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Casino Beacon > Online Casinos > New Casino Bonuses > Bonus Archive 16 May 2008 Electronic Game Card Reports Revenue Growth Electronic Game Card have reported financial results for its first quarter ended March 31, 2008. The Company accomplished significant progress during its first quarter of 2008, adding to its shareholder equity, building its cash balance, validating and protecting its technology and, further expanding its addressable market. Since year end 2007, Electronic Game Card has been issued its first series of patents, received Gaming Laboratory International approval, increased its customer base and recurring revenue stream and announced entry into two new markets. The Company reported revenues for the first quarter of $2.3 million, an increase of over 130% from the first quarter of 2007 of $990,000, and an increase of approximately 28% from the fourth quarter 2007 revenues of $1.8 million. The Company reported a comprehensive net income applicable to common stockholders of $1.3 million or $0.021 per diluted share for the first quarter of 2008 compared to net income of $215,000 or $0.004 per diluted share for the first quarter 2007 and net income of $1.7 million (inclusive of a one-time investment sale of $856,000) or $0.029 per diluted share in the fourth quarter of 2007. First quarter 2008 operating income was $1.4 million compared to operating income of $404,000 for the comparable period of 2007 and $956,000 achieved during the fourth quarter 2007. For the three months ended March 31, 2008, Electronic Game Card's gross profit on revenue totaled $1.7 million or 76% of revenues, representing the fifth consecutive quarter of gross margin in excess of company's target level of approximately 70%. |
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