Here is todays news release from AB&G:
AMERICAN BINGO & GAMING CORP.
REPORTS RECORD EARNING OF $.21 PER SHARE FOR 1996
March 5, 1997 - Austin, Texas. American Bingo & Gaming Corp. (NASDAQ: BNGO) announced record revenues and earnings for the year ended December 31, 1996. Revenues for 1996 reached $3.65 million with net income of $853,000 or $.21 per share. This compares with revenues of $3.35 million and a loss of $2.37 million or ($.58) per share in 1995. Revenues for the fourth quarter of 1996 totaled $939,000 with net income of $251,000 or $.06 per share. This compares with revenues of $1.14 million and a loss of $1.99 million or ($.49) per share in the fourth quarter of 1995. Net income increased sequentially every quarter of the year during 1996.
The Company reported cash balances totaled $1.07 million at the end of the year. Cash increased $638,000 or 148% from the beginning of 1996, $355,000 of which came in the fourth quarter.
The Company also announced that it favorably resolved all previous Florida legal issues in the first quarter of 1997 and no longer has any known legal issues anywhere. Results for 1995 included unprofitable Florida operations, which were all sold by early 1996.
(Unaudited)
Consolidated Statements of Operations
Fiscal Year Ended Fourth Quarter Ended
December 31,1996 1995 1996 1995
Total Revenues $3,648,263 $3,351,677 $939,244 $1,140,472
Costs and Expenses, Net 2,795,597 5,720,958 688,536 3,138,145
Net Income $852,666 ($2,369,281) $250,708 ($1,997,673)
Earnings Per Share $.21 ($.58) $.06 ($.49)
Shares Outstanding 4,140,026 4,090,000 4,155,349 4,090,000
Consolidated Balance Sheet at December 31, 1996
(Unaudited)
Cash and Cash Equivalents $1,068,969
Total Liabilities $ 437,151
Property and Equipment 1,714,169
Shareholder's Equity 3,910,023
Other Assets 1,564,037
Total Assets $4,347,175
Total Liabilities and Shareholders' Equity $4,347,175
Contact:
Financial Public Relations, Ltd.
Michael Fearnow/Ruth Shepley
(713)840-7500
American Bingo & Gaming Corp.
Corky Logue (Chairman)/John Orton (CFO) (888)TRY-BNGO (879-2646) |
