Slot maker’s earnings strong

Thursday, July 11, 2002 | 10:59 a.m.

Alliance Gaming Corp. of Las Vegas expects to report earnings for fiscal 2002 that are in line with or slightly better than analysts had estimated.

The company expects to report earnings from $1.03 to $1.05 per diluted share for the fiscal year ended June 30. The results exclude the net benefit expected to result from certain non-cash items, the company said.

Wall Street analysts had estimated fiscal year earnings at $1.03 per share.

The better-than-expected results are partly due to a slight reduction in shares outstanding in the fourth quarter, as well as an expected strong fourth quarter "driven by broad strength across its business lines," Bear, Stearns & Co. gaming analyst Jason Ader said.

Ader, who has an "attractive" rating on Alliance stock, increased his fourth-quarter earnings estimate from 27 cents to 28 cents per share and full year estimate from $1.02 to $1.04 per share.

Bear, Stearns & Co. is a market maker in the company's equity securities.

Alliance will release its fourth quarter and year-end earnings results on July 25.

The company makes and operates slot machines and software systems.

The company's stock rose nearly 2 percent in early trading today, to $11.93 per share.

archive