Conference Calls
eLOT, Inc. (ELOT) broadcast its quarterly earnings conference call today at 11 a.m. EDT. A recording of the call can be accessed at http://www.vcall.com/NASApp/VCall/EventPage?ID=74774.
Youbet.com (UBET) will also be responding to investors as part of a broadcast conference call, accessible at http://www.vcall.com/NASApp/VCall/EventPage?ID=74829. The call is scheduled
for 5 p.m. EDT. In addition, the company will release its first quarter earnings during the call.
Getting Some Funding
eBet Ltd. (EBT.AX) received $20 million in financing from Sykes Equipment Finance Group to help its customers pay for eBet's cashless gaming system. "We will be offering packages that include zero down, zero repayments for up to 12 months and interest-free financing for up to four years on the large installations," eBet Managing Director Keith Cullen said. The company's shares traded May 3 for $0.21 at closing time.
Merger Announced
Global Games Corp. (GLOW), a once dormant company involved in developing Internet gaming software, just announced the acquisition of I-Teck Management Inc, which provided enterprise high speed Internet connectivity, security, data management and network consulting. Under the deal's terms, GLOW has acquired I-Teck's operating business and assets in a stock-for-stock transaction by issuing new GLOW shares to purchase the privately held operating companies. GLOW will be changing its company to Global eScience, but will keep its trading symbol. GLOW was delisted from the Bulletin Board in late 1999.
In addition, GLOW released its fiscal 2000 and interim financial results. Fiscal year 2000 net income was $621,414, or one cent per share on weighted average common shares outstanding of 73,840,500. This compared to a net loss of $644,662, or one cent per share on weighted average common shares
outstanding of 61,061,500 for fiscal year 1999, an improvement of $1,266,076, due almost entirely to extraordinary gains of $1,132,403, resulting from early extinguishment of debt. For the nine months ending
Dec. 31, 2000, net loss was $1,006,353, or one cent per share on weighted average common shares outstanding of 93,491,600, compared to net income of $716,654, or one cent per share on weighted average common shares outstanding of 71,974,900, for the same period in 1999. The company generated no revenues for either period.
At the close of business on May 8, the bid price for a share of GLOW's common stock was $ 0.0275.
BSkyB Sings the Blues
After announcing fiscal third quarter losses of £106.7 million, officials at pay-television company British Sky Broadcasting (BSkyB) blamed spending on unprofitable joint ventures such as KirchPayTV, a joint venture with Kirch Holding GmbH in Germany, as well as spending for films and interactive services.
One way to plug the leak was by taking control of the Open interactive television services.
"We will consolidate all our assets in one division, Sky Interactive, which will allow us to make cost savings, generate extra revenues and integrate more interactive content with television programming," explained Tony Ball, BSkyB CEO.
BSkyB now owns 80.1 percent after purchasing shares from HSBC Holding Plc and Matsushita Electric Industrial Co. This will bring about an exceptional charge of £40 million, along with a reduction in the company's ongoing cost base.
"The challenge is to boost pay-per-view and gambling revenue," analyst Simon Wallis told Bloomberg.
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