Progressive Gaming reports narrower 1st-qtr loss

Progressive Gaming International Corp., a casino-management software provider, said Monday its first-quarter loss narrowed slightly as the company faced a weak environment and lower seasonal revenue.

Quarterly loss narrowed to $8.4 million, or 14 cents per share, compared with a loss of $8.7 million, or 25 cents per share last year.

The company had about 62 million shares outstanding in the latest quarter compared with 34.8 million in the year-ago quarter.

Revenue rose 3 percent to $15.2 million from $14.7 million.

Analysts polled by Thomson Financial predicted a loss of 7 cents per share on revenue of $17.4 million.

Las Vegas-based Progressive Gaming said it faced seasonal trade show expenses and higher foreign costs due to a weak economic environment. Results also reflect lower seasonal revenue, the company said.

However, the company said it expects profitable adjusted earnings before interest, taxes, depreciation and amortization for the full year.

Shares rose 6 cents to $1.77 during aftermarket electronic trading, after closing up 2 cents at $1.71.