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International Lottery & Totalizator Systems Reports Profit for Q4 200129 March 2001CARLSBAD, California –(Press Release) -- March 29, 2001-- International Lottery & Totalizator Systems, Inc. (OTC Bulletin Board: ITSI) today reported revenues for the fourth quarter of 2000 of $3.5 million compared to $1.3 million for the same period in 1999. Net income for the quarter was $2.0 million, or $0.16 per share, compared with a net loss of $1.4 million or $0.11 per share in the fourth quarter last year. The Company posted net income for the twelve months of 2000 of $2.6 million, or $0.20 per share, compared with a net loss of $4.2 million or $0.55 per share for the year 1999. ``The positive financial results in 2000 demonstrate commitment to improving profitability while positioning the Company for future growth,'' said ILTS President Mark Michalko. ``Through the implementation of our strategic plan, we have reshaped the Company through outsourcing certain functions and by teaming with world-class partners to bring new products and services to market more quickly. These fundamental changes in our business model, together with aggressive cost controls, have facilitated greater sales volume and improved financial results.'' Mr. Michalko continued, ``The year 2000 results are among the best in the Company's history with a substantial backlog and near-record earnings, underscoring the soundness of the strategic plan. Moreover, strong backlog provides continued impetus into 2001. We are confident that we have now established the basis for financial stability and future growth.'' The Company also announced that it will change its fiscal year to May 1 through April 30, beginning May 1, 2001. International Lottery & Totalizator Systems, Inc. provides computerized wagering systems, equipment and services to lottery and racing organizations worldwide. |