Successful Quarter for TVG
Filing its quarterly results with parent company Gemstar- TV Guide (GMST), TVG Network reported revenues of $3.9 million for the latest quarter, which is an 82.7 percent increase over the same period a year ago. Revenues for the first six months of 2003 have risen 91.4 percent from the same period last year. TVG attributes its success to its obtainment of a new licensee in May 2002 and to market launches that include the addition of certain Direct TV customers in April 2003.
UNiTAB's Cost Cut Brings Profit
Queensland, Australia-based UNiTAB (UTB.AX) reported that a massive cost cut of 31 percent at its South Australian business has helped the company's net profit rise 62.5 percent to $41.3 million in the year ended June 30, 2003. UNiTAB's revenue from wagering operations is up 24 percent from a year ago and is now at $417 million. UNiTAB anticipates that its racing and sports betting units will contribute to more profit growth this year.
Stanley Leisure Rumors
On Friday, This is London reported that rumors regarding the fate of bookmaker and casino operator Stanley Leisure Organisation PLC (SLY.L) indicate that company chairman and 18 percent shareholder Leonard Steinburg may be planning to take the company private at 450p per share.
On Saturday, the Independent reported that William Hill and an unnamed U.S. company have placed bids for the company. Steinberg resigned his post as executive chairman last month to take his first non-executive role in nearly 50 years.
Goodbye to the Sin Fund
MorganFunShares, a closed-end fund with about $8 million worth of holdings in alcohol, tobacco and gambling companies, will be liquidated by the end of the year because it has become too expensive after founder Burton Morgan died in March. Owning about 49.3 percent of the funds' shares, Morgan had planned to acquire $1 million of additional common shares, but there wasn't enough interest among other shareholders to continue with the plan after Morgan's death. Morgan founded the "sin" fund in 1994 because he believed that even in bad economic times, people will continue to drink, smoke and gamble.
Reports Released
On Aug. 18, Scientific Games Corp. (SGM) reported amendments to its 2002 10-K Form and to all of its quarterly 10-Q forms dated between March 31, 2002 and March 31, 2003. The restatement reflects the company's determination that its net operating loss carry forward from the fourth quarter of 2002 should have actually been recognized as a reduction to the goodwill resulting from the acquisition of Scientific Games Holdings Corp. on Sept. 6, 2000. The restatements are non-cash adjustments and have no effect on previously reported revenues or EBITDA.
Scientific Games Corp. - Restated Second Quarter Report