Progressive Gaming Plunges on 3Q Outlook - Friday 21st of October 2005

Progressive Gaming International Corp. saw its shares plummet Thursday after the maker of slot machines and video games said it now expects to post a loss per share for the third quarter.

Shares of the Las Vegas company slid $3.57, or 28.9 percent, to close at $9.28, on the Nasdaq, where it was among the markets worst performers of the day. The stock saw nearly 6.6 million shares change hands -- above its average volume of 300,000. Progressives stock is now down about 5 percent since the year began, after having traded between $5.64 and $16.21 over the past 52 weeks.

The company, which makes a variety of slot machines and video games for casinos, including Caribbean Stud, Progressive Blackjack, and Tre Card Stud, said in a regulatory filing Thursday that it needed to revise its third-quarter expectations because of an accounting issue.

Progressive now expects to report lower revenue of $17.8 million and a loss of 9 cents per share. It expects earnings before interest, taxes, depreciation and amortization of $1 million.

The company previously forecast third-quarter revenue of $23.8 million, earnings of 9 cents per share and EBITDA of $5.5 million.

In its filing, Progressive, formerly called Mikohn Gaming, said it cut is outlook because it wont be able to recognize $6 million in revenue for the third quarter as anticipated. The revenue is from two software licensing deals.

Progressive said it doesnt expect to have to restate any past financial results, and the issue shouldnt affect its revenue recognition in the future.

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