospitality, the official publication of the Nevada Hotel Motel
Association; The Atlantic City Insider, a monthly newsletter for frequent
visitors to Atlantic City casinos; The Gaming Industry Weekly Report, The
Gaming Industry Daily Report and The Daily Lodging Report, 3 newsletters
dedicated to providing information to Gaming and Lodging investors and
executives. Casino Journal Publishing Group also produces The American
Gaming and Lodging Summit with Bear Stearns & Co. and the law firm of
Lionel Sawyer and Collins; The Southern Gaming Summit with the Mississippi
Casino Operators Association; The Atlantic City Chamber of Commerce
Business Expo and UNLV's Casino Ops trade shows.
Contact:
Alan R. Woinski of Casino Journal Publishing Group at (201) 947-4642 |
