Wells-Gardner has announced sales of US$11.3m and a net loss of $184,000 ($0.02 per share) for the third quarter ending September 30, 2008.
This compared with sales of $14.5m and net earnings of $34,000 in the same period in the previous year, which included joint venture income $96,000 from the company’s Malaysian joint venture, which was closed in July 2007, and other income of $70,000 from accounts receivable from foreign exchange gains.
For the nine months ending September 30, 2008, sales were $40.7m and net earnings were $185,000 ($0.02 per share) compares to sales of $45.6m and net earnings of $516,000 o($0.05 per share) in the first nine months of 2007.
Commenting on these figures, chairman and chief executive officer, Anthony Spier, said: “The most important fact is that Wells-Gardner remained profitable through the third quarter 2008 in this extremely difficult gaming market environment.
“Excluding non recurring gains and losses, the nine months 2008 earnings of $185,000 were only $53,000 less than in the same period in 2007 in spite of the sales reduction of 10.7 per cent ($4.9m).
“This is a commendable financial performance in this extraordinarily difficult economic climate.”
The company also announced that it has received its first order for 32ins LCDs for the amusement industry and expects to begin shipping the products by the end of this year.
