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excellent numbers thru first 3 qtrs...4th should be just as good...my opinion only...trades around 2.00 on AMEX...4.8m shares outstanding: Wells-Gardner Reports Year to Date Earnings of $0.19 Per Share, Up 375 Percent, from $0.04 in 1999 Year to Date Sales Increased by 29 Percent CHICAGO, Nov. 1 /PRNewswire/ -- Wells-Gardner Electronics Corporation (Amex: WGA - news) today announced that sales in the third quarter ending September 30, 2000 were $10.8 million, up 19% from $9.1 million in the same quarter in the previous year. Included in the 2000 results were sales from American Gaming & Electronics (AGE), which was acquired in January 2000. The Company also announced third quarter, 2000 profit of $232,000 or $0.05 per share up from earnings of $31,000 or $0.01 per share in the third quarter, 1999. For the nine months ending September 30, 2000, the Company reported sales of $37.7 million, up 29% from $29.3 million in 1999. Earnings for the nine months, 2000 were $962,000 or $0.19 per share up from earnings of $190,000 or $0.04 per share in 1999, an increase of 375%. Included in the 2000 results was a non-recurring gain on the sale of assets of $329,000 or $0.06 per share. ``We are pleased with our sales and earnings growth in 2000,'' said Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer. ``AGE was a key contributor in both sales and earnings in the third quarter and continues to perform above expectations. We are entering the fourth quarter with a healthy backlog which is up 31% from that at the beginning of the third quarter.'' Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and ISO 9001 certified manufacturer of color video monitors, video liquid crystal & plasma displays, coin doors, coin mechanisms and other related distribution products for a wide variety of markets including, but not limited to, gaming machines, coin-operated video games, leisure and fitness, automotive, display, intranet, medical, service and video walls. Earlier this year, the company formed a joint venture to manufacture video monitors in Malaysia. In addition, the company acquired American Gaming & Electronics (AGE) as a wholly owned subsidiary in January 2000. AGE sells parts and service to over 500 casinos in North America with offices in Las Vegas and Reno, NV; Egg Harbor Township, NJ; Hollywood, FL; Palm Springs, CA and Chicago, IL. It also sells refurbished gaming machines on a global basis as well as some brands of new gaming machines in New Jersey and Connecticut. This press release contains certain forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement as a result of many uncertain future factors. Wells-Gardner assumes no obligation to update the information contained in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. A copy of its Annual Report and Quarterly Report can be obtained without charge by request to George B. Toma, Wells-Gardner Electronics Corporation, 2701 North Kildare Avenue, Chicago, Illinois 60639. Condensed Statements of Income Third Quarter Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 Sales 10,796,000 9,086,000 37,704,000 29,327,000 Cost of Sales 8,105,000 7,624,000 30,033,000 24,707,000 Engineering, Selling & Administrative 2,205,000 1,263,000 6,337,000 3,969,000 Goodwill Amortization 58,000 40,000 167,000 124,000 Operating Income 428,000 159,000 1,167,000 527,000 Gain on Sale of Fixed Assets 1,000 0 329,000 0 Other Expense {net} 197,000 128,000 534,000 337,000 Earnings Before Income Taxes 232,000 31,000 962,000 190,000 Income Taxes 0 0 0 0 Net Earnings 232,000 31,000 962,000 190,000 Basic Earnings Per Share 0.05 0.01 0.20 0.04 Diluted Earnings Per Share 0.05 0.01 0.19 0.04 Weighted Average Common Shares Outstanding 4,886,295 4,748,108 4,904,739 4,738,503 Weighted Average Common & Common Equivalent Shares Outstanding 4,930,101 4,850,701 5,022,591 4,788,142 Condensed Balance Sheets September 30, December 31, Assets 2000 1999 Cash 476,000 119,000 Accounts Receivable {net} 6,763,000 4,795,000 Inventory 13,870,000 8,510,000 Other Current Assets 1,859,000 609,000 Total Current Assets 22,968,000 14,033,000 Property, Plant & Equipment {net} 1,103,000 2,567,000 Investment in Joint Venture 206,000 0 Intangibles {net} 2,701,000 2,189,000 Total Assets 26,978,000 18,789,000 Liabilities & Shareholders Equity Current Liabilities 7,669,000 3,553,000 Long-Term Notes Payable 6,523,000 3,576,000 Shareholders Equity 12,786,000 11,660,000 Total Liabilities & Shareholders Equity 26,978,000 18,789,000 SOURCE: Wells-Gardner Electronics Corporation Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- | ||||||||||||||
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