Boca Raton, Florida -- Atlantic International Entertainment, Ltd. (NASDAQ-BB-AIEE) has announced record-breaking financial results for the year ended December 31, 1997.
Revenues were $4,416,790, which represented an increase of $3,962,134, or 912% above the corresponding twelve month period in 1996. Net income for the year ended December 31, 1997 was $1,047,317 or $0.11 per share, compared to a ($376,270) net loss or ($0.04) per share, reported for the corresponding period in 1996. The increase in revenues was primarily attributed to the sale and distribution of the companies interactive gaming and wagering product line and the revenues derived from its acquired Internet service provider subsidiary, The EmiNet Domain.
"Our results in 1997 clearly demonstrated that the Interactive gaming and wagering market has become a reality," said AIE President and CEO Richard A. Iamunno. "The discussion on the viability of Interactive and Internet gaming has ended. Now the issue has changed to how and when will the major players in the established gaming & wagering industry access the new technologies.
"The opportunities and the required commitment is to the global market. Atlantic has increased its commitment by forming viable subsidiary companies in Australia and South Africa. Either through building a company, as is the case in an emerging market like South Africa, or through acquisition and merger in a mature gaming market as Australia, AIE will be there providing reliable products supported by a strong worldwide infrastructure for the established gaming and wagering community."