Leasing company reports improved results

Thursday, March 23, 2000 | 11:02 a.m.

Revenues for the quarter rose 52 percent, to $8.3 million, while lease originations rose 43 percent, to $23.7 million.

Much of the growth in revenues occurred in the company's reconditioned slot division, PDS Slot Source. Revenues from sales and leases in the division rose 111 percent, to $4 million.

For the year ending Dec. 31, PDS reported a net loss of $739,000, or 20 cents per share, compared to net income of $356,000, or 10 cents per share. Revenues rose 51 percent to $8.3 million. The loss for the year was primarily caused by a $1.3 million increase in uncollectible receivables, caused by financial difficulties at two of the company's largest clients.

PDS Financial provides financing and leasing services to the gaming industry, and also sells reconditioned gaming devices.

archive