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LV company posts loss for quarter

Friday, Aug. 25, 2000 | 11:19 a.m.

Acres Gaming Inc. reported a net loss of $1.8 million for the quarter ending June 30, improving its results significantly over the year-ago quarter.

The Las Vegas company posted a loss of 20 cents per share. In the June 1999 quarter, the company lost $4.1 million, or 46 cents per share. Revenues rose 166 percent to $3.2 million.

Acres attributed improved revenues to hardware shipments made to new casinos in Melbourne, Australia, and Johannesburg, South Africa. The company said it reduced expenses by $965,000, posting a gross profit margin of 37 percent for the quarter. In the year-ago quarter, the profit margin was negative 14 percent. The majority of expense reductions came from staff reductions, as well as changes to the company's product mix.

As of June 30, the company had $789,000 in cash and no debt, but has a $3.5 million revolving credit facility available.

Acres supplies casino hardware and software products designed to increase casino efficiency.

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