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Company announces first-quarter income

Tuesday, June 7, 2005 | 10:54 a.m.

Las Vegas-based American Wagering Inc., parent company of the Leroy's Horse & Sports Place Inc., this morning announced first-quarter net income of $218,729.

The results were up $195,423 from the $23,306 reported in the same 2004 quarter. Revenue for the quarter was $3.3 million, up from $2.5 million a year ago.

Leroy's reported that its total amount wagered increased $766,000 from the first quarter 2004, and its sports win increased $502,000.

The company also pointed to a positive court ruling and settlement agreement with M. Racusin & Co. in a Chapter 11 bankruptcy proceeding from which American Wagering and Leroy's emerged on March 11. As part of the settlement, Racusin's claim will be paid through the issuance of 250,000 shares of the company's common stock rather than $2.8 million in cash.

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