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  Year 2000
  Paul-Son set new Company records in revenues and earnings in fiscal 1997, reporting net income of 41 cents per share, versus 10 cents per share in fiscal 1996 (and a loss of four cents per share in fiscal 1995). In addition to the exciting results achieved this year, we laid the groundwork to realize Paul-Son's potential in the years ahead.
  Revenues reached an all time high of $24.9 million, compared to $23.4 million generated in fiscal 1996. Net income of $1.37 million this year was more than triple the $337,000 earned in fiscal 1996.
  Fiscal 1997's revenues benefited from an increase in new casino openings and major expansions, such as the Company was the primary supplier of table gaming equipment to customers such as New York, New York (Las Vegas), Station Casinos (Kansas City), Mohegan Sun (Uncasville, CT) Rio Suite Hotel and Casino (Las Vegas) and Showboat Mardi Gras (East Chicago, Indiana). The company shipped $9.4 million in gaming supply products to 36 new casinos in fiscal 1997, versus $4.7 million to 25 new casinos the year before. Core sales, however, decreased during the year, from $18.7 million in fiscal 1996 to $15.5 million in fiscal 1997. Core sales are defined by the company as the sale of consumable gaming supplies to the casino industry which generate revenues on a continuous basis. Cards, dice, chips, and table game layouts are the major products that fall into this category.
  As we roll into fiscal 1998, the number of projected new casino openings is not expected to match the same levels as in 1997, and most of the significant openings are expected to occur in the latter half of the fiscal year. Accordingly, expanding core sales is a top priority for the coming year.
  With all of the success we have enjoyed this year, we understand that the key to the future success of our Company is growth. We believe we have the products and partnerships in place to capitalize on the opportunities ahead, both within and outside the gaming industry. The Company looks forward to another successful, productive year.
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