Brief: Restructuring lowers profit at gaming concern

Tuesday, Oct. 20, 1998 | 3:42 a.m.

The Rapid City, S.D., casino operator and maker of gaming equipment and multi-site progressive systems reported earnings of $1.6 million, or 7 cents per share, on revenues of $32.9 million. In the year-ago quarter, Sodak earned $3.2 million, or 14 cents per share, on revenues of $35.7 million.

Sodak attributed the lower earnings to a restructuring last year that included a $1.8 million charge to reorganize its corporate structure, and a $1.7 million charge to divest from a Brazilian subsidiary.

Because costs and expenses declined with revenues, the restructuring charges reduced earnings per share by about 12 cents in the quarter, the company said.

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