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LV firm reports hike in earnings

Friday, May 19, 2000 | 10:50 a.m.

Players Network Inc. reported net income of $28,000 for the quarter ending March 31, up from a loss of $120,000 in the year-ago quarter.

Net income was less than 1 cent per share, compared to a loss of 3 cents per share in the year-ago quarter. Players Network recorded revenues of $432,000 for the quarter, up from revenues of $101,000 in the 1999 quarter.

The improved earnings were primarily the result of a huge increase in production revenues, which increased from $18,000 in the year-ago quarter to $289,000 in the 2000 quarter. Advertising revenues also showed a healthy increase, rising nearly $40,000 to $49,000. The production revenue increase was caused by a $234,000 production services contract completed during the quarter.

More than half of the company's revenues came through barter transactions and were paid with in-kind advertising rather than cash payments.

Players Network is the operator of PlayersNetwork.com, a gaming and entertainment website. The company also produces gaming-related programming for use by hotel-casinos in guest rooms.

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