LV company narrows quarterly loss

Thursday, Dec. 13, 2001 | 10:01 a.m.

Mikohn Gaming Corp. reported Wednesday it has narrowed its third quarter loss by 8 cents per share, following an internal audit.

The Las Vegas gaming equipment company on Oct. 30 had reported a net loss of $1.9 million, or 16 cents per share, for the quarter ending Sept. 30, on revenues of $28.2 million. This compared to net income of $780,000, or 7 cents per share, in the year-ago period.

Mikohn said the audit determined it had overestimated revenues by $400,000 from 66 leased slots delivered to a foreign lottery during the quarter, as only a portion of the games had been installed during that period. However, Mikohn also determined it could recognize a gain of $1.33 million from the sale of a progressive gaming system and a 50 percent interest in its Australian subsidiary.

The company did not provide a new net income figure, but based on Mikohn's shares outstanding as of Sept. 30, the net loss would be slightly under $1 million.

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