Infinite Group, Inc. reports 166% revenue increase
WARWICK — Infinite Group, Inc. has announced revenues for the quarter ended March 31, 2000 of $3,290,826 compared with revenues of $1,236,002 for the quarter ended March 31, 1999. The $2,054,824 increase primarily a result of revenues associated with the Osley & Whitney acquisition and the formation of the Express Pattern, as well as increased Laser Group revenues (approximately $525,000). Infinite also announced a net loss from continuing operations of $456,529 for the quarter ended March 31, 2000, or a net loss per share of ($0.19), compared with a net operating loss of $998,910, or a loss per share of ($0.39), for the quarter ended March 31, 1999. The consolidated net loss of $456,529 for the quarter ended March 31, 2000 compared to consolidated net income of $3,171,405 for quarter ended March 31, 1999. The results for the quarter ended March 31, 1999 was positively impacted by the gain realized on the sale of the Company’s Spectra Science Series A Convertible Preferred Stock (approximately $4,170,315, net of $825,000 in taxes).
GTECH sets lottery terminal software review
WEST GREENWICH — GTECH Holding Corporation has announced that in light of an ongoing inquiry into a lottery terminal software malfunction in the United Kingdom, the company has initiated a review to identify to what extent the specific malfunction may have occurred elsewhere in the world. The company is verifying its terminal software applications for each of its lottery customers and the initial review shows that only a minority of other GTECH customers is or may have been affected.
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The lottery terminal software malfunction in the United Kingdom (UK) was associated with the use of a ticket pre-printing feature on certain classes of GTECH lottery terminals using a particular microprocessor. Under certain rare circumstances a duplicate transaction was recorded while only one ticket was presented to the retailer.
The terminal malfunction, which affected only a fraction of transactions in the UK between 1994 and 1998, was identified by GTECH in the UK in June 1998 and corrected in July 1998. Camelot, operator of the UK National Lottery, has investigated almost 14 billion individual player selections, which amount to 90 percent of the total amount for that period. Based on the results so far, Camelot has confirmed that the impact on the UK National Lottery was minimal, affecting approximately 0.00269 percent (2.69 thousandths of one percent) of the total transactions.
They have also confirmed that the UK Good Causes were not adversely affected in any way and that nobody missed out on a prize they should have won, although some winners were unpaid or overpaid by small amounts. The National Lottery Commission, the regulator of the UK National Lottery, is carrying out an inquiry and GTECH is helping in this inquiry.
”GTECH takes this matter seriously and accepts full responsibility for this lottery terminal software malfunction,” said Steve Nowick, GTECH president and chief operating officer.
The company is notifying all its lottery customers and is making every effort to fully understand and resolve all issues as soon as possible.
Comprehensive Computer Systems, Inc. acquires Midnight Sun Entertainment
SMITHFIELD — Comprehensive Computer Services, Inc., which specializes in computer consulting, business management, finance/accounting, networking and computer-based operations, has announced the acquisition of Midnight Sun Entertainment, a Web development and multimedia production company. The acquisition complements CCSI’s current service offerings, expands their production capabilities, and enables the company to formally launch their communications division.
”We are pleased to have the opportunity to add this dimension to our existing service base,” commented CCSI president Harvey Lieberman. “Our client focus has become two-fold and we now have the entire package. First, the accounting and management products are Internet-ready with built-in functions for e-commerce and B2B. Secondly, our digital graphics capabilities and Web technology, coupled with true artistic talent, will provide our clients with new revenue enhancement capabilities. And, we make it all run on a well-integrated infrastructure composed of carefully selected and properly implemented network technologies.”
Specifically, expansion plans include:
* Complete Web development and maintenance, including special functions, online databases, application integration, multimedia and video
* CD multimedia presentations for sales, corporate identity, catalogues, training and entertainment
* Audio, video, animated or digital production for business and entertainment
* Integration of Internet with business processes
