AG&E Holdings Inc. Reports Third Quarter 2015 Financial Results

Chicago, Illinois - November 5, 2015 --- AG&E Holdings Inc. (NYSE MKT: WGA), a parts distributor to the casino and gaming markets, announced financial results today for the third quarter of 2015, ended September 30, 2015.

AG&E Holdings revenue for the third quarter of 2015 totaled $2.2 million compared to $5.3 million in the third quarter of 2014. The decline in revenue was impacted by the Company's exit from the VLT business in Illinois in the previous quarter. Loss from continuing operations for the quarter was $(334,000) compared to a loss of $(2.3 million) in the third quarter of 2014. During the quarter the Company paid a one-time special dividend to investors of $0.45 per share or approximately $5.3 million.

The Company reported a net loss of $(334,000), or $(0.03) per diluted share. For the third quarter of 2014 the Company reported a net loss of $(5.9 million), or $(0.50) per diluted share, which included a loss from discontinued operations of $(3.6 million), and a goodwill impairment of $1.3 million.

The financial results of AG&E Holdings for the third quarter of 2015 reflect the operating results of AG&E Holdings distribution businesses and discontinued operations for the divested LCD business and the exit from the VLT business in the state of Illinois.

For the nine-month period ended September 30, 2015, AG&E Holdings reported revenue of $12.2 million compared to $18.5 million in the nine-month period of 2014. The decline in revenue was impacted by the Company's exit from the VLT business in Illinois in the second quarter of 2015. Loss from continuing operations for the nine month period was $(152,000) compared to a loss of $(2.4 million) for the nine-month period of 2014.

The Company reported a net loss of $(64,000), or $(0.01) per diluted share for the nine-months ended September 30, 2015. The Company reported a net loss of $(5.6 million), or $(0.48) per diluted share, which included a loss from discontinued operations of $(3.2 million) for the nine-month period of 2014.

Strategic Review
The Board of Directors and management of AG&E Holdings Inc. are continuing to review strategic options with its financial advisor, Innovation Capital, with the goal of maximizing shareholder value. In addition to the Company continuing on as an independent public company, a number of options are being explored. While there can be no assurance that a transaction of any sort may occur, management and the Company's Board of Directors are dedicated to seriously considering any realistic transaction that the strategic review may reveal that will accrue to the benefit of the Company's shareholders. 

About AG&E Holdings Inc.
AG&E Holdings Inc. ("AGE"), is a leading parts distributor to the casino and gaming markets. It sells parts and services to more than 700 casinos in North America with offices in Las Vegas, Nevada, Hammonton, New Jersey, Miami, Florida and McCook, Illinois.

Safe Harbor
This press release contains forward-looking statements within the meaning of the federal securities laws.  The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements.  The words believe, expect, anticipate, estimate, will, and other similar statements of expectation identify forward-looking statements.  Those statements include statements regarding the intent, belief or expectations of the Company and its management.  Readers are cautioned that the forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those expressed in any forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, development of competing technologies, availability of adequate credit, interruption or loss of supply from key suppliers, increased competition, the regulatory process and regulatory and legislative changes affecting the gaming industry.  AG&E Holdings Inc. assumes no obligation to update the information contained in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. For additional investor information, please contact Joe Diaz of Lytham Partners at (602) 889-9700.

Financial Table on Following Page

AG&E HOLDINGS INC.
Condensed Consolidated Statements of Earnings (unaudited)
Three Months and Nine Months Ended September 30, 2015 and 2014
		Three Months Ended September 30									Nine Months Ended September 30
		2015			2014						2015			2014
Net sales	$	2,155,000		$	5,261,000				$		12,203,000		$	18,513,000
Cost of sales		1,517,000			4,197,000						9,240,000			14,958,000
Gross margin		638,000			1,064,000						2,963,000			3,555,000
Selling & administrative expenses		973,000			1,543,000						3,114,000			4,043,000
Goodwill Impairment		0			1,329,000						0			1,329,000
Operating loss		(335,000)			(1,808,000)						(151,000)			(1,817,000)
Interest expense		0			15,000						0			45,000
Other income, net		(1,000)			(5,000)						(3,000)			(18,000)
Income tax expense		0			501,000						4,000			539,000
Loss from continuing operations	$	(334,000)		$	(2,319,000)				$		(152,000)		$	(2,383,000)
Discontinued Operations:
(Loss) earnings from discontinued operations		0			(1,450,000)						88,000			(1,089,000)
Loss on sale of assets		0			(2,145,000)						0			(2,145,000)
Discontinued operations, net of income taxes		0			(3,595,000)						88,000			(3,234,000)
Net loss	$	(334,000)		$	(5,914,000)				$		(64,000)		$	(5,617,000)
Basic and Diluted earnings per share:
Continuing operations	$	(0.03)		$	(0.20)				$		(0.01)		$	(0.20)
Discontinued operations	$	0		$	(0.30)				$		0.00		$	(0.28)
Net income per share	$	(0.03)		$	(0.50)				$		(0.01)		$	(0.48)
Basic and diluted average common shares outstanding		11,673,873			11,771,286					11,678,197				11,751,673
See accompanying notes to the unaudited condensed consolidated financial statements