Casino publisher posts 2001 profit, looks at alternatives

Monday, April 1, 2002 | 11 a.m.

Casino Journal Publishing Group Inc. of Las Vegas reported net income of $217,000, or 3 cents per share, for the year ending Dec. 31, despite a significant downturn in business during the last four months of the year.

The company posted a loss of $27,000, or 1 cent per share, in the year-ago quarter. Casino Journal said the profitable year was entirely the result of the sale of its trade shows and several trade magazines to GEM Communications in January 2001.

Revenue for the year fell 21 percent to $10.3 million, which the company said was the result of the sale. The company posted an operating loss of $1.43 million, compared to operating income of $82,000 in 2000. The company did not separately report earnings for the quarter ending Dec. 31.

There were "significant declines" in advertising revenues, starting in November and lasting through February, Casino Journal said.

Advertising revenue was down more than 50 percent in December and January, but was off only 9 percent in March.

Casino Journal's stock has not traded above $1 this year. Because of its depressed stock price, the company said it is looking at steps to increase shareholder value, including taking the company private or selling the company.

Casino Journal publishes eight gaming-oriented publications, including Casino Player, Strictly Slots, Poker Digest and the Atlantic City Insider.