Progressive Gaming International (MM) (NASDAQ:PGICD)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Progressive Gaming International (MM) Charts. Click Here for more Progressive Gaming International (MM) Charts.](/p.php?pid=staticchart&s=N%5EPGICD&p=8&t=15)
Progressive Gaming International Corporation (NASDAQ: PGICD) (“the
Company”), announced today that its Board of
Directors has appointed Terrance W. Oliver, a member of the Company’s
Board of Directors, as the Company’s Interim
President and Chief Executive Officer, effective immediately. Mr. Oliver
replaces Russel H. McMeekin, who is stepping down to pursue other
opportunities.
Mr. Oliver has been a director of the Company since 1988, and served as
the Company’s Chairman of the Board of
Directors from 1988 to September 1993. Mr. Oliver served in various
executive capacities at nine casino properties from 1973 to 1996, when
he retired as Chief Operating Officer of Fitzgeralds Gaming Corporation.
He currently serves on the board of managers of Peninsula Gaming
Partners, LLC, which operates the Diamond Jo Casino in Dubuque, Iowa,
and the Evangeline Downs Racino in Opelousas, Louisiana.
The Company also said today that it would fall short of its previously
projected 2008 financial guidance for revenues, slot and table
management systems installed base, adjusted earnings before interest,
taxes, depreciation and amortization and gross margins.
Mr. Oliver, Interim President and CEO, said, "Based on current
information, and in large part due to the broader economic issues in the
United States, it is clear that our financial results for fiscal year
2008 will fall short of our publicly announced guidance. The continuing
turmoil in the financial markets and the impact of recent market
conditions on the gaming industry in particular, including many of our
customers, have resulted in a difficult operating environment for our
company. In response to the market conditions, we are aggressively
addressing various cost-cutting measures to improve overall financial
performance. We expect to begin implementing these measures before the
end of the 2008 third quarter period. Our goal is to reduce expenses by
an amount sufficient to permit us to generate cash-flows in the
near-term. We will continue to keep our stakeholders informed as these
cost-cutting initiatives are implemented.”
About Progressive Gaming International Corporation®
Progressive Gaming is a trusted leader of enterprise gaming solutions
and supplier of integrated casino and jackpot management systems for the
gaming industry worldwide. This technology is widely used to enhance
casino operations and drive greater revenues for existing products.
Progressive Gaming is unique in the industry in offering casino
management and progressive systems in a modular yet integrated solution.
Products include multiple forms of regulated wagering solutions in
wired, wireless and mobile formats. There are Progressive Gaming
products in over 1,000 casinos throughout the world. For further
information, visit www.progressivegaming.net.
©2008 Progressive Gaming International
Corporation®. All rights reserved.
Safe Harbor Statements under The Private Securities Litigation Reform
Act of 1995: This release contains forward-looking statements, including
statements regarding financial results for fiscal year 2008 and
cost-cutting initiatives. Such statements are subject to certain risks
and uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements. Factors that could cause or contribute to differences
include, but are not limited to, risks related to the Company’s
ability to satisfy the financial and other covenants included in its
lending agreements, delays in the approval, introduction, installation
and customer acceptance of existing and new products, the risk that
markets for the Company’s products are not as
large as the Company anticipates or that competing products may reduce
demand for the Company’s products, the risk
that the on-going relationship related to the sale of the Company's
Table Games Division may not provide anticipated benefits, the risk that
the Company may not realize expected annual savings from certain cost
reduction initiatives, the risk that regulatory approvals may not be
obtained when expected, or at all, the status of rights licensed from
content providers, risks related to the Company's ability to enforce and
develop its intellectual property rights, including rights licensed from
third parties, the risk that patents may exist of which the Company is
not aware, or that existing patents may provide benefits to third
parties beyond those anticipated by the Company, the Company's ability
to meet its capital requirements, relationships with casino operators,
the overall industry environment, customer acceptance of the Company's
new products, further approvals of regulatory authorities, adverse court
rulings, production and/or quality control problems, the denial,
suspension or revocation of privileged operating licenses by
governmental authorities, competitive pressures and general economic
conditions as well as the Company's debt service obligations. For a
discussion of these and other factors which may cause actual events or
results to differ from those projected, please refer to the Company's
most recent annual report on Form 10-K and quarterly reports on Form
10-Q, as well as other subsequent filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue
reliance on any forward-looking statements. The Company does not
undertake, and specifically disclaims any obligation, to update or
revise any forward-looking statements to reflect new circumstances or
anticipated or unanticipated events or circumstances.