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News mixed for Progressive Gaming International Corporation

Sep 30, 2008 6:54 PM

by Ray Poirier | News was mixed for Progressive Gaming International Corporation (PGIC) last week after the company announced that it would miss its previous 2008 revenue outlook and that its CEO was being replaced.

However, the company said it had taken action to reduce annual aggregate selling, general and administrative, research and development and operating expenses by approximately $13 million to $15 million. This represented between 25% and 29%.

Terrance W. Oliver, the new president and CEO replacing Russell McMeekin, said the planned reduction in operating costs would boost both EBITDA (earnings before interest, taxes, depreciation and amortization) and cash flows. However, he noted, that because of market conditions the company had "suspended our full year guidance for revenue and systems installed base metrics and EBITDA."