Record revenues, earnings reported

Tuesday, May 1, 2001 | 10:47 a.m.

Acres Gaming Inc., a Las Vegas gaming technology company, reported record revenues and earnings for its third quarter that ended March 31.

Acres, which provides casino accounting, management and bonusing products worldwide with its Acres Advantage and Acres Bonusing brands, reported net income of $2.6 million, 25 cents a share, on revenues of $17.5 million. That compares with a net loss of $1.1 million, 13 cents a share, on revenues of $2.2 million for the same quarter a year earlier.

The company attributed the growth in revenue to increased sales.

"We had strong revenue growth from our basic system products and finished the quarter with a very healthy order backlog, especially on Bonusing products," said Reed Alewel, senior vice president and chief financial officer. "Most of our sales this quarter were from basic system products, resulting in margins at the low end of our historical range. Higher margin Bonusing products are scheduled for delivery at the later stages of most of our contracts."

During the quarter, Acres also reported receiving a $21.8 million order for Advantage and Bonusing products for five casinos owned by Station Casinos Inc., and a $5.7 million order to equip two additional MGM MIRAGE casinos.

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