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Company reports best quarter in three years

Tuesday, Feb. 22, 2005 | 10:55 a.m.

The Las Vegas company formerly known as Mikohn Gaming Corp. turned in its best quarter in three years for the period ended Dec. 31, turning a loss to a profit, the company said Monday.

Officials with Progressive Gaming International Corp. reported net income of $2 million, 8 cents a share, on revenue of $26.3 million, compared with a loss of $22.6 million, $1.14 a share, on revenue of $20 million the same period a year earlier.

The company said in a news release that slot and table game revenue increased year over year for the quarter, thanks to changes in slot contract rate terms. The company also said it had the highest level of quarterly revenue since the inception of its casino management systems business with a 19 percent increase to $10.2 million in product sales and $5.3 million in systems revenue.

"We believe we have turned the corner financially and are now poised to be able to invest in (research and development), acquisitions and other strategic partnerships to increase the velocity of our revenue growth and, ultimately, our free cash flow," said Russel McMeekin, president and chief executive officer, in a statement.

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