Friday, April 17, 1998 | 10:56 a.m.
SUN STAFF REPORT
Anchor Gaming of Las Vegas said net income for the fiscal 1998 third quarter ended March 31 rose to $17.2 million, or $1.37 a share, from $8.6 million, or 64 cents a share, in the year-ago quarter. Revenue rose to $59.2 million from $36.8 million.
The company said nine-month net income rose to $50 million, or $3.90 a share, from $25 million, or $1.88 a share, while revenue increased to $167.2 million from $107.6 million.
The third-quarter results mark the 23rd consecutive period in which the company posted improved financial results. Anchor stock closed Thursday at 86 1/16, up 1 13/16.
Anchor stock, one of the most volatile in the gaming industry, has traded as high as $99 a share and as low as the mid-$20s over the past 52 weeks. As recently as last December, it was in the mid-$40s.
Its decline from the peak was prompted in part by news reports last fall about a sale by the company's founder and some of his family members of a portion of their holdings.
The price drop, which gaming analysts said wasn't warranted by the company's performance or prospects, resulted in a number of lawsuits from disgruntled shareholders who claimed Anchor executives hadn't been forthcoming about its outlook.
Company officials have said Anchor vigorously denies any wrongdoing and will contest the charges. They declined Thursday to comment on the latest results or the stock's climb back up to near-record levels.
Anchor said its joint venture with IGT, a subsidiary of International Game Technology, has installed about 5,000 games such as Wheel of Fortune and that its Colorado casino operations benefited from mild weather during the latest quarter. It had about $57 million of cash and an unused $10 million credit line as of March 31.
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