Vegas company reports loss

Wednesday, Aug. 14, 2002 | 11:03 a.m.

Gaming finance company PDS Gaming Corp. of Las Vegas, which also operates Rocky's Sports Pub and Grill in Reno, today posted a loss for the second quarter of $29,000, or 1 cent per share, compared to a profit of $1.2 million, or 32 cents per share, for the same period a year ago.

Revenues at the Las Vegas-based company declined from $13.4 million to $8.8 million during the period, primarily due to a decline in finance income of about $5 million resulting from one-time transactions with the company's then-largest customer.

The company expects to reap future rewards from an increased focus on financing and leasing activities, company President, Chief Operating Officer and Interim Chief Financial Officer and Treasurer Peter Cleary said.

Originations of lease and financing transactions for the quarter were higher than a year ago, yielding a portfolio that has grown from $66.1 million at the beginning of the year to $76.5 million at the end of June, he said.

PDS Gaming discontinued operations of its table games division and certain components of its casino slot exchange division in the first quarter of 2002 due to unacceptable operating results.