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Revenue beats expectations

Tuesday, July 16, 2002 | 11:06 a.m.

Innovative Gaming Corp. of America said it expects second-quarter revenues of $2.7 million, fractionally higher than the company's previous projections and more than double first quarter revenues of $1.2 million.

Innovative Gaming projects third-quarter revenues will more than double again, to $5.5 million, while fourth-quarter revenues will yield $8.7 million.

The company estimates second-quarter negative cash flow at about $176,000, a sharp decline from negative cash flow of $783,000 in the first quarter.

It expects to report official financial results on or before Aug. 15.

During the first two quarters of the year, Innovative Gaming has sold and installed multi-player games and video slots in Nevada, California, Arizona, Michigan and Australia, the company said.

The Las Vegas-based company, which was nearing financial collapse early this year, is undergoing a restructuring. It recently appointed its president and chief financial officer, Laus Adbo, to also serve as chief executive.

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