SOURCE: Wells-Gardner Electronics Corp.

April 21, 2008 08:30 ET

Wells-Gardner Expects First Quarter Earnings Rebound

CHICAGO, IL--(Marketwire - April 21, 2008) - Wells-Gardner Electronics Corporation (AMEX: WGA) announced that it expects to announce first quarter earnings to be between $150,000 and $225,000 on sales of approximately $15 million compared to a loss of ($321,000) in the fourth quarter 2007.

"We are pleased with this expected net profit in the first quarter 2008 which is a significant improvement from our original expectation of a range between a small loss and break-even," said Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer. "The major contributors to this better than expected earnings are a combination of stronger sales to our gaming manufacturing customers and tight cost controls. This first quarter 2008 performance compares to net income of $195,000 in fiscal 2007 on revenues of $59.3 million. While we expected 2008 to be a rebound year, we are pleased to report it has gotten off to a much better start than we had earlier anticipated."

Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and manufacturer of color video monitors and other related distribution products for a variety of markets including, but not limited to, gaming machine manufacturers, casinos, coin-operated video game manufacturers and other display integrators. The Company has the majority of its LCDs and CRT monitors manufactured in Mainland China. In addition, the Company's American Gaming & Electronics, Inc. subsidiary ("AGE"), a leading parts distributor to the gaming markets, sells parts and services to over 700 casinos in North America with offices in Las Vegas, Nevada, Egg Harbor Township, New Jersey, Miami, Florida and McCook, Illinois. AGE also sells refurbished gaming machines on a global basis as well as installs and services some brands of gaming machines in casinos in North America.

This press release contains forward-looking statements within the meaning of the federal securities laws. Those statements include statements regarding the intent, belief or expectations of the Company and its management. Readers are cautioned that the forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those expressed in any forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, development of competing technologies, availability of adequate credit, interruption or loss of supply from key suppliers, increased competition, the regulatory process and regulatory and legislative changes affecting the gaming industry. Wells-Gardner assumes no obligation to update the information contained in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. For additional investor information, please contact Jim Brace - Wells Gardner at (708) 290-2120 or Alan Woinski - Gaming USA Corporation at (201) 599-8484.

Contact Information

  • For additional investor information, please contact:
    Jim Brace
    Wells Gardner
    (708) 290-2120
    Alan Woinski
    Gaming USA Corporation
    (201) 599-8484