Vegas firm posts quarterly loss

Thursday, March 25, 2004 | 11:03 a.m.

The gaming manufacturer that owns the Monopoly and Yahtzee slot machine franchises on Wednesday reported a loss for the fourth quarter ending Dec. 31.

Mikohn Gaming Corp., Las Vegas, reported a loss of $22.5 million, $1.14 a share, on revenue of $19.9 million, compared with earnings of $79,000, 1 cent a share, on revenue of $28.7 million for the same period a year earlier.

The company attributed its decline in revenue to lower license fees from slot and table games and product sales. Mikohn Chief Executive Russel McMeekin said the company's focus in 2003 was on "mission critical issues related to liquidity, balance sheet leverage, improving our gross margins and completing our management reorganization in an effort to eliminate the negative cash flow from the business model."

McMeekin said in a conference call this morning that "the cleanup of Mikohn is behind us" and the company projected the company's revenue trend would stabilize in the second half of 2004, with annual revenue of between $90 million and $100 million.

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