SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): July 1, 1998
Powerhouse Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-19322 81-0470853
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
115 Perimeter Center Place, Suite 911, Atlanta, GA 30346
(Address of principal executive offices and zip code)
(770) 481-1800
(Registrant's telephone number, including area code)
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Item 5. Other Events
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On July 1, 1998, the Company announced that it expects to exceed consensus
analysts' estimates for the second quarter ending June 30, 1998. Additionally,
the Company reported on the status of its Sunland Park Casino opening and other
business developments. A copy of the Company's Press Release making the
announcement is attached as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
Exhibit 99.1 Company Press Release dated July 1, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
POWERHOUSE TECHNOLOGIES, INC.
Date: July 1, 1998 /s/ Janet M. Bjork
--------------------
Janet M. Bjork
Assistant Secretary
(authorized to sign on behalf of Registrant)
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EXHIBIT INDEX
Exhibit Page
Number Description Number
- ------ ----------- ------
99.1 Company Press Release dated July 1, 1998 5
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Exhibit 99.1
FOR IMMEDIATE RELEASE: Wednesday, July 1, 1998
Contact: Susan J. Carstensen Wayne Brown
Chief Financial Officer Senior Vice President
Powerhouse Technologies, Inc. Carl Thompson Associates
770/481-1800 800/959-9677
POWERHOUSE TECHNOLOGIES, INC.
PRE-ANNOUNCES SECOND QUARTER RESULTS
Company Updates Status of Sunland Park Casino Opening
ATLANTA - Powerhouse Technologies, Inc. (Nasdaq National Market: PWRH) announced
today that for its second quarter ending June 30, 1998, the Company expects to
exceed consensus analysts' estimates. A preliminary estimate indicates that
earnings per share for the quarter will range from 10 cents to 12 cents, beating
analysts' estimates of 6 cents.
The quarter's success is attributable to strong increases in on-line
lottery revenues due, in part, to the nationwide interest and participation in
May's Powerball mega-jackpot. Other contributions were driven from
gaming-machine sales in the casino market.
"I am pleased with our second-quarter successes and the opportunities we
achieved during the period which will positively impact the Company long term,"
said Richard Haddrill, President and Chief Executive Officer of Powerhouse
Technologies. "Foremost, two positive actions by government agencies in New
Mexico have brought us closer to the opening of our casino addition at Sunland
Park racetrack, where construction continues towards what we estimate will be an
opening between November 1998 and February 1999."
"The New Mexico Gaming Commission held its kickoff meeting in June and
reaffirmed its dedication to both a quality program and a quick start. In
addition, the New Mexico Racing Commission approved Sunland's license and
granted 1999 race dates, a requirement to obtaining a gaming license," Haddrill
added.
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Internationally, Powerhouse's gaming machine company received an order to
replace the existing central system for a current customer, the Independent
Gaming Corporation of South Australia, with the Company's Advanced Gaming
System(TM) for the monitoring and control of 12,500 gaming machines. In addition
to the $2.7 million software order, the Company will receive annual maintenance
fees for seven years. Installation will begin in November 1998 with completion
slated for early 1999.
Powerhouse also received a license to supply gaming machines in both the
casino and video lottery market in the Canadian province of Nova Scotia, marking
the Company's 68th gaming license worldwide.
Powerhouse Technologies, Inc., through its operating units - AWI, VLC,
United Tote and Sunland Park racetrack -- is one of the leading suppliers of
system software, equipment, and related services for on-line lotteries, video
lotteries and pari-mutuel systems throughout the world, and a manufacturer and
distributor of gaming devices for casinos. Presently, the Company's equipment
and systems are in operation in the United States, Canada, Australia, Europe,
South America and the Caribbean.
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The private securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statement except for historical information. Some statements
in this release are forward looking and are subject to certain risks and
uncertainties. These include, but are not limited to, economic conditions,
changes or regulation, the further approval of regulatory authorities,
production and/or quality control problems, demand for the products and services
of the Company, and the effects of competition. These risks and uncertainties
could significantly affect the anticipated results in the future and actual
results may differ materially from any forward-looking statements. For more
information on the potential factors which could affect the Company's business
and financial results, see the Company's filing with the Securities and Exchange
Commission. The Company undertakes no obligation to update or revise such
statements to reflect new circumstances.
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