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Shares of Elixir Gaming Technologies, Inc. (AMEX: EGT) Drops to Historic Low after Second Quarter Earnings Announcement

Elixir Gaming Technologies, Inc. (AMEX: EGT), a leading technology and solutions provider to the Pan-Asian gaming industry, recently announced its financial results from the second quarter ending June 30, 2008. The company’s shares plunged to a historic low earlier this week after the announcement of a net loss of $9.6 million, or a loss of $0.08 per share. Analysts expected a loss of $0.04 per share for the quarter.

According to the chairman and chief executive officer of Elixir Gaming, Gordon Yuen, the company faced a number of challenges in the second quarter, including the issues with business arrangement in Cambodia. The company has renegotiated all of its contracts in Cambodia and has increased its revenue sharing agreements in this market. The company will continue to re-evaluate under-performing venues, and if necessary, re-deploy the machines to a venue where a more appropriate return can be achieved.

In other news, David Reberger, the company’s chief financial officer, announced his resignation effective August 15, 2008, to pursue other opportunities. Mr. Reberger will be retained by the company as a consultant for the remainder of the year. Elixir Gaming Technologies is currently conducting a global search for a new chief financial officer.

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