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Crown Group, Inc. Announces Q1 Results

For the three months ended July 31, 2000, revenues increased 70% to $82.5 million, compared with $48.6 million in the first quarter of the previous fiscal year. Net income for the most recent quarter totaled $2,767,142, compared with $2,578,407 in the year-earlier period.

Diluted earnings per share increased 28% to $0.32 in the quarter ended July 31, 2000, versus $0.25 in the quarter ended July 31, 1999. Earnings per share were calculated using approximately 8.6 million average diluted shares outstanding in the most recent quarter, compared with approximately 10.5 million average diluted shares outstanding in the prior-year period.

The decrease in average shares outstanding was primarily due to the Company's repurchase of its shares in the open market and in private transactions throughout the past year.

Net income for the quarter ended July 31, 1999 included Crown's share of earnings generated by Casino Magic Neuquen (CMN), which approximated $741,000. In October 1999, Crown sold its interest in CMN for a pretax gain of approximately $10.7 million.

Excluding CMN's earnings from last year's results, the Company's pretax income increased 79% to $5,510,784 in the first quarter of FY2001, compared with $3,077,099 in the year-earlier period.

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