Publisher's profit decreases

Casino Journal Publishing Group Inc. of Las Vegas reported net income of $37,000 for the quarter ending March 31, down from a profit of $187,000 in the year-ago quarter.

The company earned 1 cent per share, down from 4 cents per share in the 1999 quarter. Revenues rose 9 percent, however, to $3.4 million, a new company first-quarter record.

Casino Journal said the income decline was primarily caused by $100,000 in deferred promotional expenses incurred from magazines "Strictly Slots" and "Casino Player." The company also saw an increase in printing expenses during the quarter. Revenue growth was hampered by a decline in results at the company's American Gaming, Lodging and Leisure Summit, a gaming industry conference held in January in Las Vegas.

Glenn Fine, chairman and chief executive of Casino Journal, said comparisons with the 1999 quarter would be difficult because of "the explosive year we had in 1999."

Separately, Casino Journal announced it signed a letter of intent to acquire Poker Digest LLC of Las Vegas. Poker Digest publishes a biweekly magazine for poker and card club players, and organizes cruises catering to poker players. This company recorded revenues of more than $900,000 in 1999, Casino Journal said.

Casino Journal will pay Poker Digest owners Phil and June Field 301,500 restricted shares of stock for the company. The shares carry a market value of $678,000. The transaction is expected to close within 60 days.

archive