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Non-Tech : Lake City Gaming: LCG-V -- Ignore unavailable to you. Want to Upgrade?

To: Jerrold Annett who wrote (111)	5/20/1999 3:11:00 PM
From: Jerrold Annett	Respond to of 124

3rd Quarter Results............ May 20, 1999 Third Quarter Results LAKE CITY GAMING CORP ("LCG-V") - Third Quarter Results Steve Kumpf, President, Lake City Gaming Corp. (LCG) announces Q3 1999 results and re-location of Kelowna casino //st 3 months ended, 9 months ended, March 31,1999 March 31,1999 Income Statement Revenue $ 4,973,844 $14,464,696 Expenses 3,589,913 9,734,437 Earnings before Taxes 1,383,931 4,730,239 Income Tax 624,568 2,134,757 After Tax Income $ 759,363 $ 2,595,482 Earnings per share Basic $.06 $.23 Fully Diluted $.06 $.21 //et Revenues for the three-month period ending March 31, 1999 (Q3 1999) increased by 5% compared to Q2 1999 reflecting the Vernon expansion completed in December 1998. Comparing Q2 to Q3, revenues increased by 51% in the Vernon casino and decreased 4-5% in Kelowna and Kamloops due to seasonal fluctuations in tourism. Expenses increased reflecting additional wages and premise costs associated with expansion in Vernon. Facilities assistance totaled $542,092 for the three-month period ended March 31, 1999. As of March 31, 1999 the company had $4,676,487 in cash plus $1,446,543 in cash floats. Kelowna Grand Opening The new location opens May 21, 1999 at 10:00 AM at the Grand Okanagan Resort (GOR). Construction began at the GOR in September 1998 for the relocation and expansion of the Kelowna casino along with a new tower for the hotel adding 120 rooms. GOR is the largest and most prestigious hotel in Kelowna offering a Strategic waterfront location. LCG has entered into a 10-year lease with a further option for another 10 years. The casino is designed to a Caribbean cruise ship theme, featuring unique lighting, murals, waterfalls. rockwork, and foliage. The 21,000 SF facility represents a $4 million upgrade in size and quality of premises and will have 300 slot machines and 20 tables. LCG will now operate 752 slots and 46 tables. The Vancouver Stock Exchange has neither approved nor disapproved of the contents contained herein and does not accept responsibility for the accuracy or completeness of this information. TEL: (250) 861-5457 Dale Peterson, Corporate Finance FAX: (250) 860-4407 Leah Gunther, Investor Relations Website: lakecitycasinos.com ______________________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. This Report Updated by Canstock at 10:51:50 Pacific Time