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: Nittany Lion who wrote (8541)	5/15/1998 9:46:00 AM
From: Nittany Lion	Respond to of 10368

Company Press Release SOURCE: American Bingo & Gaming Corp. American Bingo & Gaming Corp. Announces Stock Buyback Program AUSTIN, Texas, May 15 /PRNewswire/ -- American Bingo & Gaming Corp. (Nasdaq: BNGO - news) today announced that its Board of Directors has authorized the Company to repurchase up to 1.0 million shares of Company Common Stock over the next several years. The Company currently has approximately 9.5 million shares outstanding and intends to initiate this program immediately. Andre Hilliou, Chief Executive Officer, stated, ''Our first priority is to grow the size and profitability of the Company, and we have over $11 million in cash and $5 million in credit facilities to accomplish this objective. However, we believe that our stock price is undervalued relative to the strengthened management, financial fundamentals and growth opportunities for the Company. Therefore, we intend to periodically repurchase shares to: i) maintain shareholder value for our investors; ii) reduce the number of shares outstanding to improve earnings per share performance, and iii) utilize repurchased shares for future acquisitions to minimize dilution.'' Separately, the Company announced that it has terminated a Stock Purchase Agreement with Bingo & Gaming International. The Company had intended to acquire certain charitable bingo centers in Mississippi under this agreement. The Company terminated this agreement because it was uncertain whether it would be able to receive approval from the Mississippi Gaming Commission to continue to charge rent at levels that would enable the Company to earn a fair profit on its proposed investment. The Company has scheduled an investor conference call for May 19 at 4:00 EST. Investors are encouraged to call 1-800-404-2809 to listen to the call, or may call this same number to listen to a recording of the call through May 22. American Bingo is a market leader in the $14 billion non-casino gaming market and $6 billion North American charitable bingo market. The Company generates a majority of its revenues from its video gaming operations in South Carolina and also earns revenues from its bingo centers in Texas, Alabama, and South Carolina. Except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation and taxation, customer attendance and spending, competition, general economic conditions and other risks detailed in the Company's SEC reports. SOURCE: American Bingo & Gaming Corp.

To: Nittany Lion who wrote (8541)	5/15/1998 9:49:00 AM
From: Silicon Trader	Respond to of 10368

I like it!>>>>>>>> all they need is a little diversification and they will be fine GO NRAG MBA

To: Nittany Lion who wrote (8541)	5/15/1998 11:17:00 AM
From: Nittany Lion	Respond to of 10368

I am also very encouraged by the dual announcements this morning and looking forward to the conf. call. The tone even seemed to be better. First quarter 1998 net income was also negatively affected by $160,000 of payroll costs for personnel no longer with the Company. Mr. Henry's buyout? We have already taken actions to improve annual earnings by over $800,000 since the beginning of the year through payroll reductions and .... This seems to contradict the salary increases announced earlier - will be interested in some clarification. All in all I think this will become the pad from which Mr. Hilliou can launch the Co. back to the investment we all thought it could be. Gary