GameTech International Inc.
earned $58,000 on revenues of $13.4 million in the quarter ended April 30.
This compares with earnings of $226,000 on revenues of $13.3 million in the comparable quarter a year ago.
Clarence Thiesen, chief executive officer of the Reno-based maker of electronic bingo equipment, said revenues for the quarter rose by about 6 percent over those posted in the first quarter of the company's fiscal year.He said new products and new customers combined for the revenue increase.
Thiesen said that GameTech's profits were dampened by a 20 percent increase in research-and-development costs as well as continued high legal expenses.
The company is involved in aggressive lobbying activities as well as several major lawsuits.
It won $2.5 million in damages from former distributors in Virginia and expects two additional cases to be tried in the next six months.
