XCOR releases statement
Vol.4 No.lO
May 26,1978
Staff
Publisher and Editor:
Ralph C. Lally II
Managing Editor:
David Pierson
International Editor:
David Snook
Editor, Coin Slot
Technical Editor:
Robin Minnear
Game Doctors
Correspondents:
Roger C. Sharpe
Gene Seley
Dick Welu
Art Direction :
Katey Schwark
Staff Cartoonist:
Norm Rockwell
Typography:
Skybird Typography
Circulation Manager:
Debbie Barnes
Advertising Representative:
Ralph C. Lally II
European Representative:
Esmay Leslie
PLAY METER, May26, 1978. Volume
4, No. 10. Copyright 1978 by Skybird
Publishing Company. PLAY METER
is published semi-monthly on the first
and third Fridays of the month .
Publishing offices: 112 North Road-
way, New Orleans, La. 70124, P.O.
Box 24170, New Orleans, La . 70184.
Tel.:
504/ 282-0261 . Subscription
rates: U.S . and Canada - $25; Europe
and Japan - $45; elsewhere - $50.
One order subscription : 2-9, $20
each ; 10-24, $17 each; 25 or more,
$15 each . Advertising rates available
on request . No part of this magazine
may be reproduced without expres-
sed permission. The editors are not
responsible for unsolicited manu-
scripts . Second-class postage paid at
New Orleans 70113 . Postmaster:
Send Form 3579 to PLAY METER ,
P.O. Box 24170, New Orleans, La .
70184.
European office : PLAY METER Pro-
motions, 15 Great North Road,
Brookmans Park, AL 9 6 LV,
Hertfordshire, England .
XCOR International , Inc . has
announced higher revenues and
earnings for the first quarter ended
March 31 , 1978, and a loss for the
year ended December 31 , 1977 .
Results have been restated to reflect
the previously announced sale of
Seeburg Products Division (PM ,
April, page 55) .
For the 1978 first quarter, reve-
nues increased approximately 10
percent to $26 ,808 ,000 from
$24,455 ,000 for the first quarter a
year earlier, and net income rose to
$1 ,206 ,000 , equal to 42 cents a
share , from $240 ,000 , or nine cents
a share .
According to Chairman Louis J.
Nicastro , the results reflect an
improvement of the company's
operations. "Second quarter earn-
ings should be about twice those for
the first quarter," he said . He added
that the "outlook for the balance of
1978 is also bright."
The net loss for 1977 was
attributable to the Seeburg Products
Division , which has been sold to
Nicastro and members of his family
for $9 ,250 ,000 . Revenues for the
year from continuing operations
were $104 ,473 ,000 , compared to
$90 ,150 ,000 for 1976 . Net income
from continuing operations was
$3 ,554 ,000
compared
to
$3 ,263 ,000 in 197 6 , as restated .
After reflecting losses from and the
disposal of discontinued operations,
and losses from the settlement of
litigation during the year, the com-
pany had a net loss for the year of
$1 ,514 ,000 , or 47 cents a share ,
compared with a loss of $796 ,000 ,
or 25 cents a share , a year earlier .
Non-recurring losses from dis-
continued
operations
were
$4,756 ,000 in 1977 , including a loss
on disposition of $2 ,446 ,000 , com-
pared with a loss in 1976 from
discontinued
operations
of
$4,059,000 , including a loss on
disposition of $287 ,000 .
For the fourth quarter of 1977,
revenues from continuing operations
were $22 ,060 ,000 , compared to
$22,030 ,000 for the same period in
1976 . After giving effect to the losses
for discontinued operations , the
company has a net loss of
$2 ,214 ,000 in 1977 , or 73 cents per
share , as compared with a net loss of
$2 ,344 ,000 , or 80 cents per share,
in 1976 .
Nicastro said the increase in 1977
net sales was attributable to the firm 's
Choice Vend subsidiary , whose net
sales increased substantially com-
pared to 1976. Choice Vend sales
continue to be good so far this year,
he added . Williams Electronics has
completed a period of change to the
manufacture of solid state amuse-
ment games , and demand is strong
for products of King Musical Instru-
ments. Nicastro added that the
company's second quarter has tra-
ditionally been its strongest.
"The company intends to utilize its
approximately $31 million tax loss
carryforwards to secure suitable
acquisition candidates," he added .
XCOR International , Inc . is a
diversified manufacturing and service
company which , through its principal
subsidiaries - Choice Vend , Inc. ,
King Musical Instruments , Inc .,
Williams Electronics , Inc . and XCOR
Entertainment
Inc .- provides a
range of entertainment and leisure
products to domestic and interna-
tional markets , and operates a
theatre-in-the-round in the Cleve-
land , Ohio metropolitan area . In
addition , the company manufactures
and distributes a line of hearing aids,
audio-meters
and
accessories
through its subsidiary , Qualitone ,
Inc.
CALENDAR
July 20-21
Montana Coin Machine Operators
Association , annual convention ,
Fairmont Hot Springs Resort , Butte ,
Montana
June 2-3
Ohio Music and Amusement Asso-
ciation , annual convention , Co-
lumbus, Ohio
Music Operators of Texas, annual
meeting, LaQuinta Royale , Corpus
Christi , Texas
September 15-17
North Carolina Coin Operators
Association , annual convention ,
Sheraton Center, Charlotte , North
Carolina
June 16-18
Illinois Coin Machine Operators
Association , annual convention ,
Playboy Club , Lake Geneva , Wis-
consin
November 10-12
Amusement and Music Operators
Association , annual convention and
trade show , Conrad Hilton Hotel ,
Chicago , Illinois
June 8-10