GameTech Reports Q2 Results

GameTech International, Inc. (Nasdaq: GMTC), a leading designer, developer and marketer of electronic bingo equipment and bingo systems, today announced financial results for the Company's second fiscal quarter and six month period ended April 30, 2006. Net income totaled $1.2 million for the quarter, or $0.09 per fully diluted share, a significant improvement over net income of $303,000 and $0.03 per fully diluted share for the second quarter in fiscal 2005.

Year-to-date net income for fiscal 2006 reached $2.0 million, or $0.16 per fully diluted share, compared with $304,000, or $0.03 per fully diluted share for the comparable six month period in 2005. Second quarter revenue totaled $12.5 million compared with $12.7 million for the comparable quarter during fiscal 2005. Revenue for the six month period ended April 30, 2006 was $24.9 million compared with $25.1 million for the comparable period in fiscal 2005. Even with the loss of business in Oklahoma attributed to Class II units replacing traditional bingo, we are encouraged by the progress we are making in our core business. Company revenue continued to increase in key domestic and international markets.

Jay Meilstrup, GameTech's President and Chief Executive Officer stated, "Our revenue has been strong in Michigan, Kentucky, Nevada and other markets with our emphasis to grow our core business. In addition, GameTech intends to leverage its years of technical capabilities in wireless to expand into the newly developing mobile gaming market and we are also analyzing new domestic and international markets. For the remainder of the year, we also anticipate new business from the introduction of new products and we will continue to pursue strategic opportunities if and when they arise."

2006-06-09