PDS Financial reports a loss

Tuesday, Feb. 23, 1999 | 10:26 a.m.

Revenues fell dramatically, from $21.9 million in the fourth quarter of 1997 to $5.5 million. Fourth quarter, 1997 revenues got an unusual boost from a lessor's early exercise of a $13.5 million purchase option.

PDS provides leasing and financing to the gaming industry, and supplies reconditioned gaming devices to casino operators throughout the U.S.

For the year, PDS earned $356,000, or 9 cents per share, down from $942,000, or 28 cents per share in 1997. Annual revenues fell from $47.6 million to $36 million.

"The fourth quarter of 1998 was a difficult one for us," said Johan Finley, president and chief executive of PDS, in a statement. "We had to overcome the delay in the closing of a significant financing transaction due to circumstances beyond our control. While I am not satisfied with the overall financial results for this quarter, I believe that we have made some strategic decisions regarding our portfolio which will strengthen our core business model..."