Casino Journal Publishing Group Reports Record 3rd Quarter Results
3rd Quarter Revenues sets record of $3,228,781
3rd Quarter Net Income sets record of $144,593, up 400%
3rd Quarter EBITDA sets record of $311,225 or $.05 per share
Earnings Per Share Doubles in 3rd Quarter
LAS VEGAS, Nov. 14, 2000 /PRNewswire/ -- Casino Journal Publishing Group, Inc.
(OTC Bulletin Board: CJPG) today announced record 3rd quarter and 9 month
results for Fiscal 2000.
REVENUES
Revenues for the 3rd quarter totaled $3,228,781, a new company record and
up 9% over 3rd quarter revenues in the year ago period. The increase in
revenues was attributed to record 3rd quarter advertising revenues of
$2,096,620 and record 3rd quarter subscription revenues of $887,477. Revenues
for the 9 months ending September 30, 2000 rose $245,100 to a record
$9,722,909. Advertising revenues set a new 9 month record of
$5,833,969.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
rose to a record $311,225 in 3rd quarter 2000 as compared with $237,205 for
the year ago period. EBITDA for the 9 month period ending September 30, 2000
totaled $916,225 or $0.16 per share. EBITDA for the 3 months and 9 months
ending September 30, 2000 contain all promotional expenses incurred during
those periods as compared with deferral and amortization of promotional
expenses in the year ago period.
INCOME
Income Before Income Taxes and Minority Interest in the 3rd quarter of
2000 rose to a record $292,160 as compared, up 110% from $139,561 reported in
the year ago period. Earnings Per Share (EPS) for the 3rd quarter of 2000
doubled to $0.02 per share as compared with $0.01 in the year ago period. In
the 3rd quarter of 2000, Provision for Income Taxes was significantly higher
due to a tax benefit in the year ago quarter. 3rd quarter 2000 also had a
higher weighted average shares outstanding due to the recent Poker Digest LLC
acquisition and earn out shares from the past merger with Gaming Venture
Corp., U.S.A.
COMPANY COMMENT
Commenting on the record results achieved in the 3rd quarter and first
9 months of 2000, Casino Journal Publishing Group, Inc. Chairman, CEO and
Group Publisher Glenn Fine said, "The results of the 3rd quarter of 2000 are
particularly satisfying for the Company because we once again have delivered
what we promised. In the first 2 quarters of this year, we explained to our
shareholders that the widespread consolidation in the gaming industry was
hindering our growth as it took awhile for marketing departments to
consolidate and during the merger periods, many companies slowed their
advertising growth. At the same time, we were up against very strong
comparisons for subscription revenue due to last years' launch of our second
consumer magazine, Strictly Slots. During the 3rd quarter, we completed our
acquisition of Poker Digest, LLC. The acquisition of Poker Digest, the
completion of many of the mergers in the industry and a pick up in
subscription revenues all helped drive nearly 10% growth in revenues in the
3rd quarter. During the first 6 months of the year, the Company also reduced
expenses and that helped drive a 400% gain in Net Income for the
3rd quarter."
Fine continued, "We recently announced that the Company entered into a
Letter of Intent to sell our B2B Trade Shows and Trade Publications to Gem
Communications, LLC. The 2 companies are currently in the middle of the due
diligence period and we hope to shortly begin discussing the definitive
agreement. The two companies expect to complete the Definitive Agreement by
the end of the year and close the transaction the beginning of 2001."
Casino Journal Publishing Group, Inc., the nation's largest publisher of
gaming information, produces Casino Player, the premier national magazine for
the gaming consumer with a total readership of more than 800,000 frequent
casino gamblers monthly; Strictly Slots, the newest award-winning consumer
magazine for slot and video poker players; Poker Digest, a leading consumer
magazine for card players around the world; Casino Journal, the industry trade
magazine; the gaming industry's weekly newsletter, National Gaming Summary;
four financial newsletters, the Gaming Industry Daily Report, the Gaming
Industry Weekly Report, the Daily Lodging Report North America and the Daily
Lodging Report Asia-Pacific; and Casino Ops, which examines the latest
developments in casino operations. CJPG also produces four of gaming's most
respected conferences, the American Gaming Summit (Jan. 11 & 12, 2001 at
Bellagio in Las Vegas), the Southern Gaming Summit (May 9 & 10, 2001 in
Biloxi, Mississippi), the Northern Gaming Summit, and UNLV's Casino Ops (June
10 & 11, 2001 in Las Vegas). CJPG also offers Poker Cruises via their Poker
Digest, LLC division.
Except for the historical information presented herein, the matters set
forth in this press release are forward looking statements within the meaning
of the "safe-harbor" provision of the Private Securities Litigation reform Act
of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially. These
forward-looking statements speak only as of the date hereof. The Company
disclaims any intent or obligation to update these forward-looking statements.