LV firm reports financial turnaround

Tuesday, Oct. 26, 1999 | 10:35 a.m.

Mikohn Gaming Corp. of Las Vegas reported third-quarter net income of $1.3 million, or 12 cents a share, up significantly from a net loss of $8.8 million, or 83 cents per share, one year ago.

Revenues at the company increased 35 percent, to $27.3 million. Over a nine-month period, revenues reached $81.5 million, a company record. Net income for the nine months was $3.4 million, or 31 cents a share, up from a loss of $8.7 million, or 83 cents per share.

Losses in the third quarter of 1998 included a $4.9 million charge from the write off of assets, and a $2.7 million charge from the early extinguishment of debt.

During the third quarter, Mikohn said all three of its business lines -- signage, gaming products and gaming operations -- recorded increased revenues and profits. The company's largest contributor to earnings was its line of progressive table games.

Mikohn said it launched its "Yahtzee"-themed slot game in September, and has placed about 200 of the machines since that time. The game is Mikohn's first under a licensing contract with Hasbro, and Mikohn said the product will be an "increasingly important contributor to recurring revenues" in the fourth quarter.

"Customer demand for these just approved games has exceeded expectations and the roll-out will continue well into next year," said Mikohn chairman and CEO David Thompson.

The company also said it will introduce its "Monopoly"-themed table game in a field trial scheduled to begin at a Strip casino this week.