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Loss reported for quarter

Thursday, May 16, 2002 | 10:58 a.m.

Acres Gaming Inc. of Las Vegas reported a loss of $259,000, or 3 cents per diluted share, for the quarter ended March 31. That's down considerably from the year-ago quarter, when the company reported net income of $2.6 million, or 25 cents per diluted share.

The company, a manufacturer of add-on bonus systems for casino games, reported a 68 percent decline in revenues, to $5.6 million.

The significantly reduced earnings were blamed on a deal to provide bonusing systems to Station Casinos Inc. Though Acres has installed systems at six Station properties, it cannot recognize any revenue from these installments "due to contractual requirements that Acres deliver other bonusing modules in the future," the company said. It did not indicate when it expects to begin recording revenue from the Station deal.

Even without recognizing revenue from Station, Acres said it expects net income to exceed $2.6 million in the June quarter, which would be a company record.

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