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Gaming equipment company posts improved earnings

Friday, Nov. 3, 2000 | 11:01 a.m.

PDS Financial Corp. of Las Vegas reported net income of $177,000, or 5 cents per share, for the quarter ending Sept. 30.

The results were an improvement over the loss of $414,000, or 11 cents per share, recorded in the year-ago quarter. Revenues rose 15 percent in the quarter, to $11.3 million.

The gains were the result of a substantial increase in sales and leases of refurbished slot machines -- revenues from these sources was $6.2 million in the quarter, up from $1.7 million in the year-ago period.

Operating lease income was $2 million, down from $5.6 million in the year-ago period. PDS said "a significant customer" -- the Regent Las Vegas -- stopped making payments during the quarter, but PDS didn't specify how much revenue was lost as a result.

"The company continually reviews its entire loan and lease portfolio for probable losses and currently believes that adequate loss allowances have been provided," PDS said.

PDS provides a variety of products to gaming companies, including finance and leasing packages, refurbished slot machines and digital table game products.

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