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An issue of diversity; Wells-Gardner to lessen reliance on casino sales.(Annual Meetings)
Crain's Chicago Business, May, 2007
Byline: H. Lee Murphy The outlook for the casino industry is strong, but Wells-Gardner Electronics Corp., which makes monitors for slot machines, is looking to diversify. McCook-based Wells-Gardner once made TVs and later turned to producing displays for video arcades and bowling alleys.
But last year, casino gambling, which represented half of all sales five years ago, climbed to an 83% share of revenue. Total sales rose 7% last year to $64.7 million; earnings were $343,000, or 4 cents per diluted share, in contrast to a 2005 loss of $3.0 million, or 33 cents a share. In an interview after the company's April 24 annual meeting, CEO Anthony Spier said Wells-Gardner's profit margins were under siege by casinos seeking low prices on equipment. The company is...
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