Message #7 From:
NewsBot Date: November 9, 2005 12:59:00 PM
VCAT News VCAT Reports Results for the Three Months Ended September 30, 2005
SAN DIEGO--(BUSINESS WIRE)--Nov. 9, 2005--Venture Catalyst Incorporated ("VCAT") (OTCBB:VCAT), today reported operating results for the three months ended September 30, 2005.
Three Months Ended September 30, 2005 Results
VCAT reported a net loss for the three months ended September 30, 2005, of $85,000 or $0.01 per share. This compares with a net loss of $57,000, or $0.01 loss per share, for the three months ended September 30, 2004.
Revenues for the three months ended September 30, 2005 were $2,071,000, as compared to $1,744,000 during the three months ended September 30, 2004. Revenues from consulting services in the current period were $1,946,000, compared to $1,725,000 earned during the same period in the prior year. Revenues from software products and related services in the current period were $125,000, as compared to $19,000 in the same period last year.
Costs of revenues were $993,000 during the three months ended September 30, 2005, as compared to $1,029,000 during the three months ended September 30, 2004.
Operating expenses, consisting of general and administrative, sales and marketing, and research and development, were $1,357,000 during the three months ended September 30, 2005, compared to $874,000 during the three months ended September 30, 2004.
Other income was $79,000 during the three months ended September 30, 2005. During the three months ended September 30, 2004, other income was $14,000.
For the three months ended September 30, 2005, VCAT recorded an income tax benefit of $114,000. VCAT recorded an income tax benefit for the three months ended September 30, 2004 of $88,000.
As of September 30, 2005, VCAT's unrestricted cash and cash equivalents balance was $4,317,000.
About Venture Catalyst Incorporated
VCAT is a provider of consulting services and technology in the gaming and hospitality market. VCAT is headquartered in San Diego, California, and has offices in Las Vegas, Nevada.
VENTURE CATALYST INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended September 30,
(Unaudited)
2005 2004
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Revenues:
Consulting services $1,946,461 $1,725,000
Software products and related services 124,570 19,123
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Total revenues 2,071,031 1,744,123
Cost of revenues:
Consulting services 714,540 613,547
Software products and related services 278,305 415,018
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Total cost of revenues 992,845 1,028,565
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Gross profit 1,078,186 715,558
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Operating expenses:
General and administrative 1,019,315 644,963
Sales and marketing 274,832 215,939
Research and development 62,436 12,836
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Total operating expenses 1,356,583 873,738
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Operating loss (278,397) (158,180)
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Other income:
Interest income 32,052 13,388
Other gains 47,000 267
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Other income 79,052 13,655
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Net loss before income tax provision (199,345) (144,525)
Income tax benefit 114,000 88,000
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Net loss $(85,345) $(56,525)
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Basic and diluted loss per share:
Net loss per share--basic $(0.01) $(0.01)
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Net loss per share--diluted $(0.01) $(0.01)
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Weighted average common shares outstanding
Basic 7,206,598 7,206,598
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Diluted 7,206,598 7,206,598
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