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AB&G is the market leader in the $5 billion North American charitable bingo market.
AB&G leases furnished bingo centers and provides consulting services to charities.
AB&G derives rental revenues from its charity tenants, as well as vending and concessions sales,
bingo paper and supplies sales, and video gaming.
AB&G's strategy is to consolidate a significant portion of the fragmented bingo market to build a nationwide chain of bingo centers.
The Company currently has 20 bingo centers open in Texas, Alabama and South Carolina and
5 in development, to open by the end of this quarter. AB&G has 15 video gaming centers open and 25 in
development, which will give the Company over 300 machines by yearend. AB&G had a very successful year in 1996 as
the Company completed a major financial turnaround, which is accelerating in 1997. A few highlights include:
Record earnings. AB&G reported net income of $.07 per share for the first quarter of 1997, and $.10 for the second quarter of 1997, which were the fifth and sixth consecutive quarters of record earnings. Net income in the first half of 1997 was up over 100% from the first half of 1996.
Aggressive expansion plans. AB&G recently opened six new bingo centers in South Carolina and expects to be at 25-30 bingo centers nationwide by yearend.
Strong balance sheet.The Company has over $3.5 million in cash and credit lines available. The Company also has over $3 million in tax loss carryforwards to shelter future earnings.
Solid, lean management team. The Company has only seven employees, including four officers with over 80 years collective managerial experience. The Company's Chairman, Mr. Courtland L. Logue, Jr., built EZCORP into the nation's second largest public chain of pawn shops with over 225 stores and $1 60M in annual revenues.
AB&G expects continued increases in revenues and profits in 1997 from existing operations as well as from strategic
acquisitions and developments that should significantly leverage financial results. AB&G looks forward to communicating these and other exciting developments in 1997 as we continue to successfully execute our business plan.
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© 1997 American Bingo & Gaming Corp . All rights reserved.
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