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American Wagering business looking up

Dec 24, 2001 12:47 AM

Business seems to be looking up for American Wagering Inc. (BETM). During the third quarter the company reported net income of $114,842 or $0.01 per share. This boosted earnings for the nine-months of the current fiscal year to $234,996 or $0.02 a share.

Quite a turnaround from last year when the net loss for the comparable nine-month period was $1,091,663, or $0.15 a share.

Commenting on this year’s results, Vic Salerno, chairman CEO said, “Although the cancellation of sporting events during September resulted in lower than expected revenues, the company maintained its full work force while strengthening our resolve to meet our long-term business plan and return to profitability. As a result of these efforts and the dedication of our staff, the company was able to increase its revenues and reduce its expenses.”

Revenues for the nine months ended on Oct. 31, were $8.4 million, an increase of $526,085 or 6.7% over last year. The increase was attributed to the sales of the new T-3 wagering terminals in the company’s CBS division. Also noted were increases in revenue from the Leroy’s wagering operations.

Offsetting some of these increases were losses incurred by the company’s Australian Mega$ports and its keno operations.

However, Salerno underscored that the “overall growth and performance during these difficult economic times proves the viability of American Wagering as a company and validates our business plan.”