<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 1995
Commission File Number 0-24074
----------
GAMING WORLD INTERNATIONAL, LTD.
(Exact name of registrant as specified in its charter)
----------
DELAWARE 51-0336065
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Medure Place, Suite 100
438 Line Avenue
Ellwood City, Pennsylvania 16117
(412) 758-2461
Amendment No. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its quarterly report for the fiscal
quarter ended December 31, 1995 on Form 10-Q as set forth in the pages attached
hereto:
(List all such items, financial statements, exhibits or other portions
amended.)
1. Part I, Item 1. Financial Statements
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this amendment to be signed on its
behalf by the undersigned, thereunto duly authorized.
Gaming World International, Ltd.
-----------------------------------
(Registrant)
Date: May 30, 1996 By: /s/ ANTHONY J. MEDURE
-------------------------------
(Vice President, Secretary, Director)
<PAGE> 2
PART I. FINANCIAL INFORMATION.
ITEM 1. FINANCIAL STATEMENTS.
GAMING WORLD INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
DECEMBER 31, SEPTEMBER 30,
1995 1995
------------ -------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 109,038 $ 38,451
Marketable securities 3,650,000 3,650,000
Investment in management contracts 936,511 936,511
Accounts and advances receivable
Trade 269,199 278,411
Other 14,100 6,616
---------- ----------
283,299 285,027
---------- ----------
Inventories 1,701,052 1,667,421
Net investment in leases 111,813 111,813
Deposits and prepaid expenses 148,526 182,165
---------- ----------
Total current assets 6,940,239 6,871,388
---------- ----------
LAND, BUILDINGS, EQUIPMENT, AND
LEASEHOLD IMPROVEMENTS -
AT COST
Land 3,655,300 3,655,300
Buildings 7,412,908 7,412,908
Furniture and equipment 1,691,428 1,613,889
Leasehold improvements 1,157,508 1,039,893
---------- ----------
13,917,144 13,721,990
Less accumulated depreciation and
amortization (818,177) 738,082
---------- ----------
13,098,967 12,983,908
---------- ----------
DEFERRED MANAGEMENT FEE 384,812 384,812
INVESTMENTS IN MANAGEMENT CONTRACTS AND
LAND OPTIONS 2,276,859 2,201,859
GOODWILL LESS ACCUMULATED AMORTIZATION 500,648 509,648
OTHER ASSETS 23,100 23,100
---------- ----------
Total Assets $23,224,625 $22,974,715
========== ==========
</TABLE>
2
<PAGE> 3
GAMING WORLD INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
DECEMBER 31, SEPTEMBER 30,
1995 1995
----------- ------------
<S> <C> <C>
CURRENT LIABILITIES
Notes payable (note C) $ 7,821,196 $ 6,827,084
Current maturities of capitalized lease
obligations (note D) 111,813 111,813
Related party advances payable (note I) 958,064 1,047,911
Accounts payable and accrued liabilities 1,313,147 1,881,535
---------- ----------
Total Current Liabilities 10,204,220 9,868,343
---------- ----------
NOTES PAYABLE, less current portion (note C) 5,887,999 5,505,003
---------- ----------
DEFERRED REVENUE (note A) 1,041,605 1,017,176
---------- ----------
STOCKHOLDERS' EQUITY (note G)
Preferred Stock - authorized 1,000,000
shares of $.01 par value; no shares issued --
Common Stock - authorized 15,000,000
shares of $.01 par value; 7,525,160 shares
issued in 1995 and 1994 and 5,650,160
shares issued in 1993; 6,868,131 shares
outstanding in 1995 and 1994 and 4,993,131
shares outstanding in 1993 75,252 75,252
Additional paid in capital 11,221,419 11,221,419
Retained earnings (Accumulated deficit) (3,592,243) (3,098,851)
---------- ----------
7,704,428 $ 8,197,820
Less cost of 657,029 common shares, held in
the treasury (note E) 1,613,627 1,613,627
---------- ----------
Total Liabilities and Stockholders' Equity 6,090,801 6,584,193
---------- ----------
$23,224,625 $22,974,715
========== ==========
</TABLE>
3
<PAGE> 4
GAMING WORLD INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Revenues
Concessions $ 925,938 $ 768,973
Management fee 146,571 462,902
--------- ---------
1,072,509 1,231,875
Expenditures
Concessions (note B) 811,118 663,647
General and administrative 479,471 436,203
Depreciation and amortization 89,095 32,463
--------- ---------
1,379,684 1,132,313
--------- ---------
Earnings/(loss) from operations (307,175) 99,562
--------- ---------
Other Income and (Expenses)
Interest income 60,149 151,504
Interest expense (246,366) (235,455)
--------- ---------
(186,217) (83,951)
--------- ---------
Earnings/(loss) before income taxes (493,392) 15,611
--------- ---------
Income taxes (note F) -- --
--------- ---------
NET EARNINGS (LOSS) $ (493,392) $ 15,611
========= =========
Net earnings (loss) per common share $ (.07) $ .00
========= =========
Pro forma income tax provision,
(benefit) (note F) - unaudited --
Pro forma net earnings (loss) - unaudited 15,611
=========
Pro forma net earnings (loss)
per common share (note A) - unaudited $ .00
=========
</TABLE>
4
<PAGE> 5
GAMING WORLD INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ (493,392) $ 15,611
Adjustments to reconcile net earnings (loss)
to cash provided by (used in) operating
activities:
Depreciation and amortization 89,095 32,463
(Increase) decrease in accounts, and advances
receivable and deferred management fee 1,728 (179,003)
(Increase) in inventories (33,631) (857,716)
(Increase) in investments in management
contracts and land options (75,000) (303,950)
(Increase) decrease in deposits and prepaid
expenses and other 33,639 (177,374)
Increase (decrease) in accounts payable,
accrued liabilities and advanced
management fee (568,388) 15,652
Increase in deferred revenue 24,429 127,074
--------- ---------
Net cash provided by
(used in) operations (1,021,520) (1,327,243)
Cash flows from investing activities:
Reduction of investment in lease -- 101,000
Capital expenditures (195,154) (375,399)
Reduction of marketable securities -- 789,695
--------- ---------
Net cash provided from (used in)
investing activities (195,154) 515,296
Cash flows from financing activities:
Increase in initial public offering costs -- --
Proceeds from notes payable 1,377,108 798,649
Principal payments on notes payable -- --
Payments on related party advances (304,875) --
Principal reduction of capitalized lease
obligations -- (132,867)
Related party advances 215,028 108,710
--------- ---------
Net cash provided by (used in) financing
activities 1,287,261 774,492
Net increase (decrease) in cash and cash
equivalents 70,587 (37,455)
Cash and cash equivalents at beginning of year 38,451 308,457
--------- ---------
Cash and cash equivalents at end of year $ 109,038 $ 271,002
========= =========
</TABLE>
5
<PAGE> 6
GAMING WORLD INTERNATIONAL, LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - FINANCIAL STATEMENTS
The Consolidated Financial Statements are unaudited but, in the opinion of
management, reflect all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the financial position and
results of operations for the periods included.
The results of operations for the interim periods presented are not
necessarily indicative of the results to be expected for the full year.
The accompanying consolidated financial statements should be read in
conjunction with the Company's audited financial statements, and notes
included therein, for the year ended September 30, 1995 included in the
Company's Annual Report on Form 10-K.
6
