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Firm reports profit jump

Wednesday, May 7, 2003 | 9:45 a.m.

Herbst Gaming Inc. more than doubled its profit during the first quarter, earning $3.3 million compared to $1.6 million in the prior year's quarter.

Cash flow at the Las Vegas-based slot route and casino operator was $13.9 million for the quarter, a 38 percent increase.

Revenue was $71.3 million, a 16 percent increase from the year-ago quarter.

Revenue from slot operations increased to $53.8 million from $44.9 million in the year-ago period. Casino revenue rose to $19.5 million from $18.4 million.

Herbst completed its acquisition of the slot route assets of Anchor Coin, a subsidiary of International Game Technology, in the first quarter. The company in February completed a $47 million debt offering in conjunction with the acquisition.

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