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Casino Journal Publishing (CJPG)

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Last Post: 5/15/2001 12:31:01 AM - Followers: 1 - Board type: Free - Posts Today: 0

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.
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