Pacific Lottery Corporation

Pacific Lottery Corporation

June 01, 2009 19:15 ET

Pacific Lottery Corporation: 1st Quarter Results Show Increasing Revenue Growth Achieved With Lower Costs

CALGARY, ALBERTA--(Marketwire - June 1, 2009) - Pacific Lottery Corporation ("Corporation") (TSX VENTURE:LUK) (FRANKFURT:PCF) announces the release of its March 31st, 2009 Consolidated Financial Statements and Management Discussion and Analysis report (MD&A). Among the highlights of these statements is the continued quarter over quarter growth in revenues from the Corporation's exclusive Vietnamese on-line lottery technology supply and services contract. Gross lottery turnover for the 1st Quarter totalled US$462,146, an increase of 6 % from the previous 4th Quarter total. This quarterly growth was accomplished with almost a week of less operational days than the previous Quarter due to statutory closures of businesses during a traditional February holiday festival period in Vietnam. Furthermore, the Corporation is pleased to advise that interim results for gross lottery turnover for April and May have continued this growth trend and expanded almost 20% more so far in the 2nd Quarter of 2009 than compared to the 1st Quarter of 2009. The Corporation expects with the impeding launch of the live, daily, nationally televised lottery draw show beginning July 1st along with the addition of the new Pick 2 / Pair game that gross lottery turnover and the Corporations associated net revenues is expected to continue to increase significantly in the coming months.

The Corporation is also advises that it has been able to achieve this continuing revenue growth during this challenging global economic environment while simultaneously cutting its cost's. The Corporations G & A costs have been substantially reduced by almost 24 % over the same period compared to last year. This has resulted in the 1st Quarter loss of $587,837 being reduced 18% from the previous 2008 1st Quarter loss of $714,609.

Additionally, pursuant to the Corporation's news release of April 23, 2009, through the use of new proprietary technology, the potential paradigm shift in the distribution channels in the near future is expected to produce another exponential lift in the Corporation's revenue earning performance, making these first quarter results just the first order of magnitude. Therefore coupled with its singular focus of increasing revenue growth while achieving ongoing efficiencies in its operational costs, the Corporation continues looking forward to achieving breakthrough results in the coming year.

About Pacific Lottery Corporation:

Pacific Lottery Corporation is engaged in the provision of comprehensive computerize on-line and mobile phone lottery technology and related professional services for delivery to a growing audience of international customers. Today, the Corporation exclusively leads the technical support activities for the only authorised State run on-line lottery program in Vietnam.

SEC 12g exemption 82-4832

This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could cause actual results, performance or achievements of the Company, or industry results to differ materially from those reflected in the forward-looking statements. Forward-looking statements are based on the current expectations, projections and opinions of the Company's management, and the Company undertakes no obligation to publicly release the results of any revisions to such forward-looking statements which may be made, for example to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither the Deutche Borse and or the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

Contact Information

  • Pacific Lottery Corporation
    Jill L.E. Johnson
    (403) 266-8900
    (403) 266-8909 (FAX)
    Pacific Lottery Corporation
    480, 2710 17th Avenue S.E.
    Calgary, Alberta T2A 0P6