Publisher posts annual results

Wednesday, March 29, 2000 | 11:01 a.m.

Casino Journal Publishing Group Inc. of Las Vegas today announced a loss of $1.68 million, or 34 cents per share, for 1999.

The loss was up substantially from a net loss of $248,000, or 6 cents per share, in 1998. These increased losses were triggered by a one-time charge of $2.1 million, taken to account for 1.5 million additional restricted shares issued to top level executives and board members. The company's merger agreement with Gaming Venture Corp. called for these shares to be issued to Casino Journal's original shareholders if revenues of $8 million were posted in 1998 and $9 million in 1999.

Without this charge, the company would have posted net income of $462,000, or 9 cents per share.

Revenues rose 47 percent in 1999, to $13.4 million. Advertising revenues rose 47 percent, to $4.2 million, while subscription revenues increased 68 percent to $1.6 million.

Casino Journal publishes a series of gaming-related publications. The company also hosts several gaming industry trade shows.