Quarterly loss slims for Progressive

13 May 2008

By Howard Stutz

LAS VEGAS, Nevada -- Las Vegas casino technology provider Progressive Gaming International Corp. reduced its net loss from a year ago.

Progressive said monday its net loss was $8.4 million, or 11 cents per share, in its first quarter ended march 31, compared with a loss of $8.7 million, or 21 cents a share, a year earlier.

Sales from the company's systems business rose 3.4 percent, to $15.2 million from $14.7 million.

Progressive gaming ceo russel mcmeekin said the results reflect the company's continued transition from a slot maker to a technology company focused on casino-game management systems. Mcmeekin said the company expects to hit its full-year revenue, systems installations and gross margins targets.