WGA Amex 1.55...this order will be added to what was already going to be a very strong 4th qtr..first order, then 9mo results:
B: Wells-Gardner Announces New Gaming Monitor Order of $1.7 Mil
B: Wells-Gardner Announces New Gaming Monitor Order of $1.7 Million Order
Expected to Ship in 4th Quarter
CHICAGO, Nov 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Wells-Gardner
Electronics Corporation (Amex: WGA) announced that the Company has received a
new monitor order valued at $1.7 million from one of its major gaming customers.
"Wells-Gardner is delighted to have received this substantial order," said
Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer. "We expect
the products to be manufactured in our Malaysian facility and shipped by the end
of the year to an international location. Consequently we expect to book these
sales in the fourth quarter 2002."
"This is a further example of our penetration into the fast growing gaming
market," noted Marty Glazman, Wells-Gardner's Vice President of Sales.
Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and
manufacturer of color video monitors and other related distribution products for
a variety of markets including, but not limited to, gaming machine
manufacturers, casinos, coin-operated video game manufacturers and other display
integrators. During 2000, the Company formed a 50/50 joint venture named
Wells-Eastern Asia Displays ("WEA") to manufacture video monitors in Malaysia.
In addition, the Company acquired American Gaming & Electronics, Inc. ("AGE"), a
leading parts distributor to the gaming markets, which sells parts and services
to over 500 casinos in North America with offices in Las Vegas, Nevada; Egg
Harbor Township, New Jersey; Hollywood, Florida and McCook, Illinois. AGE also
sells refurbished gaming machines on a global basis as well as installs and
services some brands of new gaming machines into casinos in North America.
Wells-Gardner Reports Third Quarter Earnings of $0.02 Per Share
Wells-Gardner Reports Third Quarter Earnings of $0.02 Per Share Compared to A
Loss of $0.06 Per Share for the Prior Period
Company Announces Sales Growth of 20 Percent in the Third Quarter
CHICAGO, Nov. 7 /PRNewswire-FirstCall/ -- Wells-Gardner Electronics
Corporation (Amex: WGA) announced that sales in the third quarter ended
September 30, 2002 were $11.9 million, an increase of 20.3%, from $9.9 million
in the same quarter in the previous year. The Company also announced third
quarter, 2002 net earnings of $122,000 or $0.02 per share compared to a loss
of $337,000 or ($0.06) per share in the third quarter, 2001. The 2001 results
included a charge of $215,000 for loss on discontinued operations.
For the first 9 months of 2002, sales were $35.3 million, an increase of
10.1% from the $32.0 million in the same period in 2001. Net earnings for the
2002 nine month period were $553,000 or $0.10 per share compared to a loss of
$3.1 million or ($0.57) per share in 2001.
"Wells-Gardner has continued its good performance in 2002 with increased
earnings on a sales increase of 10.1%," said Anthony Spier, Wells-Gardner's
Chairman and Chief Executive Officer. "The results have been favorably
impacted by our cost reduction programs implemented in 2001 and a combination
of moving a substantial amount of production to our joint venture in Malaysia
and a favorable sales mix. Third quarter sales showed increased penetration
to the growing gaming market."
2002 Outlook
"We anticipate improved sales in the fourth quarter, driven in part by the
$4 million Canadian gaming order we announced in June and increased sales to
our major gaming customers. Due to this and the cost reduction program
mentioned above, we expect the Company's results to continue to improve,"
noted George B. Toma, Wells-Gardner's Chief Financial Officer.
Founded in 1925, Wells-Gardner Electronics Corporation is a distributor
and manufacturer of color video monitors and other related distribution
products for a variety of markets including, but not limited to, gaming
machine manufacturers, casinos, coin-operated video game manufacturers and
other display integrators. During 2000, the Company formed a 50/50 joint
venture named Wells-Eastern Asia Displays ("WEA") to manufacture video
monitors in Malaysia. In addition, the Company acquired American Gaming &
Electronics, Inc. ("AGE"), a leading parts distributor to the gaming markets,
which sells parts and services to over 500 casinos in North America with
offices in Las Vegas, Nevada; Egg Harbor Township, New Jersey; Hollywood,
Florida and McCook, Illinois. AGE also sells refurbished gaming machines on a
global basis as well as installs and services some brands of new gaming
machines into casinos in North America. |
