Mikohn Gaming Reports Loss
By maddy
Mikohn Gaming Corporation today reported a net loss of $2.4 million, or $0.18 per share, for the Company's second quarter ended June 30, 2003, compared to a loss of $5.8 million, or $0.45 per share, one year earlier.

The Las Vegas-based casino equipment supplier which develops slot machines, player tracking systems and progressive jackpot technology, reported a loss of $2.4 million, 18 cents a share, for the quarter ended June 30. In the same period a year ago, the company reported a loss of $5.8 million, 45 cents a share.

For the six-month period ended June 30, 2003, the net loss amounted to $7.4 million, or $0.58 per share, versus $7.7 million, or $0.61 per share, in the prior year. For the six months ended June 30, 2003, revenues totaled $46.2 million, versus $45.8 million in the similar 2002 period. EBITDAR amounted to $9.7 million for the six months ended June 30, 2003, as compared to $9.6 million in the similar 2002 period.

The results are based on revenue of $23.5 million, down from $24 million the same period a year ago. The company reported cash flow of $6.1 million for the quarter, a 65 percent increase over the year-ago period, attributing the improvement to a $1.2 million charge in 2002 for labour relations, a bad-debt expense and inventory obsolescence provisions.

The company hopes that its joint partnership agreement with DP Stud will result in exciting new table games, the first of which will be unveiled at this year's Global Gaming Expo. Also lined up are its new Gravity Pays(TM) series of slot games, which will utilize a reel spinning base game and an oversized mechanical top box with Pachinko style bonus games, which might boost the bottom-line.

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