This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Entertainment Gaming Asia Reschedules Q4 And Fiscal Year 2010 Earnings Release To March 11, 2011 To Complete An Accounting Quasi-Reorganization

Entertainment Gaming Asia Inc. (NYSE Amex: EGT) (“Entertainment Gaming Asia” or “the Company”), a leading provider of electronic gaming machines on a participation basis to the Pan-Asian gaming industry, today announced that it will reschedule reporting operating results for the fourth quarter and fiscal year ended December 31, 2010 from March 1, 2011 to March 11, 2011 in order to complete an accounting quasi-reorganization. In addition, the Company released certain preliminary fourth quarter and fiscal year ended December 31, 2010 operating figures, which represent significant year-over-year improvement.

A quasi-reorganization is an elective accounting method used to eliminate the deficit in retained earnings against additional paid-in capital combined with fair market value adjustment to assets and liabilities. It enables companies such as Entertainment Gaming Asia, which have undergone a shift in business focus, to establish a fresh start from an accounting perspective. The quasi-reorganization adjustments have no effect on the Company’s cash flow and result in a balance sheet that more accurately reflects the Company’s retained earnings.

While the Company has dramatically improved its operating results and has the expectation of future profitability, it is believed that it is not realistic to expect to be able to recover the existing accumulated deficit in the short to medium term. Therefore, the Company’s Board of Directors authorized management to effect a quasi-reorganization in accordance with Section 210 of the Codification of Financial Reporting Policies. A necessary component of this Codification is the adjustment of assets and liabilities to fair market value as well. As such, the Company has engaged a third-party financial advisor to perform a valuation analysis of the fair value of its assets and liabilities. The results of this analysis may or may not result in a non-cash impairment charge during the fourth quarter 2010 period.

Giving effect to the quasi-reorganization, the Company has eliminated its accumulated deficit account, with a commensurate reduction in its additional paid-in capital, for purposes of establishing a new earned surplus account for the accumulation of future earnings from current operations. The quasi-reorganization was effective as of December 31, 2010.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.24 -0.99%
FB $117.86 0.37%
GOOG $697.09 0.68%
TSLA $227.05 -2.30%
YHOO $35.88 -0.36%


Chart of I:DJI
DOW 17,662.16 -88.75 -0.50%
S&P 500 2,049.44 -13.93 -0.68%
NASDAQ 4,727.7830 -35.4410 -0.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs