Jag: You posted One Small Section of GMTC's Press Release, I will Post the rest of it.
I would guess that you are short in the stock since you posted the not so good part,
and did not post the better parts of the Press Release.
Here are the Parts you let out of your posting:
:01 GameTech International Releases Fiscal 1997 Earnings
TEMPE, Ariz., Jan. 9 /PRNewswire/ -- GameTech International, Inc. (Nasdaq:
GMTC) announced revenues for the fiscal year ended October 31, 1997 of $12.6
million, an increase of 135% compared to the prior fiscal year. Net income
increased 256% to $2.9 million, or $.39 per share based on fully diluted
shares outstanding of 7.5 million. For the fiscal year ended October 31, 1996
revenues were $5.4 million, net income was $805,000 and fully diluted net
income per share was $.11. Pro-forma fully diluted earnings per share,
including the 3,270,000 shares issued at the initial public offering (IPO),
were $.27 for the year ended October 31, 1997, compared with $.08 for the
prior year.
Chairman and Chief Executive Officer, Richard T. Fedor attributed the growth
in sales and profit to a full year's results from operations in Texas and
entry into the market in Washington State. "Substantially all our revenues in
1997 were derived from our core business of installing interactive bingo
systems in halls in the United States. We are extremely pleased with our
strong performance over the last year, which met our expectations. We expect
continued growth in the core business with additional hall installations and
< You Also left out the following section of the Press Release >
We are very excited with the expansion in our route operations.
Implementation and installations are ahead of schedule and are providing
market growth. Projected expansion into the Midwest and East Coast states is
progressing on schedule. The growth opportunities for GameTech continue and
we are very positive on what they hold for the Company.
Cash and cash equivalents amounted to $1,020,000 and shareholders' equity
was $3,976,000 at October 31, 1997. Net proceeds from the IPO, which closed
on December 1, 1997, were approximately $32,500,000. We are very pleased with
the success of our IPO in a very difficult financial market. This only
strengthens GameTech's ability to expand and accelerate our leadership role in
an exciting industry concluded Fedor.
GameTech is a leader in the design, development and marketing of interactive
electronic bingo systems. Corporate headquarters are located at 2209 West 1st
Street, Suite 113, Tempe, Arizona 85281.
Selected Financial Data
(in thousands, except per share amounts)
Year Ended October 31,
1997 1996
Revenues $12,578 $5,364
Income from Operations 5,371 1,639
Net Income $2,861 $805
Fully Diluted Earnings
per Share $0.39 $0.11
Shares used in the calculation
of net income per share --
Fully Diluted: 7,547 7,889
/CONTACT: Richard T. Fedor, Chairman and Chief Executive Officer, or Conrad
J. Granito, Jr., President and Chief Operating Officer, both of GameTech
International, 602-804-1101/
05:00 EST |
