GameTech: Revenues, net increase

GameTech International, Inc., a Renobased supplier of electronic bingo equipment, said last week it earned $191,000 on revenues of $13 million in for the fourth quarter of its fiscal year.

This compares with a loss of $385,000 on revenues of $12.4 million in the comparable quarter a year earlier.

For the full fiscal year, which ended Oct.

31, the company said it earned $1.2 million on revenues of $52.3 million.

This compared with earnings of $2.7 million on revenues of $48.9 million a year earlier.

The company said higher operating expenses, including research and development and costs related to ongoing litigation, brought its net income down from a year ago.

The company's board declared a special cash dividend of 12 cents a share, payable Jan.

16 to shareholders of record Jan.

2, and directors said the company plans to pay regular quarterly dividends.

The first dividend is likely to be about 3 cents a share, the company said, and would be paid after the first quarter of its new fiscal year.

Frederick C.

Lane, who had served as the company's chairman of the board for the past three years, has resigned from the board, GameTech said.

He'll be succeeded by Richard T.

Fedor, a co-founder of GameTech who has served as CEO and chairman of the company in the past.

GameTech makes electronic bingo equipment, including hand-held bingo units, fixed base units and turnkey accounting and management software.