Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Littlefield Corporation (LTFD) -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (7366)	2/16/1998 7:59:00 AM
From: SE	Read Replies (1) \| Respond to of 10368

I got to the BNGO home page this morning. This is where I got the 16 bingo hall number. It was on the company overview ball. Based on the other comments made in this section, it appears to me to have been re-written very very recently. So....I believe the 16 number is accurate. I see it as bad news in that we have fewer halls, but good news in that we are closing unprofitable halls. It could be bad news if the halls we are closing are those we just acquired in 1997 leading to the question of whether or not the Due Diligence portion of those acquisitions was adequate or not. If it was not, what are they doing to fix that problem going forward with there other acquisition candidates. I hope they are learning as they go..... -Scott ---------------------- AB&G is the market leader in the $5 billion North American charitable bingo market which has over 35,000 bingo centers. AB&G leases furnished bingo centers and provides consulting services to charities. AB&G derives rental revenues from its charity tenants, as well as vending and concessions sales, bingo paper and supplies sales, and video gaming. AB&G's strategy is to consolidate a significant portion of the fragmented bingo market to build a nationwide chain of bingo centers. The Company currently has 16 bingo centers open in Texas, Alabama and South Carolina and has closed several unprofitable centers in the past few months. The closing of these unprofitable halls should increase income. AB&G also has over 700 video gaming machines in South Carolina which comprise a majority of the company's revenues. AB&G has recently completed very successful years in 1996 and 1997. A few highlights include: Record earnings. AB&G reported net income of $.07 per share for the first quarter of 1997, $.10 per share for the second quarter of 1997, and $.12 per share for the third quarter of 1997. These quarters represent the fifth, sixth, and seventh consecutive quarters of record earnings. Aggressive expansion plans. AB&G has grown from $3.5 million in revenues to expected revenues in excess of $13 million in 1997. AB&G has recently announced the acquisition of four bingo centers in Mississippi and Texas and has identified 10 to 15 additional centers to potentially acquire in the first half on 1997. Strong balance sheet. The Company is in its strongest financial position ever. The Company has over $11.5 million in cash and $3.0 million credit lines available. The Company's current book value is $2.15 per share and the current cash value per share is $1.15. Furthermore, the Company has no long-term debt. AB&G expects continued growth in 1998 from existing operations as well as from strategic acquisitions and developments. AB&G looks forward to communicating these and other exciting developments in 1997 as we continue to successfully execute our business plan.