Brief: Acres' loss widens

The Oregon gaming-equipment supplier said its first-half loss was $3 million, compared with a $1.6 million loss for fiscal 1998's first half. Revenue fell to $6.3 million from $9.8 million.

Acres President Floyd Glisson said 80 percent of the proceeds from a $10.1 million contract signed in November should be realized in fiscal 1999's second half.

"The financial results for the latest two quarters have been very disappointing for us, but we believe we're on the right track to improvement," he said.

Acres said it is scheduled to receive contract progress payments during the current quarter that are expected to provide sufficient cash to fund operations in the second half of fiscal 1999. To protect against unforeseen delays in project payments, it said, a $2 million line of credit has been negotiated with a bank.

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