Investrend Research's I-gaming research team has begun analyst coverage for Autotote Corporation (TTE). Analysts John Dutton and Gerald LaKarnafeaux, CFA, will handle the research.
Autotote supplies instant tickets, systems and services to lotteries, as well as supplying wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut, Holland and Germany and a major supplier of pre-paid phone cards to telephone companies.
While transitioning to a calendar fiscal year from its previous October 31 fiscal year, Autotote reported revenue for the two months transition period ending December 31, 2000 as $66.6 million. The same period in 1999, the company reported half that amount, $30.2 million. The increase reflects Autotote's acquisition of Scientific Holdings Corp. in September 2000, as well as the growth of its worldwide business. For the October 31, 2000 fiscal year, Autotote reported revenues of $233.3 million.
Autotote's shares are traded on the American Stock Exchange. During the past 52 weeks, its shares have ranged in value from $2.00 to $5.125. The stock has been in steady decline for months, most recently trading at the $2.00 level.