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Concorde Gaming Reports Strong Q4 Results

For the recent fourth quarter, Concorde Gaming reported net income of $117,757 or $0.00 per share compared to a net loss of ($ 1,505,887) or ($0.06) for the same quarter a year ago. Revenues for the quarter were $5.9 million an increase of 25%, compared to revenues of $4.4 million for the same quarter a year ago.

For F.Y. 2001, Concorde Gaming results improved to a net loss of ($967,688) or ($0.04) per share from a net loss of ($3,707,152) or ($0.15) per share. F.Y. 2001 net revenues increased 7% to $18.66 million from $17.38 million for F.Y. 2000.

``Fiscal year 2001 was a year of improved results for the Concorde Gaming Properties.'' Said Jerry Baum, President and C.E.O. of Concorde Gaming. ``Strong results from our Black Hawk, Colorado casino combined with strong cost controls and stable passenger counts at our offshore gaming vessel lead to our improved results for Fiscal year 2001. We are pleased with our progress in 2001 and believe we are well positioned for a strong Fiscal 2002.

The Black Hawk, Colorado casino contributed net revenues of $6.76 million for F.Y. 2001 and segment profits of $1.62 million compared to segment profits of $0.22 million in F.Y. 2000. The off-shore gaming vessel contributed net revenues of $11.91 million for 2001 and a segment loss of $1.21 million compared to a segment loss of $1.83 million in F.Y. 2001.

Cash flow from operations in F.Y. 2001 was $1.73 million compared to a use of $224,639 in F.Y. 2000. The reduction in the Company's net loss to $967,688 from $3.7 million in F.Y. 2000 was the primary factor in the change in cash flows from operations.

The fourth quarter results represents the second consecutive quarter of profitable results. The Company reported earnings of $253,802 for $0.01 per share for the quarter ended June 30, 2001, compared to a net loss of ($584,062) or ($0.02) per share for the quarter ended June 30, 2000. The completion of an adjacent parking garage at the Black Hawk, Colorado casino led to increased customer traffic and revenues in F.Y. 2001.

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