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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gametech International, Inc. (MM) | NASDAQ:GMTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.21 | 0 | 01:00:00 |
(CHECK ONE):
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o
Form 10-K
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o
Form 20-F
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o
Form 11-K
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x
Form 10-Q
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o
Form N-SAR
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For Period Ended:
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May 1, 2011
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Transition Report on Form 10-K
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Transition Report on Form 20-F
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Transition Report on Form 11-K
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Transition Report on Form 10-Q
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Transition Report on Form N-SAR
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For the Transaction Period Ended:
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GameTech International, Inc.
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Full Name of Registrant
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N/A
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Former Name if Applicable
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8850 Double Diamond Parkway
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Address of Principal Executive Office (Street and Number)
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Reno, Nevada 89521
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City, State and Zip Code
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x
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(a)
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The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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x
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(b)
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The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
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x
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(c)
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The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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SEC 1344 (03-05)
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Persons who are to respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number.
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(1)
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Name and telephone number of person to contact in regard to this notification
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Andrew E. Robinson
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775
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850-6000
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
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Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
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x
Yes
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o
No
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(3)
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Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
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x
Yes
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o
No
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If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made:
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For the fiscal quarter ended May 1, 2011, we expect to report net revenue of $8.1 million, an approximate $1.5 million decrease in net revenue as compared to the prior year period. Net revenue in our bingo segment for the quarter ended May 1, 2011 is expected to decrease by approximately $1.3 million, or 15.7%, to approximately $6.8 million, compared to the prior year period. VLT/slot revenue is expected to decrease $0.3 million, or 17.0%, to approximately $1.3 million. The anticipated decrease in net bingo revenue is primarily due to hall closures from adverse economic conditions, competitive pressures and the impact of storms in the southern region of the United States. The anticipated decrease in VLT/slot net revenue is primarily due to a reduction in Louisiana sales.
Cost of revenue, excluding depreciation and amortization is expected to decrease by approximately $1.2 million quarter over quarter, with bingo cost of revenue expected to decrease approximately $0.2 million, or 10.5%, and VLT/slot cost of revenue expected to decrease approximately $1.0 million, or 44.8%. The anticipated decrease in bingo cost of revenue is primarily due to write-offs of obsolete equipment and parts in the prior year period, staffing reductions and a decrease in amortization relating to the patent licensing for our Explorer units. The expected decrease in VLT/slot cost of revenue is due to the write-off of obsolete equipment and parts in the prior year period.
Gross profit for the quarter ended May 1, 2011 is expected to increase approximately $0.6 million to $4.3 million, as compared to the prior year period. Bingo gross profit is expected to decrease approximately $0.1 million, or 2.0%, with VLT/slot gross profit expected to increase approximately $0.7 million, or 122.5%, period over period.
Operating expenses for the fiscal quarter ended May 1, 2011 are expected to decrease by approximately $0.9 million to $5.5 million as compared to the prior year period results.
The Company expects to report a net loss for the quarter ended May 1, 2011 of approximately $1.6 million, compared to a net loss of approximately $15.0 million for the prior year period.
This Form 12b-25 includes forwarding-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 regarding the Company and the financial results it expects to report that are not historical facts and are indicated by words such as “anticipate,” “expect,” “believe,” other formulations of those terms and similar terms. Such forward-looking statements are based on the Company’s current expectations and beliefs, which are subject to change, and involve certain risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from those contained in the forward-looking statements. The Company does not undertake any obligation to update any forward looking statement.
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GameTech International, Inc.
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(Name of Registrant as Specified in Charter)
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has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
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Date
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June 16, 2011
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By
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/
s/ Andrew E. Robinson
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Andrew E. Robinson
Chief Financial Officer
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ATTENTION
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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS
(SEE 18 U.S.C. 1001)
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