Vendingdata (NASDAQ:VNDC)
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VendingData(TM) Corporation Restates Previous Filings Made With The United
States Securities and Exchange Commission
LAS VEGAS, Dec. 10 /PRNewswire-FirstCall/ -- VendingData(TM) Corporation
(BULLETIN BOARD: VNDC) , a manufacturer and distributor of products for the
gaming industry that are intended to increase customers' security, productivity
and profitability, today announced that it has filed with the United States
Securities and Exchange Commission amended Quarterly Reports on Form 10-QSB for
the periods ended June 30, 2003 and September 30, 2003 for the purposes of
restating its financial statements and making corresponding changes to
Management's Discussion and Analysis of Financial Position and Results of
Operations.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020325/LAM034LOGO )
The changes contained in the Company's amended Quarterly Reports on Form 10-QSB
for the periods ended June 30, 2003 and September 30, 2003 reflect the adoption,
as of January 1, 2003, of the requirements of Emerging Issues Task Force Issue
No. 00-21, Revenue Arrangements with Multiple Deliverables. The restatement of
the Company's financial statements was made after reconsideration of the
Company's prior revenue (and warranty cost) recognition practices regarding
certain sales contracts entered into beginning in the second quarter of 2003.
The result of this decision was to defer recognition of an allocated portion of
revenues from the affected sales contracts, representing the estimated fair
value of extended warranty and maintenance services included therein. Such
deferred revenues are now being amortized over the applicable service periods in
the contracts. The effects of the restatements are summarized in Note 1 to the
restated financial statements contained in the Quarterly Reports on Form 10-QSB
for the periods ended June 30, 2003 and September 30, 2003.
The effect of the restatement on the three-month and six-month periods ended
June 30, 2003, was to increase the net losses by $295,560 and $295,560
respectively. A summary of the effects of these changes follows:
Three Months Ended Six Months Ended
June 30, 2003 June 30, 2003
Net loss as originally reported $(1,338,201) $(2,784,419)
Effect of restatement for
revenue recognition (295,560) (295,560)
Net loss as restated (1,633,761) (3,079,979)
Per share amounts:
Net loss as originally reported (0.18) (0.36)
Effect of restatement for
revenue recognition (0.03) (0.04)
Net loss as restated (0.21) (0.40)
The effect of this change on the three-month and nine-month periods ended
September 30, 2003, was to increase the net losses by $145,411 and $440,971
respectively. In addition, the Company has restated its financial statements
for the three-month and six-month periods ended June 30, 2003 and amended its
Quarterly Report on Form 10-QSB accordingly for the second quarter of 2003,
increasing the previously reported deficit as of June 30, 2003, and previously
reported net losses for each of those periods, by $295,560. A summary of the
effects of these changes follows:
Three Months Ended Nine Months Ended
September 30, 2003 September 30, 2003
Net loss as originally reported $(1,156,549) $(3,940,968)
Effect of restatement for
revenue recognition (145,411) (440,971)
Net loss as restated (1,301,960) (4,381,939)
Per share amounts:
Net loss as originally reported (0.15) (0.51)
Effect of restatement for
revenue recognition (0.02) (0.06)
Net loss as restated (0.17) (0.57)
About VendingData(TM) Corporation
VendingData(TM) Corporation is a Las Vegas-based developer, manufacturer and
distributor of products for the gaming industry including the SecureDrop(R)
System, Deck-Checker(TM) and Random Ejection Shuffler(TM) line. The Company's
products are currently installed in casinos throughout the United States,
including Caesars Palace, Circus Circus, Harrah's Entertainment, Luxor, Oneida
Bingo & Casino and the Venetian. International customers include casinos in
Argentina, China, Columbia, Korea, Malaysia, Peru, United Kingdom, and Uruguay.
Visit the VendingData Web site at http://www.vendingdata.com/ .
For further information, please contact: Jessica Neville, Vice President of
Marketing and Public Relations of VendingData(TM) Corporation, +1-702-733-7195,
ext. 121, ; or Yvonne L. Zappulla, Managing Director of Wall Street Investor
Relations Corp., +1-212-714-2385, , for VendingData(TM) Corporation.
http://www.newscom.com/cgi-bin/prnh/20020325/LAM034LOGO
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DATASOURCE: VendingData Corporation
CONTACT: Jessica Neville, Vice President of Marketing and Public
Relations of VendingData(TM) Corporation, +1-702-733-7195, ext. 121,
; or Yvonne L. Zappulla, Managing Director of
Wall Street Investor Relations Corp., +1-212-714-2385,
, for VendingData(TM) Corporation
Web site: http://www.vendingdata.com/