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International Lottery & Totalizator Systems Announces Q1 Results15 May 2000CARLSBAD, Calif., May 15 (Press Release) -- International Lottery & Totalizator Systems, Inc. (OTC Bulletin Board: ITSI - news) today reported revenues for the quarter ended March 31, 2000 of $11.5 million. This represents a $10.1 million increase over revenues of $1.4 million for the comparable quarter of 1999. Net income for the first quarter of 2000 was $1.6 million or $0.12 per share, on a fully diluted basis, compared with a net loss of $1.1 million or $0.19 per share for the same period last year. In commenting on the results, ILTS President Mark Michalko said, "The Company reached several significant milestones during this quarter. We fulfilled the largest single order in the Company's history by delivering a complete on-line system, consisting of the DataTrak central system and nearly 3,500 terminals, to GTL Management Limited for a lottery operated on behalf of charities in the United Kingdom. In addition to this equipment sale, during the quarter, we commenced full system operation under the Company's first major facilities management contract. While providing the Company with a reference site for our new DataTrak gaming system, even more importantly, the UK operation will provide an ongoing revenue stream from operations." Michalko continued by saying, "Beyond implementing this important project, as part of the Company's ongoing strategic plan, we also made significant progress during the quarter in terms of product development, and took steps to position the Company for additional opportunities both this year and beyond." International Lottery & Totalizator Systems, Inc. provides computerized wagering systems, equipment and services to lottery and racing organizations worldwide. ILTS can be found on the World Wide Web at http://www.ilts.com. The statements in this press release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by forward-looking statements. These risks and uncertainties include, the dependence on business from foreign customers sometimes in politically unstable regions, political and governmental decisions as to the establishment of lotteries and other wagering industries in which the Registrant's products are marketed, fluctuations in quarter-by-quarter operating results and other factors described in the Registrant's Annual Report on Form 10-K for the year ended December 31, 1999. ILTS REPORTS LOSS IN FIRST QUARTER STATEMENT OF OPERATIONS (thousands of dollars except per share amounts) Three Months Ended March 31, March 31, 2000 1999 (unaudited) (unaudited) Revenue $11,464 $1,377 Net (income) loss $1,584 $(1,124) Net income (loss) per share $0.12 $(0.19) BALANCE SHEET SUMMARY (thousands of dollars) March 31, 2000 (unaudited) Cash and cash equivalents $3,875 Inventories $135 Total current assets $10,764 Total assets $11,269 Total liabilities $6,246 Shareholders' equity $5,023 SOURCE: International Lottery & Totalizator Systems, Inc. |