Here are the Q1 results ($0.082 per share earnings after tax) plus ($0.044 per share facilities assistance). This works out to nearly $0.13 per share earnings for 1 quarter. We can expect more when the expansions (2) and the new casino kicks in next year....we haven't seen anything yet!
First Quarter Financial Results
LAKE CITY GAMING CORP ("LCG-V")
- First Quarter Financial Results
On June 1, 1998 BC Lottery Corporation (BCLC) assumed jurisdiction of casino gaming from BC Gaming Commission. The remuneration package to Lake City Casinos Limited (LCCL) as a service provider to BCLC remains unchanged. In future presentations of revenue, LCCL will report net revenues after disbursements to Charities and BCLC versus gross casino revenues reported on the June 30, 1998 year-end statements. (i.e. gross casino revenue for the 3-month period ended September 30, 1998 i.e. Q1 1999 was $16,970,978 less disbursements to BCLC of $12,408,172 plus other income of $163,811 = $4,726,617).
LCCL receives 25% of slot win and 40% of table win. In addition 3% of gross casino revenue is received as facilities assistance. The facilities assistance is applied as a reduction towards the capital cost of premises, leasehold improvements, and casino related equipment. During Q1 1999 this amounted to $502,061 which represents a financial benefit to LCCL that is not recorded on the income statement.
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Summary Q1 1999, Condensed Income and Balance Sheet (Unaudited):
Income Statement
Revenue $4,726,617
Expenses 3,025,996
Net Income 1,700,621
Income Tax 767,490
After Tax Income $ 933,131
Assets
Cash $4,885,273
Inventory, Receivables, Prepaids 262,685
Current Assets 5,147,958
Cash Floats 1,304,363
Capital Assets 1,631,411
Total Assets $8,083,732
Liabilities & Shareholders Equity
Current Liabilities $2,684,863
Debentures/Debt 772,958
Share Capital 2,781,352
Retained Earnings 1,844,559
Total Liabilities & Shareholders Equity $8,083,732
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"Q1 1999 portrays the growth of the company that will be enhanced with the expansion plans underway in Vernon and Kelowna. Vernon is on schedule to open in December 1998 and Kelowna is anticipated for May 1999. We are optimistic of shortly finalizing an agreement with BCLC regarding our proposed Penticton casino." Says Steve Kumpf, President "It is just over one year since we installed our first slots in our Kelowna location. The next year will be spent completing projects underway to build a solid base for future expansion and acquisitions."
The Vancouver Stock Exchange has neither approved nor disapproved of the contents contained herein and does not accept responsibility for the accuracy or completeness of this information.
(signed)
Steve Kumpf, President
TEL: 1-877-642-7622 Andrew Cook, Micro Cap TEL: (604) 713-8010 FAX: (604) 713-8018
TEL: (250) 861-5457 Dale Peterson, Corporate Finance FAX: (250) 860-4407 Lake City Gaming Corp.
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This Report Updated by Canstock at 6:55:15 Pacific Time |
