Players Profit Down Despite Operating Gain
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Players International Inc., a Calabasas company that operates a club that offers discounts to gamblers at casino resorts, reported a sharp drop in net income in its fiscal first quarter that ended June 30 because the year-earlier results included a large onetime gain.
Players’ net income fell 89% to $303,400 in the latest quarter from $2.88 million a year earlier, when the company recorded a pretax gain of $3.5 million from a contract settlement. The company’s first-quarter revenue rose 14% to $4.3 million from $3.79 million.
Excluding the gain, the company said its operating results improved because of growth in club memberships and more profitable membership renewals.
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