Las Vegas casino supplier reports strong quarter

Friday, Feb. 9, 2001 | 11:09 a.m.

Acres Gaming Inc. of Las Vegas today reported big jumps in revenues and net income for the quarter ending Dec. 31.

The company reported net income of $1.5 million, or 13 cents per diluted share, for the quarter. In the year-ago quarter, the company posted net income of $420,000, or 5 cents per diluted share.

Revenues also showed a substantial increase, rising 89 percent to $10.2 million.

Acres attributed the increases to sales of its Acres Advantage product line to properties operated by Station Casinos Inc., MGM MIRAGE and Mandalay Resort Group, as well as casinos in South Africa and California. The year-ago quarter included sales to just two properties.

The strong earnings report comes just days after the Nasdaq warned it planned to delist the company because it fell below the $2 million minimum net tangible assets requirement. However, in today's earnings report, Acres indicated it had $18.4 million in assets, including $5.5 million in cash and equivalents. Acres must request a hearing by the end of today to prevent the delisting from taking effect Monday.

Acres traded this morning at $2.03, up 19 cents.