FRYS obtained clearance from the MN Gambling Control Board to sell pull-tabs at the MN Town Ball State Tournament at Bell Field this summer.Softer net income in April should be a supportive base for stronger net income in May all else being equal.In addition to softer demand in April, the profit-sharing arrangements that are paid in arrears (March’s success paid out in April) resulted in a significant decline in net income for the month, totaling $4K compared to $13K in March.On paper tabs, the gross margin slipped to 18.0% against March’s 20.4%.On the positive side, the gross margin on E-tabs was strong at 19.9% in April compared to 13.9% one month earlier.E-tab sales were also down but to a lesser degree at $96K versus $104K, respectively.The slowdown was largely driven by weaker demand for paper tabs, totaling $64K in April against $100K one month prior.Charitable gambling revenue took a step back with total sales of $168K in April compared to $212K in March for a reduction of 20.7%.
