Vegas gaming supplier reports losses

Monday, July 15, 2002 | 11:13 a.m.

Paul-Son Gaming Corp., one of the industry's largest suppliers of casino table game supplies, reported losses for the three months and fiscal year ended May 31.

The Las Vegas-based company reported a loss of about $130,000, or 4 cents per share, for the three months ended May 31 compared to a loss of $188,000, or 5 cents per share, a year earlier. For the fiscal year ended May 31, the company reported a loss of about $1.8 million, or 53 cents per share, compared to a loss of $1.2 million, or 34 cents per share, a year earlier.

Fourth quarter 2002 and 2001 results included non-recurring expenses related to a proposed merger with Bourgogne et Grasset of about $464,000 and $140,000, respectively, the company said.

The company has had on-again, off-again merger talks with Bourgogne, a French gaming equipment supplier, and its Las Vegas subsidiary, The Bud Jones Co. Paul-Son will again consider the merger at its annual shareholder meeting Sept. 12.

Revenues for the year ended May 31, 2002 and 2001 were approximately $16.6 million and $20.5 million, respectively. A decrease in casino openings and expansions, as well as the general economic decline and the terrorist attacks of Sept. 11, contributed to the decline, the company said.