Latest Headlines: %title%Rushmore Casino released new 400% bonus codes%title%From 96' To Now - Intercasino Celebrates Its Tenth Year Anniversary

GameTech Reports Third Quarter and Nine Month Profits

10 September 2006

GameTech International, Inc. (Nasdaq: GMTC), a leading designer, developer and marketer of electronic bingo equipment and bingo systems, today announced financial results for the Company's third fiscal quarter and nine month period ended July 31, 2006. Net income totaled $1.3 million for the quarter, or $0.10 per fully diluted share, a significant improvement over net income of $85,000 and $0.01 per fully diluted share for the third quarter of fiscal 2005. Year to date net income for fiscal 2006 reached $3.3 million, or $0.26 per fully diluted share, compared with $389,000, or $0.03 per fully diluted share for the comparable nine month period in 2005.


Third quarter net revenue totaled $12.4 million which approximated the comparable quarter during fiscal 2005 and net revenue for the nine month period ended July 31, 2006 was $37.3 million, slightly below the $37.5 million in the comparable period in fiscal 2005. Company revenue continued to increase in key domestic and international markets, offset by some reductions in accounts and pricing. Total operating expenses decreased significantly for both the three and nine month periods.


On August 30, 2006, GameTech announced that it had entered into an agreement to acquire the business of Summit Amusement & Distributing, Ltd. for $37 million in cash and a contingent payment of up to $2 million in cash if Summit's business achieves certain profitability goals for 2006. Summit is a leading developer and manufacturer of entertainment driven gaming devices, including primarily video lottery terminal equipment and related software. Additional information about the acquisition can be found in GameTech's Form 8-K filed August 30, 2006.


Jay Meilstrup, GameTech's President and Chief Executive Officer stated, "GameTech has continued to show increasing profitability and earnings per share for each of our quarters this year as well as on a year to date basis. We have continued to increase our core business in states such as Michigan, Kentucky, Nevada, New York and other domestic and international markets and we will continue to focus on our customer base and market share. We believe new product initiatives and international market expansion will start to be realized in the fourth quarter. We are excited about the growth opportunities presented by the Summit acquisition, and we will continue to pursue strategic opportunities when they arise."


About GameTech International, Inc.


GameTech is a leading developer and marketer of a comprehensive line of electronic bingo equipment, including hand-held bingo terminals, fixed-base terminals, and turnkey accounting and management software systems. The Company supports its bingo operator customers with products that typically increase play, revenue and profits, and with software customized to enhance management and operations, all backed by unparalleled customer service and support.


Statements contained in this press release that are not historical facts are intended to be forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the potential effects of the definitive agreement with, and the acquisition of, Summit, our potential expansion of our domestic and international business and markets, new product and product feature developments, the success of our strategic opportunities and initiatives, and expectations relating to financial and operating results. GameTech cautions that these statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include whether we will be able to obtain the financing and licenses required to complete the acquisition of Summit, our ability to successfully integrate, operate and grow Summit's business, our dependence on the bingo industry and Summit's dependence on the video lottery terminal business, risks associated with rapid technological change, our ability to retain customers and secure new customers, risks of changes in regulations, reliance on the Texas market, and competition. These and other factors are disclosed and discussed in more detail in documents filed by the Company with the Securities and Exchange Commission, including the Company's most recently filed Form 10-K, Form 10-Q's and Form 8-K's.


GAMETECH INTERNATIONAL, INC.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except per share amounts)


Three Months Ended Nine Months Ended


July 31, July 31,


2006 2005 2006 2005


(Unaudited) (Unaudited)


Net revenue $12,430 $12,444 $37,310 $37,510


Cost of revenue 5,113 4,770 14,720 15,386


Gross profit 7,317 7,674 22,590 22,124


Operating expenses:


General and administrative 1,885 3,687 6,799 9,237


Sales and marketing 2,777 2,940 8,288 9,054


Research and development 550 888 2,227 3,020


Loss contingencies 33 24 99 32


Total operating expenses 5,245 7,539 17,413 21,343


Income from operations 2,072 135 5,177 781


Interest and other income


(expense), net 129 45 328 73


Income before income taxes 2,201 180 5,505 854


Provision for income taxes 879 95 2,158 465


Net income $1,322 $85 $3,347 $389


Net income per share:


Basic $0.11 $0.01 $0.28 $0.03


Diluted $0.10 $0.01 $0.26 $0.03


Shares used in calculating net


income per share:


Basic 12,312 11,875 12,107 11,865


Diluted 12,969 11,880 12,684 11,944


Selected Balance Sheet Data: July 31, October 31,


2006 2005


(Unaudited) (Audited)


Cash and cash equivalents $7,661 $6,330


Short-term investments $3,803 $503


Restricted short-term investments $4,515 $4,581


Total current assets $23,189 $18,625


Total assets $57,345 $51,130


Total current liabilities $8,518 $7,801


Total liabilities $9,611 $9,241


Total stockholders' equity $47,734 $41,889


Total liabilities and


stockholders' equity $57,345 $51,130


EBITDA is defined as earnings before interest, taxes, depreciation and


amortization. Although EBITDA is not a measure of performance calculated


in accordance with generally accepted accounting principles ("GAAP"),


GameTech believes the use of the non-GAAP financial measure EBITDA


enhances an overall understanding of GameTech's past financial


performance, and provides useful information to the investor because


EBITDA is used by virtually all companies in the gaming equipment sector


as a measure of performance. However, investors should not consider this


measure in isolation or as a substitute for net income, operating income,


or any other measure for determining GameTech's operating performance that


is calculated in accordance with GAAP. In addition, because EBITDA is not


calculated in accordance with GAAP, it may not necessarily be comparable


to similarly titled measures employed by other companies. A


reconciliation of EBITDA to the most comparable GAAP financial measure,


net income, follows:


Reconciliation of U.S. GAAP Net Income to EBITDA:


(Dollars in thousands) Three Months Ended Nine Months Ended


July 31, July 31,


(Unaudited) (Unaudited)


2006 2005 2006 2005


Net income $1,322 $85 $3,347 $389


Add back:


Amortization and depreciation 2,567 2,719 7,695 8,818


Interest income and other


(income) expense, net (129) (45) (328) (73)


Provision for income taxes 879 95 2,158 465


EBITDA $4,639 $2,854 $12,872 $9,599

prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.




The Best Payouts

Casino Payout  
98%
98.3%
99%
98.5%
Best Online Casinos Bonuses

In addition to online casino news hot off the presses, OCN shows you the best first deposit bonuses at the best online casinos on the web. We've spared you the search by putting together a list of the latest and greatest first deposit bonuses around. So, all you have to do is click and enjoy!

Name First Deposit
100% up to $377
100% up to $1,000
400% Welcome Bonus
100% up to 200$

 Newsletter

Subscribe
Unsubscribe
E-mail

 Books

 Most Recommended Casino Books

 Casino News...

Czech Republic united with online world of online casinos

6 January 2009

There's a bright light of hope shining at the end of the tunnel for many persons in the online casin...

Unregulated US Casino online gambling creates problems

4 January 2009

The state of the US has been declared precarious due to its unregulated online gambling which has cr...

Antigua and Barbuda island nations experience a surge in online casino gambling

31 December 2008

The island nation of Antigua and Barbuda has experienced a recent surge in their online gambling ind...

Growing competition between online casinos using first deposit strategy

22 December 2008

The online casino industry on a daily basis is becoming assertively competitive. Many casinos have l...

Cherry Red online casino build up to 250 Bonus on Christmas day

22 December 2008

Winding down its extraordinary holiday bonus schedule this December is Cherry Red online casino. A 2...

Horse race betting through internet phones – online casinos

22 December 2008

This week's big news was the plea of Anurag Dikshit, co-founder of Partygaming subject to violating ...

Strategic security cuts back online casino crime

22 December 2008

A new report claims that there is a dramatic decrease in 2008 of online casino crime....

Problem Gambling tackled by Online casino with Harvard Med

22 December 2008

Harvard Medical School reached an agreement with online casino operator bwin to undertake a joint fi...

New Europa Casino players participate in Live Tournament worth $2400

8 December 2008

During the 4th and 7th of December a non-refuse offer was made by Europa Casino to new players enabl...

CasinoBonusGuy receives 3 industry award nominations

1 December 2008

Online Casino Games Portal CasinoBonusGuy has been nominated for ''Best Casino Affiliate'' ''Best Bi...

Online casino Vegas Partner Lounge awards a Caribbean cruise trip and Porche

1 December 2008

Online casino group Vegas Partner Lounge's leading promotion ''Casino Treasure Cruise'' is a yearly ...

Launch of new online games-Money Casino

1 December 2008

Curacao licensed online site Money Casino released one new slot game and upgraded existing slot bonu...

No-Tax Policy in Ireland towards Online Casinos

1 December 2008

The Irish gambling taxes are so low in comparison to most of the rest of the world that it is little...

Online Casinos are not recession proof-debate

26 November 2008

The long held belief that ''gambling is recession proof'' has been proved wrong this year as Las Veg...

High Video Poker payout at All Slots Casino

25 November 2008

One of the highest payouts a player can win in on online non-progressive casino has been given to To...

Cowlitz Casino partners with Pasenka Band of Nomlaki Indians

24 November 2008

Vancouver, Washington- In an effort to build a casino resort near La Centre, Clark County- a Norther...

Ripe time for Casino in Georgia

24 November 2008

For the last 20 years City Council leaders debate the idea of a casino in Atlanta with the belief th...

Online Casino Club Vegas USA releases a new i-Slot “Baby Boomers: Cash Cruise”

10 September 2008

Sep. 10 Curacao -- (Press Release) Club Vegas USA has released yet another thrilling i-Slot game cal...

Club Vegas USA - New Online Casino Powered by Rival Launched - Accepts US players

6 August 2008

Club Vegas USA is latest online casino Powered by Rival to be released. Rival is one of the up and c...

The United States Fears Not to Pay Billions to Antigua in WTO Casino UIGEA Case

6 October 2007

Reuters reported recently that the United States is not worried about having to pay $100 billion in ...

MircroGaming Releases Exciting New Games!

5 October 2007

The release of a new game is always a special event in the gambling industry, but when Microgaming, ...

Sixth annual European i-Gaming Congress and Expo Begins

4 October 2007

The sixth annual European i-Gaming Congress and Expo got underway at the spacious Barcelona Diagonal...

United States Released UIGEA Online Gambling Guidelines

3 October 2007

The United States government released proposed guidelines for the Unlawful Internet Gambling Enforce...

UIGEA Implementation Rules Published

2 October 2007

On October 1, 2007 the Federal Reserve and the Department of the Treasury released their joint repor...

Norway Gears Up to Ban Online Casinos

1 October 2007

Although the passage of the UIGEA last year made it difficult for American players to gamble online,...

Are British Gambling Laws too Lax?

30 September 2007

Are the new lax gambling laws causing more and more Britons to be under the sway of compulsive gambl...

Full Tilt Reponds to Bot Allegations

29 September 2007

You may have a surprise in your Full Tilt Poker Account today! After recent allegations that bots we...

Roy Winston Wins $1.5 million in Poker Tournament

28 September 2007

Coming off a 26th-place finish at the World Series of Poker, Rancho Mirage's Roy Winston won the Bor...

Bureaucracy Deals Poker Charity Game Dud

27 September 2007

But the Gloucester Township homemaker never expected another fight -- this time with bureaucrats -- ...

Charities Adopt Poker as Chosen Game for Fundraising

26 September 2007

It should come as a surprise to no one that charity-poker games have emerged in recent years as an i...

Track's Poker Room Lures High Stakes Poker Players

25 September 2007

Spurred by the three-month success of high stakes poker, the Naples-Fort Myers Greyhound Track’s pok...

Betfair Online Casino Goes Green

24 September 2007

Online Casino Group Betfair has announced that it has boosted its IT energy efficiency to support it...

32Red.com Online Casinos to Sell BetDirect.com Sportsbook Subsidiary

23 September 2007

Rumors have been circulating for a while now about the future of 32Red.com and its Gibraltar-based B...

CryptoLogic makes casino games out of Marvel Comics!

21 September 2007

CryptoLogic has announced that they have received exclusive rights to make slots and other casino ga...

Will the WTO overturn the UIGEA?

20 September 2007

Since the beginning of the U.S. Presidents first term, the Bush administration has been trying to ke...

Coast Casinos Show Record August

19 September 2007

The coastal casino in the State of Mississippi have had a diffilcutl few years, yet it seems that th...

Queen Gambles and Wins Raffle!

18 September 2007

Her Majesty Queen Elizabeth II recently found that not only was she one of the most richest women in...

Online Casino Comes out with Tasteless Twin Towers Promotion.

16 September 2007

It seems that there is no limit to how low some online casinos can go in order to secure a profit. V...

Americas Watchdog Raises Hell against Illegal Online Casinos

15 September 2007

After a 10-month investigation into the slimy world of Internet "casinos or sports books", Americas ...

Best Online Casinos

  Name Payout
Slots Oasis Slots Oasis 98.5%
Lucky18 Casino Lucky18 Casino 98%
LuckyAce Casino LuckyAce Casino 98.3%
Cherry Red Casino Cherry Red Casino 99%




Online Casino News - news
from the world of
online casinos RSS Feed.

News Archive

Copyright © 2005 - 2012   •   All rights reserved   •  Online Casino  
Up-to-the-minute news from the world of online casinos.   •   Thursday, February 9th 2012