Slot machine manufacturer Mikohn Gaming Corp. today said it earned $79,000 in the fourth quarter, up from a loss of $10.2 million in the fourth quarter of 2001. Earnings from continuing operations before income taxes for the fourth quarter were $200,000, or 2 cents per share, compared to a loss of $7.7 million, or 60 cents per share, a year earlier. The figures don’t include one-time charges and other non-recurring items.
Revenue for the fourth quarter was $27.1 million, down from $27.9 million for the same period a year ago. Revenue from product sales was $16.5 million in the fourth quarter, down from $16.8 million. Revenue from other gaming operations was $10.6 million compared to $11.2 million.
For the full year of 2002, the company reported a net loss of $37.9 million, or $2.95 per share, compared with a net loss of $9.7 million, or 83 cents per share, in 2001.
Included in the 2001 loss was a charge of $3.1 million for the early retirement of debt and $9.7 million of charges for asset write-offs, discontinued operations and other valuation and impairment charges. Included in the 2002 net loss were $28 million in charges related to corporate restructuring, discontinued operations losses, obsolete or slow-moving inventory, bad debt provisions and executive officer severance agreements.
“Our restructuring initiatives and cost reduction strategies implemented in the third quarter were the impetus for our improved fourth quarter results and will continue to benefit us in the future,” Chief Financial Officer John Garner said.
After disappointing results last year, Mikohn was forced to lay off staff and close a small Las Vegas plant that was relocated. The firm had been dogged by game delays and slowed demand for slots leased by casinos.
AUSTRALIAN GAMING MACHINE MANUFACTURERS’ ASSOCIATION (AGMMA)
AGMMA was formed in 1990 by the major Australian gaming machine manufacturers. Current members include Ainsworth Game Technology, Aristocrat Technologies, Global Gaming Industries, International Game Technology (IGT), Konami Gaming, Pacific Gaming and Stargames Corporation. Associate members include Acres Gaming, Bytecraft Systems, eBet Limited, Hagemeyer (Soanar), JCM American, MDS Turbo, Mikohn Gaming, TAB Limited and TCS Aces.
AGMMA’s mission is to support the Gaming Industry’s future.
AGMMA devotes a major effort to assisting and providing input to various industry bodies and their respective regulators – and to providing such input itself where appropriate.
AGMMA hosts the annual Australasian Gaming Expo (AGE), located in Sydney, Australia. Around 200 companies exhibit the latest in gaming-related products and technology, occupying 20,000 square metres (over 215,000 square feet) of exhibition space. Around 12,000 visitors attend AGE each year.
AGMMA is also co-hosting the inaugural New Zealand Gaming Expo in Christchurch, 20-22 March 2004.
AGMMA developed the “Player Information Booklet”, which sets out in clear and unambiguous terms the information that consumers need to make informed decisions about playing Australian gaming Togel Hongkong machines. Among other publications, AGMMA also developed the booklet “Gaming Machines – Do You Know the Whole …