Company posts gain from business sale

Tuesday, May 22, 2001 | 10:52 a.m.

Casino Journal Publishing Group Inc. of Las Vegas reported net income of $1.32 million, or 20 cents a share, for the quarter ended March 31.

Net income in the year-ago quarter was $37,000, or 1 cent per share. Revenues declined $636,000 to $2.77 million.

The large increase in net income came as the result of Casino Journal's sale of its trade show and trade publication assets to GEM Communications in January. The sale was valued at $4.43 million in cash and stock; Casino Journal booked a gain of $3.77 million from the sale of these assets in the first quarter of 2001.

Because of the sale of magazine Casino Journal to GEM, the company said its shareholders have approved a name change to Casino Publishing Group.

The company produces a line of consumer-oriented gambling magazines, including Casino Player, Strictly Slots, Poker Digest and Atlantic City Insider.

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