POKR: Earning per share.
Jimbo
(PR NEWSWIRE) DJ: Casino Airlink Reports 62% Increase In First Quarter Pro
DJ: Casino Airlink Reports 62% Increase In First Quarter Profit
Company Also Notes Meaningful Improvement in All Key Business Indicators
FORT LAUDERDALE, Fla., April 27 /PRNewswire/ -- Casino Airlink, Inc. (OTC
Bulletin Board: POKR), today reported net income of $500,507, or $.08 per
share, for the first quarter ended March 31, 1998, representing an increase
of 62% over net income of $308,590, or $.03 per share, for the first quarter
of 1997. Revenues for the first quarter of 1998 totaled $4,510,123,
compared to revenues of $5,443,622 during the same period in 1997.
Casino Airlink also reported that all key indicators of its business
performance showed meaningful improvement over last year's first quarter,
including a price per passenger increase of 8.5%, a 4.5% increase in the
total number of passengers, and an increase in load factors of 6.3%. Based
on these current trends in its business, the senior management of Casino
Airlink remains confident that the Company will report a profit from
operations during each of the remaining quarters of 1998, as well as further
improvements in its key business indicators for the year as a whole.
Commenting further, William G. Forhan, Chief Executive Officer of Casino
Airlink, said, "As our results demonstrate, we are on target to meet the key
goals laid out in our business plan. The steps taken to improve operating
efficiency and gross margins have resulted in significantly enhanced net
profitability during the recently ended quarter. We are now moving forward
to implement additional strategies which we expect will result in a
meaningful expansion of the Company's rate of growth and profitability.
Chief among our plans is the expansion into new markets, a process we expect
to begin over the next two quarters, and the development of new products and
services. Furthermore, as we are on the verge of completing efforts to
secure additional capital, we plan to move ahead with our acquisition
program, seeking travel- related companies that can add to our product mix
and provide enhancements to growth, profits and shareholder value."
Casino Airlink is a wholesale travel company that is currently the exclusive
provider of packaged casino vacations from five cities in Florida and
Atlanta, Georgia to the Mississippi Gulf Coast. Casino Airlink provides
non-stop, round trip jet service, destination airport transfers, ground
handling, 2-3 night deluxe hotel accommodations, nightly buffet meals and
access to 24-hour Las Vegas style gaming and entertainment. The Company
delivered more than 85,000 passengers to the Mississippi Gulf Coast area via
their chartered and scheduled air service in 1997.
COMPARATIVE OPERATING HIGHLIGHTS
For the Three Months Ended
March 31, 1998 March 31, 1997
Revenues $4,510,124 $5,443,622
Net Income $500,507 $308,590
Earnings Per Share (Basic) $.08 $.06
Earnings Per Share (Diluted) $.04 $.03
Weighted Average Shares
Outstanding (Basic) 6,352,395 5,299,000
Weighted Average Shares
Outstanding (Diluted) 12,052,395 10,999,000
Statements about the Company's future expectations, including future
revenues and earnings, and all other statements in the press release other
than historical facts are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company intends
that such forward-looking statements be subject to the safe harbors created
thereby. Since these statements involve risks and uncertainties and are
subject to change at any time, the Company's actual results could differ
materially from expected results.
/CONTACT: Barry A. Rothman, B. Alan Associates, 561-483-7743; or William
G. Forhan, Casino Airlink, 561-938-2500/
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