Press Release: Concorde Gaming Corporation
January 4, 2002
RAPID CITY, SD -- Concorde Gaming Corporation, (OTCBB:CGAM) announced financial results for the fourth quarter
and Fiscal year ended September 30, 2001 (F.Y. 2001).
For the recent fourth quarter, Concorde Gaming reported net income of $117,757 or $0.00 per share compared to a
net loss of ($ 1,505,887) or ($0.06) for the same quarter a year ago. Revenues for the quarter were $5.9 million
an increase of 25%, compared to revenues of $4.4 million for the same quarter a year ago.
For F.Y. 2001, Concorde Gaming results improved to a net loss of ($967,688) or ($0.04) per share from a net loss
of ($3,707,152) or ($0.15) per share. F.Y. 2001 net revenues increased 7% to $18.66 million from $17.38 million
for F.Y. 2000.
``Fiscal year 2001 was a year of improved results for the Concorde Gaming Properties.'' Said Jerry Baum, President
and C.E.O. of Concorde Gaming. ``Strong results from our Black Hawk, Colorado casino combined with strong cost
controls and stable passenger counts at our offshore gaming vessel lead to our improved results for Fiscal year
2001. We are pleased with our progress in 2001 and believe we are well positioned for a strong Fiscal 2002.
The Black Hawk, Colorado casino contributed net revenues of $6.76 million for F.Y. 2001 and segment profits of
$1.62 million compared to segment profits of $0.22 million in F.Y. 2000. The off-shore gaming vessel contributed
net revenues of $11.91 million for 2001 and a segment loss of $1.21 million compared to a segment loss of $1.83
million in F.Y. 2001.
Cash flow from operations in F.Y. 2001 was $1.73 million compared to a use of $224,639 in F.Y. 2000. The reduction
in the Company's net loss to $967,688 from $3.7 million in F.Y. 2000 was the primary factor in the change in cash
flows from operations.
The fourth quarter results represents the second consecutive quarter of profitable results. The Company reported
earnings of $253,802 for $0.01 per share for the quarter ended June 30, 2001, compared to a net loss of ($584,062)
or ($0.02) per share for the quarter ended June 30, 2000. The completion of an adjacent parking garage at the Black
Hawk, Colorado casino led to increased customer traffic and revenues in F.Y. 2001.
Financial highlights are as follows:
Three months ended Twelve months ended
September 30 September 30
2001 2000 2001 2000
Net Revenue $ 5,901,873 $ 4,719,375 $ 18,663,694 $ 17,375,232
Net Income $ 117,757 $ (1,505,887) $ (967,688) $ (3,707,152)
(Loss) per share $ 0 $ (0.06) $ (0.04) $ (0.15)
Concorde Gaming Corporation owns and operates two gaming properties. The Company operates a limited stakes gaming
property, the Golden Gates casino, in Black Hawk, Colorado and a day-cruise gaming property, the Casino Princesa
based out of Miami, Florida. The Company's corporate offices are in Rapid City, South Dakota.
Statements contained in this press release, which are not historical facts, are forward-looking statements, as
the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated,
due to a number of factors, which include, but are not limited to, changes in gaming regulations and tax rates
in Colorado, Florida and other jurisdictions, declining popularity of gaming, competition in Colorado and Florida
and other jurisdictions, the level and rate of growth in the company's operations, the effect of the company's
accounting policies and other risk factors discussed in documents filed by the company with the Securities and
Exchange Commission from time to time.
Note: New release and other information about Concorde Gaming Corporation, Inc. are available at http://Concordegaming.com.
For further information, please contact Jerry Baum, President & CEO or Gary R. Fish, Chief Financial Officer.
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Contact:
Concorde Gaming Corporation, Rapid City
Jerry Baum, 605/341-7738
www.concordegaming.com
or
Gary R. Fish, 605/341-7738
grfish@concordegaming.com