LV supplier profits from tax benefit

Tuesday, Feb. 29, 2000 | 10:49 a.m.

Casino Data Systems of Las Vegas reported net income of $11.3 million, or 60 cents per share for the quarter ending Dec. 31, up from net income of $1.8 million or 10 cents in the year-ago quarter.

The company's profit was almost entirely the result of a $9.6 million tax benefit recorded during the quarter, related to the elimination of a deferred tax allowance established in 1997. Before that tax benefit, Casino Data recorded net income of $1.7 million, or 9 cents per share, a 5.6 percent decline.

Revenues for the quarter increased 24 percent to $17 million.

In 1999, Casino Data reported net income of $15.2 million, or 82 cents per share, including the tax benefit. That's up from net income of $2.5 million, or 14 cents per share, in 1998. Without the benefit, Casino Data still experienced a 114 percent gain in earnings per share in 1999.

Revenues for the year rose 42 percent, to $75.5 million. Casino Data attributed its earnings and revenue growth to growth in its gaming devices and systems lines of business.