Wells-Gardner has announced sales of US$13.1m and net earnings of $19,000 for the fourth quarter ending December 31, 2008. This compares with sales of $13.7m and net loss of $321,000 in the same period in the previous year.
For the fiscal year 2008 ending December 31, sales were $53.8m and net earnings were $204,000 compared to sales of $59.3m and net earnings of $195,000 in fiscal 2007.
Commenting on the results, Anthony Spier, chairman and chief executive officer, said: "This is a good performance by Wells-Gardner in this extremely difficult gaming market environment.
"Excluding the non-recurring foreign exchange gains, the fiscal 2008 net earnings were an improvement over the fiscal 2007 net earnings in spite of the sales reduction of $5.5m."
Based on these results looking forward, 2009 is expected to be a challenging year for the company and it expects sales to be between $50m and $54m. Management is cautiously optimistic as the company has developed several new products including 3D products, low cost LCDs for the amusement market and 19ins CGA LCDs for the Class ll gaming market that are expected to generate additional revenue.
