Gaming Venture Corp., U.S.A. Reports Record Fiscal 1997 Results
Revenues Up 85%
Consulting Revenues up 105%
Publishing Revenues up 26%
Pre-Tax Net Income Up 57%
Cash Balance Up 29%
Assets Up 40%
Shareholders Equity Up 42%
FORT LEE, N.J., Feb. 2 /PRNewswire/ -- Gaming Venture Corp., U.S.A. (OTC Bulletin Board: GVCU) today announced financial results for the year ended October 3l, 1997. Records were recorded across every level of the Company's operations and balance sheet. Pre-tax net income rose 57% to $0.23 per share as compared to $0.15 per share last year. 1997 results included expenses associated with the opening of the Company's Las Vegas office which totaled more than $0.01 per share. Net income after taxes rose to $0.21 per share. Last years results were not taxed due to the Company's tax loss carryforward.
Revenues for the Company rose 85% led by strong consulting revenues.
Consulting revenues rose 105% while publishing revenues rose 26%. Fiscal results for 1997 did not include any new publications for the Company so revenues for publications distributed last year also rose 26%. The Company opened its new Las Vegas subsidiary in the 4th quarter of fiscal 1997 as well as their new Celebrity Speakers Bureau. The new subsidiary generated net income during the quarter of approximately $10,000.
Balance Sheet Highlights
Gaming Venture Corp., U.S.A. ended fiscal 1997 in the strongest financial position in its history. Total assets equaled $1,753,554 at 1997 year end as compared to $1,260,719 in fiscal year end 1996 and $808,601 in fiscal year end 1995. Shareholders Equity rose to $1,439,350 from $1,012,849 at year end 1996. Cash and Cash Equivalents rose to $1,048,357 compared to $812,356 at year end 1996. During the year, the Company repurchased 23,100 shares of its common stock at a cost of approximately $72,000.
Commenting on the strong financial results, Gaming Venture Corp., U.S.A. President Alan R. Woinski said, "It is with great pride that we report our fiscal 1997 results today. Over the last 2 years, we have constantly reminded the investment community that we would not make a move to aggressively grow the company until we had reached certain milestones. In 1997, we met those milestones in growth of assets, growth of revenues and the growth of our entire balance sheet. This was the driving force behind our signing of a definitive agreement to acquire and merge with Casino Journal Publishing Group and we are moving along with the filings and approvals we need to complete the merger. 1997 was a year where we fulfilled every promise to our shareholders. We promised higher revenue growth while keeping our expenses in check. For the second year in a row, Gaming Venture Corp., U.S.A. hit the high end of our target pre-tax net income for the year. 1997 was the year where consulting revenue led the way but so far in fiscal 1998, it has been publishing revenues which are showing the highest growth. In the 4th quarter of 1997, we announced a joint venture with HVS International and Hotels Magazine on a new publication, The Daily Lodging Report. This publication, along with continued growth in our gaming publications has produced publishing revenues in 4th quarter of 1997 and lst quarter of 1998 which totals, on a cash basis, 75% of total publishing revenues in all of 1997. It is with great anticipation that we look forward to the continued growth and development of Gaming Venture Corp., U.S.A. and the transformation of the Company into Casino Journal Publishing Group as a result of our planned merger."
Gaming Venture Corp., U.S.A. is a consulting and publishing company specializing in the gaming, lodging and leisure industries. Gaming Venture Corp., U.S.A. publishes The Gaming Industry Weekly Report, The Gaming Industry Daily Report, The Daily Lodging Report and The Gaming Sector ... Yesterday, Today and Tomorrow and acts as a consultant to various public and private companies in the gaming and leisure industries. Gaming Venture's West, a wholly owned subsidiary operates a celebrity speakers bureau and public relations and advertising firm out of Las Vegas, Nevada. Gaming Venture Corp., U.S.A. also has a weekly radio show called "Gambling On Wall Street" which can be heard on KLAV Radio 1230 AM in Las Vegas on Monday's between 1:00 PM and 2:00 PM. The show can also be heard at dnaproductions.com. Information on Gaming Venture Corp., U.S.A. can also be found on their website at gamingven.com. Gaming Venture Corp., U.S.A, is in a definitive purchase agreement to acquire Casino Journal Publishing Group. Information on Casino Journal Publishing Group can be found on their web site at casinocenter.com.
This press release contains forward-looking statements. These forward-looking statements are assumptions and are subject to many risks and uncertainties which could affect the actual outcome. These risks are detailed in the Company's 10Q and 10K filings with the Securities and Exchange Commission. The 8K with the details of the Company's Purchase Agreement with Casino Journal Publishing Group is also on file with the SEC.
Gaming Venture Corp., U.S.A. and Subsidiary
Consolidated Statements of Operations
For the Years Ended October 31, 1997 and 1996
(Audited)
1997 1996
Revenues $657,910 $356,527
Costs and Expenses 335,323 186,375
Income from operations 322,587 170,152
Other Income 49,622 66,744
Income before taxes 372,209 236,896
Provision for income taxes 33,587 --
Net income $338,622 $236,896
Per share information:
Net income $0.21 $0.15
Weighted average shares
outstanding 1,604,903 1,591,834
SOURCE Gaming Venture Corp., U.S.A. |
