Wells-Gardner Electronics Corp. reported earnings results for the first quarter ended March 31, 2013. For the period, the company reported solid increase in net sales and net earnings versus the first quarter of 2012. The increase in first quarter 2013 sales was primarily driven by VGT sales in the State of Illinois. The company believes that its command approximately 20% of the total market to this point. The company reported net earnings of $549,000 or $0.05 per basic and diluted share compared to net earnings of $202,000 or $0.02 per basic and diluted share for the same period in 2012. Prior-year results included nonrecurring charges of $139,000. Revenues increased by 46% to $18 million from $12.3 million in the same period a year ago. This $5.7 million revenue increase was caused by $5.85 million of VGT sales in the first quarter of 2013 compared to 0 in the same period 2012. Operating earnings were $587,000 compared to $234,000 in the first quarter 2012, due to noticeably higher sales and gross margin dollars with a slightly lower gross margin percentage, partially offset by higher operating expenses. Based on the company best estimates and information available at this time, management believes full year 2013 net sales will increase in the range of 21% to 27% or between $62 million and $65 million compared to $51.1 million in the full year 2012, with a meaningful percentage increase in net earnings versus 2012. Implicit in this guidance, the company expects sales growth between 13% and 21% for the balance of 2013. This is indicative of a tough competitive environment in the video display business.

Wells-Gardner Electronics Corp. announced that they will report Q1, 2013 results Pre-Market on May 08, 2013

Wells-Gardner Electronics Corp., Q1 2013 Earnings Call, May 08, 2013