Slot maker’s profit falls, beats estimate

Thursday, Aug. 5, 1999 | 12:05 p.m.

Anchor Gaming of Las Vegas said its fourth quarter revenue fell 3.2 percent from the year-ago quarter to $62.7 million, net income fell 19.7 percent to $14.8 million and earnings per share fell 13.4 percent to $1.23.

The results exceeded analyst estimates that averaged $1.21 per share.

The results exclude a one-time merger related acquired in-process research and development charge of $17.5 million.

Including the one-time merger related charge, Anchor reported a fourth quarter loss of $2.7 million or 22 cents per share.

"Although these results did not exceed the prior period, we are pleased with the progress on a sequential basis. In particular, we are proud of the record results that were produced through our alliance with IGT and are excited about our new projects in development," Chief Executive Michael Rumbolz said in a statement. "Moreover, with the Powerhouse Technologies Inc. merger formally closed, we look forward to expanding our breadth of products beyond traditional casinos."

Separately, Anchor said it abandoned plans to change its name to Anchor Technologies as part of the Powerhouse merger.

"Management believes that there is significant brand recognition associated with the Anchor Gaming name among its traditional customer base and, as a result, the company will continue to use the name Anchor Gaming going forward," the company said.