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May 13, 2009 - Electronic Game Card, Inc. (OTC
Bulletin Board: EGMI), today reported financial results for its first quarter
ended March 31, 2009. The Company achieved many of its financial goals during
the quarter. Despite challenging global economic conditions during the quarter,
continued foreign currency volatility, and increased infrastructure and
personnel costs, the company reported record operating earnings for its first
quarter of 2009. Electronic Game Card's management team reiterates its full year
2009 guidance of revenue in excess of $17 million and earnings per diluted share
of $0.14.The Company reported revenues for the first quarter of $3.0 million, an increase
of approximately 28.6 percent from the first quarter of 2008 revenues of $2.3
million and compares to fourth quarter 2009 revenues of $2.8 million. Year over
year growth was achieved despite adverse currency fluctuations impacting the
reporting of the company's sales in the United Kingdom and Continental Europe.
Year-over-year, the British Pound and the Euro declined by approximately 40
percent and 20 percent, respectively, against the U.S. Dollar. During the first
three months of 2009, the British Pound and the Euro, declined by 3.5 percent
and 7 percent from year end 2008 levels, respectively. The sequential revenue
growth was achieved as a result of repeat business, additional licensing and
test orders of new lines introduced at the end of last year.
About Electronic Game Card, Inc.;
Electronic Game Card, Inc., (OTC Bulletin Board: EGMI), develops, produces and
markets innovative games to the promotional industry worldwide, toys and games,
casinos and lottery. The Company's lead product is the EGC Electronic
GameCard(TM), a unique credit card-sized pocket game combining patent and
patent-pending proprietary technology of interactive capability with "instant
win" excitement. The "EGC Electronic GameCard(TM)" can be programmed to suit a
variety of gaming and promotion applications.
EGMI's client base is across the $100 billion global market of, sales promotion,
gaming and casinos, Indian gaming and state and national lotteries markets. EGMI
develops sales and marketing relationships with agents and distributors globally
and currently has agents and distributors in North America, United Kingdom,
Ireland, Mexico, Italy, Sweden, Norway, Denmark, Finland, South Africa
Australia, New Zealand and Japan.
Contact:
Web Site:
http://www.electronicgamecard.com.
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