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Financial results restated

Thursday, June 13, 2002 | 11:07 a.m.

Sports book operator American Wagering of Las Vegas has restated its financial results for the first quarter. The sale or close of a MegaSports subsidiary by a July deadline set by the Nevada Gaming Commission, and the company's reclassification of MegaSports as a discontinued operation, altered income components of the company's balance sheet.

Earnings were not affected by the move, the company said.

Revenues were reduced from $2.32 million to $2.29 million. Operating costs and expenses were reduced from $2.2 million to $2.1 million and operating income increased from 1 cent per share to 2 cents per share. For the first quarter, American Wagering reported net income of $106,933, or 1 cent per share. That compares to a loss of $127,574, or 2 cents per share, for the same quarter of last year.

MegaSports operates a sports book on the Internet and via telephone from its headquarters in Australia. As Internet gambling has not yet been approved in the United States, the Nevada Gaming Commission has ordered American Wagering to divest itself of the MegaSports operation by July 25.

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