Forum Archive Index - July 2001

["nick" <helmett@xtra.co.nz>]

        Following report was announced late yesterday

 

RECORD RECEIPTS FROM CUSTOMERS, STRONG IMPROVEMENT IN NET CASHFLOW
RESULT AND CASH ON HAND AT QUARTER END UP 80%

The eBet Limited (ASX/NZSE: EBT) ("eBet") Cash Flow Report for the
quarter ended 30 June 2001 was released today showing Receipts from
Customers for the period were $1,987,000, up 35% over the pri
or
Quarter and a record for the Company. The result brings Receipts from
Customers for the 2001 financial year to $6,133,000 up 253% over the
previous financial year result.

Payments for Staff Costs remained steady for the quarter at
$1,289,936; Marketing Payments were down 31% to $38,360, while Other
Working Capital payments were down by more than 23% to $1,054,221.

Net Operating Cashflow was reduced to ($375,000) a significant
improvement as opposed to ($1,231,417) for th
e previous Quarter. Cash
outflows from Investing Activities totaled $146,000 whilst cash flows
related to Financing Activities totaled $1,500,000. Cash Held at the
end of the Quarter was $2,199,000, up $979,000 or around 80% from
$1,220,000 at the end of the previous Quarter.

Commenting on the Appendix 4C, eBet Managing Director, Keith Cullen,
said, "Given that we were unable to commence sales of our card-based
gaming system during the Quarter we are pleased with this result
.
Operating cash outflows were significantly reduced and cash on hand
improved thanks to improving receipts from customers and financing
activities."

"With approval to commence sales of our card-based gaming system
having been granted and other activities gathering momentum we are
looking forward to significant improvements in revenues, and
therefore customer receipts and cash flow, over coming Quarters",
added Mr Cullen.

Earlier today eBet released a comprehensive Market U
pdate detailing
the revenue potential for it card-based gaming system in NSW and its
US race wagering services.

"We have costs well under control as this 4C shows, and we believe
that our current structure will support significant revenue growth,
the potential for which is clearly demonstrated in our Market Update.
On this basis we expect to be able to move to a cashflow positive
position in the near term and for FY2001 to be behind us as our last
year of operating losses",
said Mr Cullen.

He concluded, "The global potential for our young Company is almost
unlimited and our technologies are World-class. With eBet USA,
Playboy Racing and card-based gaming now up and running, our
corporate team is now focused on the opening of new markets and the
forging of strategic corporate and operational alliances that will
enable us to unlock further potential at home and internationally
over coming years."