Amid financial uncertainty, Progressive Gaming International Corporation, the casino management systems developer, has appointed Terrance W. Oliver, a board member since 1998, interim chief executive following the departure of Russel H. McMeekin.
The company said Mr. McMeekin has stepped down "to pursue other opportunities," but did not elaborate further.
In the same announcement, the company revealed that it would fall shy of its previously projected guidance for the 2008 fiscal year with regard to revenue, gross margins and earnings before interest, taxes, depreciation and amortization.
"We are lowering our estimates to reflect today's announcements and our feeling that broader economic issues could impact the company's ability to expand next year," Todd J. Eilers and Adam Krejcik, analysts with Roth Capital Partners in California, wrote in a research note.
"Based on our revised estimates and uncertain outlook we are lowering our PT (price target) from $10 to $2 and our rating from a BUY to a HOLD," the note added.