MDI Relinquishes Small Cap Market Listing
Due to continuing problems related to an ill-fated equity exchange with Oxford International, MDI Entertainment (LTRY) gave up its Nasdaq listing on the Small Cap Market and began trading on the Over-the-Counter Bulletin Board on Wednesday.
President and chief executive of the Hartford, Conn.-based company, Steve Saferin, said the MDI-Oxford deal, which would have given MDI the net equity it needed to stay on the Small Cap Market, is being unwound. As a result of the aborted equity swap, Oxford was subject of an FBI investigation.
The result of this unsuccessful trade is that MDI no longer meets the net tangible asset maintenance requirements to stay on the Small Cap Market. Nasdaq halted trading on MDI’s stock on July 16 after MDI notified the stock exchange that the transaction with Oxford was problematic.
SA TAB Purchase Crucial for TAB Qld’s Net Profits
Representatives from TAB Queensland Ltd. (TQL) said this week that the company will struggle for a repeat performance of its 2000-2001 results in 2001-2002. The company predicts its recent purchase of the South Australia TAB will be vital to achieving results similar to those of this year.
Part of the problem is the extra fees the company will be paying the Queensland Racing Industry during the next two years.
"The temporary high point in the fees payable to the Queensland racing industry over the next two years will only interrupt the pattern of profit growth, rather than change the underlying business fundamentals," the company said.
TAB Queensland last Friday reported a 13 percent dip in net profits to AUD $20.28 million due to the larger tax bill.
NSW TAB Reports Record Profit
New South Wales TAB Ltd. recently announced a record profit of AUD $98.5 million for the fiscal year ending June 30.
NSW TAB handles the state's pari-mutuel wagering on thoroughbreds, standardbreds and greyhounds. The organization said on-course betting on thoroughbred racing in the state decreased 2 percent. Wagering on interstate and New Zealand races increased by the same percentage.
Officials said the TAB is depending on new technology for its future growth and plans to expand its live television racing service to 24 hours a day.
MGAM Increases Earnings Forecast
Multimedia Games Inc. (MGAM) on Wednesday increased its forecasted earnings to $1.00 per share from $0.96 per share, saying it believes the Native American gaming market will continue to grow.
The Austin, Texas-based company had predicted the 96 cents per share figure during a July 16 conference call. The company expects its diluted earnings per share to be 80 cents per share in fiscal 2001 and $1.50 in 2002. The company did not provide a comparison for those figures.
Analysts said the company gave a lot of assumptions that could change the 2002 prediction for diluted earnings per share. Multimedia Games’ stock closed at $18.09 Friday.
The Way of the RivTrend
|
Aug. 10 |
Aug. 17 |
% Change |
| North America Index |
143.64 |
141.23 |
-1.68% |
| EuroAustralasia Index |
116.72 |
118.41 |
1.45% |
| Global Index |
119.04 |
120.38 |
1.12% |
Chartwell Stock Gets Boost
Chartwell Technology Inc. (CWH.CNDX), the Alberta-based gaming software company, saw its stock increase from 2.45 to 2.50 on Tuesday, the day it announced an agreement with land-based casino chain Isle of Capri Casinos Inc. The company’s stock settled back at 2.45 on Wednesday, and ended the week at 2.40. Chartwell’s yearlong range is from 0.75 to 3.00.
Reports Released
Australian Internet company ecorp posted AUD $31.9 million in losses for the year ending June 30. In other Australian investing news, media group Publishing & Broadcasting Ltd. posted its annual results, which include news of net losses of AUD $84.6 million, compared with a profit of AUD $324 million the year before. The company suffered non-recurring losses of AUD $397.2 million.
For the first half of 2001, betandwin.com experienced a 380 percent increase in betting turnover compared to the corresponding time period last year; its net revenues increase 147 percent to approximately 2 million EUR.
ecorp(ECP.AX) – Year-end Report
Publishing and Broadcasting Ltd.(ECP.AX) – Year-end Report
betandwin.com(BWIN.BE) – Half-Year Report