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Dec. 3, 2003: TouchTunes Third Quarter Results; Video Poker News Roundup

Posted On: 12/3/2003

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TOUCHTUNES REPORTS THIRD QUARTER LOSS

CHICAGO -- TouchTunes Music Corp. on Nov. 19 reported that it had incurred a net loss of approximately $198,000 during the third quarter of this year, ended Sept. 30. This result contrasts with a net gain of approximately $37,000 for last year's comparable period. A net loss of approximately $1,375,000 was reported for the nine-month period, ended Sept. 30, as compared with a net loss of approximately $136,000 for the prior year's comparable period. Total quarterly revenues increased by 33% (approximately $2,023,000) to approximately $8,110,000 in the third quarter 2003, compared with approximately $6 million in the third quarter 2002. Leasing and financing revenues dropped; but jukebox sales and music services revenues rose by more than enough to make up the difference, officials said. The company has boosted its R&D budget to $250,000 per month.

 

POKER NEWS FROM COAST TO COAST

U.S.A. -- Video poker and slots are back in the news from coast to coast. In the Southeast, police staged raids on private homes in late November, seizing 113 machines in Charlotte, NC, and 10 machines in Hartwell, GA. The homes were allegedly being operated as gambling dens' In Cicero, IL, on Nov. 17, federal agents raided a suburban amusement company that allegedly operates a multi-million dollar video gambling route. Officials say the company is run by a local organized crime family. Tax evasion and bribery of local law enforcement are suspected' In Washington State, which is facing an $800 million budget shortfall in 2005-2006, some lawmakers and a small business coalition want to allow video lottery terminals in bars and restaurants. Such lottery expansion would generate over $300 million for the state, backers say. A similar proposal failed to pass last year.

 


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