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Thursday July 27, 10:00 am Eastern Time Company Press Release SOURCE: PDS Financial Corporation PDS Financial Corporation Reports Second Quarter Earnings of $0.06 Per Share vs. Prior-Year Loss Revenues Increase 33% to $14.0 Million LAS VEGAS, July 27 /PRNewswire/ -- PDS Financial Corporation (Nasdaq: PDSF - news), which finances, leases, sells, manufactures and refurbishes gaming equipment for the casino industry, today announced operating results for the second quarter and first half of the year 2000. For the quarter ended June 30, 2000, revenues increased 33% to $14.0 million, compared with $10.5 million in the second quarter of 1999. The Company reported a net profit of $230,000, or $0.06 per diluted share, in the most recent quarter, versus a net loss of ($170,000), or ($0.05) per diluted share, in the prior-year period. The Company completed $3.3 million in originations during the quarter ended June 30, 2000, compared to $55.3 million in the year-earlier quarter. Originations in the quarter ended June 30, 1999 were the highest in the Company's history, driven by the completion of significant project financing for a new gaming facility in Las Vegas. ``These results reflect the success of our strategy of growing and managing the lease portfolio and diversifying our revenue streams,'' stated Peter Cleary, President and Chief Operating Officer of PDS Financial Corporation. ``Although Slot Source sales were down from last year, our Lease/Finance division performed well. We are optimistic that our Digital Card System (DCS(TM)) platform and our recent addition of the web site, CasinoSlotExchange.com, a business-to-business virtual marketplace for casino equipment, will fuel additional diversified growth. With the addition of the web site distribution channel, we intend to increase Slot Source sales volume and reduce inventory levels.'' For the second quarter of 2000, revenues from equipment sales and sales-type leases approximated $9.0 million, compared with $5.8 million in the prior-year period. Costs related to these revenues totaled $7.6 million and $5.4 million, respectively, resulting in a gross margin on such transactions of $1.4 million in 2000 and $0.4 million in 1999. Sales-type leases include Slot Source gaming devices and other owned equipment. The increase in sales-type leases in the current quarter is primarily due to sales under sales-type leases of previously owned equipment. PDS Slot Source shipped a total of 472 and 1,540 gaming devices in the quarters ended June 30, 2000 and 1999, respectively. Such shipments include games sold, as well as games placed with customers under lease agreements. Revenues derived from operating leases and finance income totaled $4.7 million and $4.4 million for the three months ended June 30, 2000 and 1999, respectively. Fee income approximated $0.3 million in the second quarter of both years. Other costs and expenses primarily includes a prepayment discount on an unsecured notes receivable for the quarter end June 30, 2000. No such transaction occurred in the second quarter of 1999. For the six months ended June 30, 2000, the Company reported revenues of $32.0 million and net income of $405,000, or $0.11 per diluted share. In the corresponding period of the previous year, revenues totaled $17.4 million and the Company reported a net loss of ($37,000), or ($0.01) per diluted share. The Company's lease portfolio decreased slightly, to $60.5 million on June 30, 2000, compared with $62.1 million as of December 31, 1999. The Company's investment in equipment held for sale or lease increased from $6.6 million on December 31, 1999, to $7.1 million as of June 30, 2000, reflecting its investment in the new DCS(TM) platform. Although the Company can make no assurances, regulatory approval of this platform is expected during the second half of 2000, and shipments of the devices should begin immediately thereafter. PDS Financial Corporation, an integrated provider of customized finance and leasing solutions to the gaming industry, also supplies reconditioned gaming devices to casino operators throughout the United States. In 1999, the Company acquired the exclusive intellectual property rights to manufacture and distribute digital table game products utilizing DCS(TM) technology to the casino industry (including Sovereign Nation casinos) throughout the United States. PDS Financial Corporation is headquartered in Las Vegas, Nevada, and its common stock trades on The Nasdaq Stock Market under the symbol ``PDSF''. This press release includes statements that may constitute ``forward-looking'' statements, usually containing the words ``believe,'' ``estimate,'' ``project,'' ``expect'' or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changes in regulation of the gaming industry, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, changes in interest rates, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. For additional information, please contact: Peter Cleary, President of PDS Financial Corporation at (702) 736-0700, or RJ Falkner & Company, Investor Relations Counsel at (800) 377-9893 or via e-mail at info@rjfalkner.com. PDS FINANCIAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Loss) (Unaudited) Three months ended June 30, 2000 1999 Revenues Equipment sales $575,000 $3,408,000 Sales-type leases 8,393,000 2,416,000 Operating lease rentals 2,706,000 3,409,000 Finance income 2,006,000 1,003,000 Fee income 340,000 276,000 Total revenues 14,020,000 10,512,000 Costs and Expenses Equipment sales 845,000 3,265,000 Sales-type leases 6,728,000 2,126,000 Depreciation on operating leases 2,259,000 2,412,000 Interest 2,256,000 2,015,000 Selling, general and administrative 1,224,000 969,000 Other 349,000 -- 13,661,000 10,787,000 Income (loss) before income taxes (benefit) 359,000 (275,000) Income taxes (benefit) 129,000 (105,000) Net income (loss) $230,000 $(170,000) Net income (loss) per share: Basic $0.06 $(0.05) Diluted $0.06 $(0.05) Number of shares used to compute per share amounts: Basic 3,711,000 3,675,000 Diluted 3,712,000 3,675,000 PDS FINANCIAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Loss) (Unaudited) Six months ended June 30, 2000 1999 Revenues Equipment sales $3,179,000 $4,695,000 Sales-type leases 18,155,000 3,431,000 Operating lease rentals 6,619,000 5,953,000 Finance income 3,425,000 1,939,000 Fee income 657,000 1,349,000 Total revenues 32,035,000 17,367,000 Costs and Expenses Equipment sales 3,576,000 4,511,000 Sales-type leases 15,362,000 2,850,000 Depreciation on operating leases 5,069,000 4,212,000 Interest 4,442,000 3,793,000 Selling, general and administrative 2,604,000 2,060,000 Other 349,000 -- 31,402,000 17,426,000 Income (loss) before income taxes (benefit) 633,000 (59,000) Income taxes (benefit) 228,000 (22,000) Net income (loss) $405,000 $(37,000) Net income (loss) per share: Basic $0.11 $(0.01) Diluted $0.11 $(0.01) Number of shares used to compute per share amounts: Basic 3,710,000 3,662,000 Diluted 3,713,000 3,662,000 PDS FINANCIAL CORPORATION AND SUBSIDIARIES Selected Consolidated Balance Sheet Information (Unaudited) June 30, December 31, 2000 1999 Notes receivable, net $17,190,000 $22,514,000 Net investment in leasing operations: Equipment under operating leases, net 20,406,000 41,287,000 Direct financing leases, net 35,907,000 17,272,000 Leveraged leases, net 4,162,000 3,528,000 Equipment held for sale or lease, net 7,147,000 6,616,000 Notes payable 62,372,000 65,943,000 Subordinated debentures 11,333,000 13,323,000 Shareholders' equity 10,515,000 10,104,000 SOURCE: PDS Financial Corporation | ||||||||||||||
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