Take a look at this baby. Last quarter was -.06 now +.04! Thats incredible.
News out just now:
Wednesday May 12, 10:40 am Eastern Time
Company Press Release
SOURCE: Casino Journal Publishing Group, Inc.
Casino Journal Announces Record First Quarter Results
LAS VEGAS, May 12 /PRNewswire/ -- Casino Journal Publishing Group, Inc. (OTC Bulletin Board: CJPG - news) today announced lst quarter fiscal results which set new company records. Revenues rose 50% to $3,117,496 as compared with $2,080,334 in the year ago period. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) rose to $302,000 from a negative $160,000. Net Income, rose to $186,578 or $0.04 per share as compared with a loss of $184,496 or -$0.06 per share in the year ago period. Revenues reached an all time company record high while EBITDA and net income set a record for any 1st quarter in the company's history.
The record results were attributed to a 25% increase in advertising revenues from the Company's three magazines, Casino Journal, Casino Player and Strictly Slots, to $1,546,624 as compared with $1,232,892 in 1st quarter 1998 along with a 55% increase in subscription revenue to $782,282. Trade show revenue rose to $577,305, an increase of $421,560 or 270% from $155,745 in the year ago period.
Commenting on the record results, Casino Journal Publishing Group, Inc. CEO and Chairman, Glenn Fine said, ''It is with pride that we report our return to profitability and record 1st quarter results. The 55% increase in subscription revenue was a direct result of our extensive marketing campaign which the company embarked on last year as well as the very successful launch of our newest consumer publication, Strictly Slots. On a cash basis, the Company generated subscription revenue of over $1 million in the 1st quarter, the first time this has ever happened in Company history. On the trade show side, we experienced a 20% rise in revenue for our American Gaming, Lodging and Leisure Summit show which took place in January of 1999. As we get midway into the 2nd quarter, we are also seeing continued strength in advertising, subscription and trade show revenues. These record results are a tribute to our employees as they have executed our plans for growth flawlessly, while management has been involved in our planned acquisition by BG Media.
Casino Journal Publishing Group publishes Casino Journal, the company's flagship magazine, and the most widely read trade publication serving the gaming industry; the National Gaming Summary, an extensive weekly newsletter that provides up-to-the-minute gaming news; and the Daily and Weekly Gaming Industry Reports and the Daily Lodging Report targeting gaming and lodging executives and investors.
For the gaming consumer, CJPG publishes Casino Player and Strictly Slots, the nation's largest circulation consumer gaming publications, and the Atlantic City Insider, which targets the frequent Atlantic City gambler.
The Company also produces the American Gaming, Lodging and Leisure Summit in conjunction 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, the Northern Gaming Summit in conjunction with the Michigan law firm of Fraser Trebilcock Davis & Foster and Bear Stearns & Co. and UNLV Casino Ops trade shows.
Casino Journal Publishing Group, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
3 Months Ended March 31, 1999 and 1998
(Unaudited)
1999 1998
Revenues $3,117,496 $2,080,334
Direct Costs 1,628,293 1,153,209
Gross Profit $1,489,203 $927,125
General and Administrative Expenses 1,242,483 1,087,470
Income (loss) from Operations $246,270 $(160,345)
Other Income (expenses) 10,258 (24,151)
Income (loss) before minority interest $256,978 $(184,496)
Minority interest in earnings of American
Gaming Summit, LLC 70,400 --
Net Income (loss) $186,578 $(184,496)
Basic and Diluted Income (loss) Per share $ .04 $ (.06)
Weighted Average Shares Outstanding 4,976,734 3,000,000
(pro-forma)
SOURCE: Casino Journal Publishing Group, Inc.
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