Fourth-quarter profit cuts company’s losses

Monday, Aug. 16, 1999 | 11:38 a.m.

Paul-Son Gaming Corp. of Las Vegas reported net losses for the fiscal year that ended May 31 narrowed to $681,000 or 20 cents a share, from net losses of $2.22 million or 65 cents a share in the prior fiscal year.

Sales for the 1999 fiscal year dipped to $23.9 million from $25.9 million in the previous fiscal year. The company said its 1999 fiscal year net losses included a non-recurring after-tax gain of about $220,000 or 6 cents a share, which resulted from sales of real estate in January.

The casino table game equipment manufacturer's fourth quarter net earnings returned to the black, with net income of $27,000 or 1 cent per share, compared with the previous fourth quarter net loss of $1.18 million or 34 cents a share.

Fourth-quarter sales fell to $6.73 million from $7.27 million for the same quarter last year.

"After reporting losses for several previous quarters, we are pleased to report marginal earnings per share for our fourth fiscal quarter," said Eric Endy, Paul-Son's chairman and chief executive.

"Heading into fiscal year 2000, we are optimistic about the potential for improving our financial performance by expanding our playing card market share, penetrating international markets and continuing to improve our manufacturing processes," Endy said.

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