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American Wagering Restates Q1 Earnings11 June 2002LAS VEGAS – (Press Release) -- American Wagering, Inc. (OTC Bulletin Board: BETM) today announced that the financial results for the first quarter ended April 30, 2002 have been restated. Due to the Company's decision to sell or close the Mega$ports (ACT) Pty. Ltd. subsidiary by the July 25, 2002 deadline established by the Nevada Gaming Commission, Mega$ports (ACT) has been reclassified as a discontinued operation. While the restatement does not alter the Company's net income as previously reported, the income components have changed as a consequence of the Mega$ports (ACT) results being moved from "continuing operations" to "discontinued operations". Revenue: Reduced from $2,318,982 to $2,290,750. Operating Costs and Expenses: Reduced from $2,225,469 to $2,140,131. Other Income: Reduced from $13,420 to $12,804. Operating Income: Increased from $106,933, or $0.01 per share, to $163,423, or $0.02 per share. The increase in operating income is a function of the reduced operating costs and expenses. Discontinued Operations: The operation of Mega$ports (ACT) during the first quarter resulted in a net loss of ($56,490). Net Income: Remained constant at $106,933, or $0.01 per share. This restatement is made in accordance with the Financial Accounting Standards Board's Statement of Financial Accounting Standards #144. American Wagering, Inc. owns and operates a number of subsidiaries including: Leroy's Horse and Sports Place: Leroy's operates 41 race and/or sports books licensed by the Nevada Gaming Commission, giving it the largest number of books in the state. Computerized Bookmaking Systems: CBS is the dominant supplier of computerized sports wagering systems in the state of Nevada. AWI Keno: AWI Keno is licensed by the Nevada Gaming Commission as an operator of an inter-casino linked keno game. At the present time, the AWI Keno operation has been temporarily closed pending modifications to the system. Secured Telephone Operating Platform: STOP is the creator and operator of a system designed to ensure that telephone calls for account wagering originate from within the state of Nevada. STOP currently has three sports book operations utilizing the system. Mega$ports (ACT): Mega$ports (ACT) operates a sports book on the Internet and via telephone from its headquarters in Canberra, ACT, Australia. Pursuant to a settlement agreement with the Nevada Gaming Commission, the Company must divest itself of the Mega$ports (ACT) operation by July 25, 2002. |