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(BSNS WIRE) Acres Gaming Releases First Quarter Results
Acres Gaming Releases First Quarter Results


Business Editors

LAS VEGAS--(BUSINESS WIRE)--Oct. 31, 2001--Acres Gaming
Incorporated (Nasdaq:AGAM), the leader in Bonusing(TM) technology for
the gaming industry, today announced financial results for the quarter
ended September 30, 2001.
Net revenue for the first quarter of fiscal 2002 increased 126% to
$6.1 million from $2.7 million for the same quarter last year. Net
income for the quarter totaled $417,000, or $.04 per diluted share,
compared to a net loss of $1.6 million, or ($.18) per diluted share
for the first quarter of fiscal 2001.
Gross profit margin increased to 49% in the current quarter from
23% in the prior year quarter. The increase in gross profit margin was
primarily attributable to the fact that software sales, which made up
a greater percentage of the current quarter sales, carry a higher
gross profit margin than the hardware sales recorded in the quarter
ended September 30, 2000. The increase in gross profit margins was
partially offset by an increase in fixed overhead expenses of
approximately 29% related to an increase in staffing this quarter
compared to the prior year quarter.
Net operating expenses in the current year quarter were $425,000
greater than the prior year quarter due primarily to an increase in
research and development staff. Net operating expenses as a percentage
of revenue were 44% this quarter compared to 82% in the prior year
quarter.
At September 30, 2001, the Company had cash and equivalents of
$8.8 million, compared to $12.0 million at June 30, 2001. The Company
had no debt at either date. The decrease of $3.2 million is primarily
attributed to the decrease in current liabilities of $3.7 million
during the quarter. The Company`s order backlog at September 30, 2001
was $18.5 million, compared to $13.7 million at September 30, 2000.
Backlog, however, may not be a meaningful indicator of future
revenues. The Company`s revenues fluctuate significantly based on the
timing of the delivery of any large order.
"While we had a substantial earnings increase compared to
year-ago, timing issues on our major contracts depressed revenue from
recent quarterly run rates," Bud Glisson, Acres` CEO, said. "Even with
this level of revenue, we were still profitable due to margins at
nearly 50%, compared to the 36% reported for all of last year,
reflecting this quarter`s higher mix of software installations. We are
in the Bonusing phase of several of our contracts, where the margins
are better than on the basic system installations."
During the quarter the Company received a $3.3 million order from
MGM MIRAGE for an eleven-property player management system. Subsequent
to quarter-end the Company received a deposit of $860,000 from an
international customer on an order estimated to total $3.4 million.
"New orders have been understandably slow in this uncertain
business environment," Glisson continued. "Most of our prospective
customers have continued to pursue their systems projects, but target
dates for signed contracts have been delayed. If business conditions
continue to stabilize, we would expect to add several new contracts to
our already strong backlog, and barring unanticipated regulatory
delays, we would expect earnings for the fiscal year ended June 30,
2002 to increase by 20% to 30% over the prior year."
Acres Gaming will hold a conference call today, Wednesday, October
31, 2001, at 5:00 p.m. ET. The conference call will be broadcast live
over the Internet at www.acresgaming.com and the dial-in number is
[phone]. A replay of the call will be available for 48 hours,
beginning one hour after the call, by dialing 1-800-428-6051 and
entering access code 214444. The webcast replay will be available on
Acres Gaming`s web site for 30 days.
Acres Gaming provides products and services to casinos worldwide,
using its proprietary Acres Bonusing Technology(TM) to increase player
enjoyment and casino efficiency and profitability. Detailed
descriptions of the promotions made available by Acres Bonusing(TM) as
well as other products offered by Acres Gaming, are available at the
Company`s Web site, www.acresgaming.com. The Company has offices in
Las Vegas, Nevada, and Corvallis, Oregon.

The discussion in this press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of 1933,
as amended). Forward-looking statements involve risks and
uncertainties and various factors could cause actual results to differ
materially from those in the forward-looking statements.
Forward-looking statements relate to expected revenue, order backlogs
(which may not be a meaningful indicator of future revenues) and
earnings projections. The following factors, among others, could cause
actual results to differ from those indicated in the forward-looking
statements: delays in the development or regulatory approval of
products, delays or changes in installation schedules by the company
or its customers, changes in laws or the administration of laws
affecting gaming, the expense and unpredictability of patent and other
litigation and other risks detailed from time to time in the company`s
SEC reports including the report on Form 10-K for the year ended June
30, 2001. Actual results may differ materially from the
forward-looking statements.
-0-
*T
ACRES GAMING INC.
STATEMENTS OF OPERATIONS
(in thousands except per share data)

Three months ended
September 30,
(unaudited)
2001 2000

NET REVENUES $ 6,092 $ 2,739

COST OF REVENUES 3,079 2,117

GROSS PROFIT 3,013 622

OPERATING EXPENSES:
Research and development 1,496 1,082
Selling, general and administrative 1,163 1,152

Total operating expenses 2,659 2,234

INCOME (LOSS) FROM OPERATIONS 354 (1,612)

OTHER INCOME (EXPENSE), NET 63 (4)

NET INCOME (LOSS) $ 417 $ (1,616)

NET INCOME (LOSS) PER SHARE - BASIC $ .05 $ (.18)

NET INCOME (LOSS) PER SHARE - DILUTED $ .04 $ (.18)


ACRES GAMING INC.
BALANCE SHEETS
(in thousands)


ASSETS
September 30, June 30,
2001 2001
(unaudited)
CURRENT ASSETS:
Cash and equivalents $ 8,826 $ 11,958
Receivables, net 2,610 3,266
Inventories 5,445 4,764
Prepaid expenses 256 167
Total current assets 17,137 20,155

PROPERTY AND EQUIPMENT, NET 1,167 1,301

OTHER ASSETS 689 773
$ 18,993 $ 22,229

LIABILITIES AND STOCKHOLDERS` EQUITY

CURRENT LIABILITIES:
Accounts payable $ 1,869 $ 3,104
Accrued expenses 1,507 2,228
Customer deposits 5,555 6,663
Litigation settlement obligation 1,332 2,010
Total current liabilities 10,263 14,005

REDEEMABLE CONVERTIBLE PREFERRED STOCK 4,948 4,948

STOCKHOLDERS` EQUITY 3,782 3,276
$ 18,993 $ 22,229

*T

--30--WAM/la* JAP/la

CONTACT: Acres Gaming Incorporated, Las Vegas
Patrick W. Cavanaugh, 702/914-5501
e-mail: [e-mail]

KEYWORD: NEVADA OREGON
INDUSTRY KEYWORD: ELECTRONIC GAMES/MULTIMEDIA ENTERTAINMENT
GAMING HARDWARE SOFTWARE CONFERENCE CALLS EARNINGS
SOURCE: Acres Gaming Incorporated

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[Denner]

If business conditions ``continue to stabilize,`` Glisson said, the company expects to add several new contracts and, barring unanticipated regulatory delays, sees earnings for the fiscal year ended June 30, 2002 up 20 percent to 30 percent over the prior year.