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Herbst Gaming Reports Strong Q1 Results

7 May 2002

LAS VEGAS – (Press Release) -- Herbst Gaming, Inc. ("HGI" or "Company") today announced the results of its operations for the first quarter ended March 31, 2002.

The Company reported net revenues of $61.5 million for the first quarter ended March 31, 2002, an increase of seven percent, or $4.0 million, compared with $57.6 million in the prior year's quarter. Net income was $1.6 million for the first quarter of 2002, an increase of 208 percent or $1.1 million, compared with net income of $0.5 million in the prior year's quarter.

Earnings before extraordinary items, pre-opening expenses, interest, taxes, depreciation and amortization (EBITDA) were $10.1 million for the first quarter ended March 31, 2002, an increase of 12 percent or $1.1 million, compared with EBITDA of $9.0 million for the first quarter 2001.

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