SHAWNEE — A casino gaming company ranked second on the statewide list of the top performing over-the-counter companies.
EC Development Inc., (trading under EDCI) based in Shawnee reported revenue of $800,000 in the year ending June 30, a 32 percent increase compared to last year, and had a gain in earnings per share of 25 percent. However, the company lost $1.7 million during the same period.
Phone messages and emails sent to the company's headquarters, located at 23 E 9 St. in Shawnee, were not returned.
Founded in 2005, EC Development develops, markets, sells and provides support for casino gaming management software systems. The software is used daily by small- and medium-sized casinos in the U.S. and Mexico, according to the company's quarterly filing in May. EC Development is marketing products to niche markets including emerging international markets, cruise ships and tribal gaming businesses.
A going concern notice also was filed with the Securities and Exchange Commission because the company had incurred operating losses, negative working capital and no operating cash flow with future losses anticipated.
Eugene Estep is chief executive officer and joint founder of the company. He previously worked for First National Bank and also formed several IT companies, including Techrescue. Other executives include co-founder Fredrick Combs, serving as chief technology officer, and Randy Edgerton, chief financial officer, according to the company's website.