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LOTTERY SALES UP IN FIRST MONTHS OF FISCAL YEAR
September 25, 2011
In today’s meeting of the Kentucky Lottery Corporation’s (KLC’s) board of directors, it was announced that lottery sales are up 1.7% in the first two months of FY12 as compared to their pace in FY11.
According to the KLC’s Senior Vice President of Finance & Administration & CFO Howard Kline, sales for July and August were $123.8 million, which is $2.1 million more than the previous year but $5.8 million less than budgeted. “This is being led by a 2.2% increase in scratch-off ticket sales over the same period last year,” Kline said.
Players have been winning more in prizes thus far in the fiscal year. “We paid $68.3 million in prizes in July and August, which is 1.2% more than the same period last year and about a half of a percentage point higher than budgeted,” Kline said. The primary reason for this was Pick 4 players being extremely lucky, with Kline reporting they won prizes in August which amounted to 94.8% of Pick 4 sales. This game statistically should return 50% of sales in prizes.
Income before transfer of dividends for the period was $32.7 million, which is $940,000 less than the prior year and $1.9 million less than budget.
In other business, the board was presented the results of the annual financial report of FY11 operations from the accounting firm of Crowe Horwath LLP, and approved rules and regulations for eight scratch-off tickets.
The next meeting of the KLC’s board of directors will be December 1. The meeting will begin at 9:30 AM EST, and will be held at the KLC headquarters at 1011 West Main Street in Louisville. Committee meetings will begin at 8:30 AM EST.
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