Paul-Son posts loss for third quarter

Friday, Nov. 15, 2002 | 11:09 a.m.

Paul-Son Gaming Corp. reported a consolidated net loss for the third quarter of about $564,000, or 12 cents a share, compared with net income of about $137,000, or 3 cents a share, for the same period a year ago.

Revenues for the quarter were about $4.1 million, a decrease of about $1.3 million, or 23.6 percent, from revenues of about $5.4 million for the year-ago quarter.

The revenue decline was primarily caused by a drop in sales of casino chips mainly in international markets, reflecting a decline in demand for "Euro" denominated chips, the company said.

A loss of roulette wheel sales after surrendering a Nevada gaming license for Paul-Son's local subsidiary, Bud Jones, also contributed to the decline. Losses were partially offset by sales increases in Switzerland, Asia and South Africa and $536,000 in revenues after a merger with a French company.

In September shareholders approved a merger of Paul-Son with French casino supplier Etablissements Bourgogne et Grasset S.A. Paul-Son became the parent company but a B&G executive has taken the helm.

archive