Alliance Gaming Provides Update on Year End Reporting and Other Business Matters
September 08 2005 - 6:58PM
PR Newswire (US)
LAS VEGAS, Sept. 8 /PRNewswire-FirstCall/ -- Alliance Gaming Corp.
(NYSE:AGI) announced today that it will host a conference call on
Friday, September 9, 2005 at 6:00 a.m. Pacific Time (9:00 a.m.
Eastern Time) to discuss the following: * An update on its year end
reporting and audit process * The impact of Hurricane Katrina on
its operations * Several key new customer contracts * Plans for the
upcoming G2E Gaming Exposition next week The live call may be
accessed as follows: Date: September 9, 2005 Time: 6:00 a.m.
Pacific Time (9:00 a.m. Eastern Time) Participant Dial In Number:
(913) 981-4900 Internet Broadcast: http://www.alliancegaming.com/
and go to Investor Relations tab If you are unable to participate,
the call will be available on our website address listed above
through 5:00 p.m. Sept. 15, 2005. Year End Reporting The Company
has not yet completed its annual accounting and financial reporting
process for the fiscal year ended June 30, 2005. In the course of
the annual closing and audit process, several transactions came
under review principally with respect to the timing of revenue
recognition, which has led the Company, with the assistance of
outside consultants, to undertake a broader review of the Company's
sale contracts as well as its revenue recognition practices.
Further, in August 2005, the Company entered into a termination
agreement with its distributor of video poker games for the
Oklahoma market, which had originally been entered into in December
2004. This termination is expected to impact fiscal year 2005
revenue and margin for 600 gaming machines the Company has now
taken back, and the Company is evaluating the periods impacted.
Until the detailed review being undertaken by the Company is
completed, it will not be possible for the Company to determine
whether a restatement of certain quarterly results for fiscal year
2005 or other periods will be required. The Company will not be in
a position to file its Annual Report on Form 10-K for the fiscal
year ended June 30, 2005 by September 13, 2005. The Company intends
to file for a 15 calendar day extension; however, the Company may
not be able to file the Form 10-K by the extended filing date.
Depending on the outcome of the broader review and final reported
results for the fiscal year, the Company could be in violation of
its leverage ratio covenant. In addition, if the Company is unable
to deliver audited financial statements and accompanying compliance
certificates to its lenders under its credit agreement by September
28, 2005, it will be in default under the credit agreement;
however, the credit agreement provides for certain notice and cure
provisions that would allow the Company until November 4, 2005 to
deliver those financial statements and the accompanying compliance
certificates. The Company anticipates providing additional updates
on these matters during the week of September 19, 2005. Hurricane
Katrina The Company's Rainbow Casino is located in Vicksburg,
Mississippi and the Company had approximately 40 sales and service
personnel and approximately 400 wide area progressive and daily fee
games in the area directly affected by the storm. All of the
Company's personnel are safe. The Company has established a giving
campaign and other benefits to assist employees affected. The
Company's Rainbow Casino was closed for four days and play levels
have been below normal levels since it reopened. Further, the
Company had approximately 200 games scheduled for sale during the
quarter to the other properties damaged by the storm. The Company
is working with its insurance carrier for recovery on both the lost
property claim as well as the business interruption claim. New
Contacts and G2E Exposition Simultaneous with this release, the
Company has issued other press releases dealing with new customer
contracts and its plans for the G2E gaming exposition. Alliance
Gaming is a diversified gaming company with headquarters in Las
Vegas. The company is engaged in the design, manufacture,
distribution and operation of advanced gaming devices and systems
worldwide and owns and operates Rainbow Casino in Vicksburg,
Mississippi. Additional information about the company can be found
on the Alliance Gaming Web site at http://www.alliancegaming.com/.
This news release may contain "forward-looking" statements within
the meaning of the Securities Act of 1933, as amended, and is
subject to the safe harbor created thereby. Such information
involves important risks and uncertainties that could significantly
affect the results in the future and, accordingly, such results may
differ from those expressed in any forward- looking statements.
Future operating results may be adversely affected as a result of a
number of risks detailed from time to time in the company's filings
with the Securities and Exchange Commission. - ALLIANCE GAMING
CORP. - DATASOURCE: Alliance Gaming Corp. CONTACT: Steven M. Des
Champs of Alliance Gaming, +1-702-270-7600 Web site:
http://www.alliancegaming.com/
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