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Anchor Gaming Reports Third Quarter and Nine Months
Results
PR Newswire - April 22, 1999 16:19
LAS VEGAS, Nev., April 22 /PRNewswire/ -- Anchor Gaming (Nasdaq: SLOT) today reported
its operating results for its third quarter and nine months ended March 31, 1999, as shown in the
following table. For the third quarter, revenues increased 1.1% to $59,820,000, net income
decreased 15.7% to $14,472,000, and diluted earnings per share decreased 11.3% to $1.18 per
share. For the third quarter of the previous year, revenues were $59,184,000, net income was
$17,170,000, and diluted earnings per share were $1.33. For the nine months ended March 31,
1999, revenues increased 11.4% to $186,260,000, net income increased 0.5% to $50,167,000
and diluted earnings per share increased 5.8% to $4.00. For the first nine months of the previous
year, revenues were $167,175,000, net income was $49,919,000, and diluted earnings per share
were $3.78.
The Company's cash balance at March 31, 1999 was $89.3 million in addition to an unused bank
line of credit of $10 million. The Company repurchased 103,500 shares of its own common stock
during the third quarter for approximately $4.3 million or an average of $41.59 per share. At March
31, 1999 there were 534,700 shares authorized for repurchase under the Company's previously
announced repurchase program. Purchases by Anchor of its common stock may be effected
through open market purchases, block transactions, privately negotiated purchases, or otherwise.
Purchases of Anchor Gaming common stock by Anchor, if any, will be effected at prices and terms
to be determined in light of then current circumstances. Anchor may temporarily or permanently
suspend purchasing stock at any time without notice.
In regards to Anchor's March 10, 1999 announcement of a definitive merger agreement with
Powerhouse Technologies, Inc., CEO Michael Rumbolz stated, "We are pleased with our progress
to date as we move towards the closing of this transaction. We have filed the applicable forms
under the Hart-Scott Rodino Antitrust Improvement Act, Powerhouse has filed its Preliminary
Proxy Statement and we have initiated all regulatory filings that are conditions of the closing. In most
cases we are awaiting the completion of the various review processes and we currently anticipate
closing the transaction during the September 1999 quarter."
Anchor Gaming is a diversified gaming company that capitalizes on its experience as an operator
and developer of gaming machines and casinos by developing gaming oriented businesses. Anchor
Gaming currently develops and distributes unique proprietary games, operates two casinos in
Colorado, and operates one of the largest gaming machine routes in Nevada.
ANCHOR GAMING
SUMMARY OF EARNINGS (unaudited)
Three Months Ended Percent
March 31, Increase
1999 1998 (Decrease)
Revenues $59,820,000 $59,184,000 1.1%
Net Income $14,472,000 $17,170,000 (15.7%)
Basic Earnings Per Share $1.20 $1.37 (12.4%)
Weighted Average Shares
Outstanding 12,063,000 12,525,000
Diluted Earnings Per Share $1.18 $1.33 (11.3%)
Weighted Average Common
and Common Equivalent
Shares Outstanding 12,304,000 12,910,000
Nine Months Ended Percent
March 31, Increase
1999 1998 (Decrease)
Revenues $186,260,000 $167,175,000 11.4%
Net Income $50,167,000 $49,919,000 0.5%
Basic Earnings Per Share $4.09 $3.90 4.9%
Weighted Average Shares
Outstanding 12,254,000 12,810,000
Diluted Earnings Per Share $4.00 $3.78 5.8%
Weighted Average Common
and Common Equivalent
Shares Outstanding 12,537,000 13,204,000
ANCHOR GAMING
CONSOLIDATED CONDENSED Three months ended March 31,
STATEMENTS OF INCOME (Unaudited) 1999 1998
Revenues:
Proprietary games
operations $ 29,094,227 $ 29,635,818
Casino operations 20,923,112 20,884,467
Route operations 9,436,259 8,211,542
Other operations 366,164 452,199
Total revenues 59,819,762 59,184,026
Costs and expenses:
Proprietary games
operations 4,402,320 3,937,249
Casino operations 10,883,122 9,933,192
Route operations 6,251,717 5,359,083
Other operations 419,463 658,296
Selling, general
and administrative 10,885,451 8,973,042
Depreciation and
amortization 4,525,623 3,254,283
Total costs and expenses 37,367,696 32,115,145
Income from operations 22,452,066 27,068,881
Other income (expense):
Interest income 917,545 494,002
Interest expense -- (55,233)
Other income 53,373 107,021
Minority interest
in earnings of
consolidated subsidiary (174,283) (142,105)
Total other income 796,635 403,685
Income before provision
for income taxes 23,248,701 27,472,566
Income tax provision 8,776,366 10,302,213
Net income $ 14,472,335 $ 17,170,353
Basic earnings per share $ 1.20 $ 1.37
Weighted average
shares outstanding 12,063,496 12,525,132
Diluted earnings per share $ 1.18 $ 1.33
Weighted average
common and common
equivalent shares
outstanding 12,304,067 12,910,222
ANCHOR GAMING
CONSOLIDATED CONDENSED Nine months ended March 31,
STATEMENTS OF INCOME (Unaudited) 1999 1998
Revenues:
Proprietary games
operations $ 93,104,023 $ 81,105,784
Casino operations 64,008,452 59,159,624
Route operations 27,907,631 25,594,873
Other operations 1,239,448 1,314,238
Total revenues 186,259,554 167,174,519
Costs and expenses:
Proprietary games
operations 13,343,714 11,329,817
Casino operations 32,590,084 27,746,262
Route operations 18,359,450 15,963,653
Other operations 1,432,519 1,909,237
Selling, general
and administrative 29,873,815 23,448,152
Depreciation and
amortization 12,597,738 9,182,634
Total costs and expenses 108,197,320 89,579,755
Income from operations 78,062,234 77,594,764
Other income (expense):
Interest income 2,829,094 2,159,329
Interest expense -- (168,080)
Other income 236,419 777,881
Minority interest
in earnings of
consolidated subsidiary (537,532) (492,874)
Total other income 2,527,981 2,276,256
Income before provision
for income taxes 80,590,215 79,871,020
Income tax provision 30,422,805 29,951,633
Net income $ 50,167,410 $ 49,919,387
Basic earnings per share $ 4.09 $ 3.90
Weighted average
shares outstanding 12,253,734 12,809,968
Diluted earnings per share $ 4.00 $ 3.78
Weighted average
common and common
equivalent shares
outstanding 12,537,183 13,204,109
ANCHOR GAMING
CONSOLIDATED CONDENSED March 31, June 30,
BALANCE SHEETS (Unaudited) 1999 1998
ASSETS
Current assets:
Cash and cash equivalents $ 89,334,138 $ 73,187,295
Accounts receivable, net 7,167,496 8,977,254
Inventory 2,793,557 3,869,496
Prepaid expenses 2,007,181 1,951,947
Other current assets 981,502 53,688
Total current assets 102,283,874 88,039,680
Property and equipment, net 89,914,073 94,791,189
Long-term notes receivable, net 2,207,391 2,234,856
Intangible assets, net 2,753,110 3,534,048
Investments in unconsolidated
affiliates 26,883,017 32,638,738
Deposits and other 30,004,042 23,895,032
Total assets $254,045,507 $245,133,543
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 4,633,620 $ 5,994,029
Accrued salaries,
wages and vacation pay 3,010,153 3,905,951
Income tax payable 6,508,624 12,469,108
Other current liabilities 10,139,657 11,221,310
Total current liabilities 24,292,054 33,590,398
Minority interest
in consolidated subsidiary 1,249,975 1,061,470
Total liabilities
and minority interest
in consolidated subsidiary 25,542,029 34,651,868
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock,
$.01 par value,
1,000,000 shares authorized,
0 shares issued and
outstanding at
March 31, 1999 and
June 30, 1998 -- --
Common stock, $.01 par value,
50,000,000 shares authorized,
13,782,050 issued and
11,971,607 outstanding
at March 31, 1999, 13,758,375
issued and 12,593,232
outstanding at June 30, 1998 137,821 137,584
Additional paid-in capital 114,886,596 114,179,417
Treasury stock at cost,
1,810,443 shares at
March 31, 1999,
1,165,143 shares
at June 30, 1998 (85,584,963) (52,731,940)
Retained earnings 199,064,024 148,896,614
Total stockholders' equity 228,503,478 210,481,675
Total liabilities and
stockholders' equity $254,045,507 $245,133,543
SOURCE Anchor Gaming
/CONTACT: Michael D. Rumbolz, CEO and President, or Geoffrey A. Sage,
CFO, 702-896-7568, both of Anchor Gaming/
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