Supplier move headquarters to LV

Monday, May 17, 1999 | 1:57 a.m.

Acres Gaming said it expects a big fourth quarter loss and that it intends to save money by farming out manufacturing of its gamblers' bonusing systems and moving its corporate headquarters from Corvallis, Ore., to its Las Vegas office.

Floyd Glisson, chief executive, projected annual savings of $1 million.

Acres said it will take a charge in its fourth quarter ending June 30 of $400,000 or 4 cents per share to cover costs of a reorganization in which component assembly will be outsourced and administrative functions will be relocated to Las Vegas.

Acres said it expects to lose $3.5 million to $4 million, or 39 cents to 45 cents per share, in its fourth quarter but return to profitability in its first quarter.

Roy Lytle, vice president and chief operating officer; and Robert Brown, executive vice president and chief financial officer, plan to leave the company so they can remain in Oregon. Reed Alewel, currently controller, will become CFO.

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