We have succeeded in
capturing the number one global market share for LCDs in the gaming industry. Due
to the uncertainty surrounding the start up of slot machine operations in
Florida and Pennsylvania , the Company is not including any demand growth that
will occur when these markets finally materialize .
"It gives me great pleasure to again announce the payment of a 5% stock
dividend," said Anthony Spier, Wells-Gardner's Chairman and Chief Executive
Officer. During 2000, the Company formed a 50 /50 joint
venture named Wells-Eastern Asia Displays ("WEA") to manufacture video
monitors in Malaysia .

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"
"The company met its fourth quarter bank covenants," said Jim Brace, Vice
President and CFO.

Wells-Gardner Announces Stock Dividend

"This is the seventh consecutive year the Company has authorized the
issuance of a stock dividend.

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CHICAGO, Wells-Gardner Electronics
Corporation (Amex: WGA) announced sales for the fourth quarter ending December
31, 2005 were $13.5 million for the fiscal 2004. AGE also sells refurbished gaming machines on a global basis as
well as installs and services some brands of new gaming machines into casinos
in North America.

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While, we enjoyed significant increases in our
sales for the year, fourth quarter sales reflected a short term slow down in
the unit volume growth of the global gaming industry due to continued
regulatory and political delays in new and emerging markets," noted Anthony
Spier, Chairman and CEO. "Despite lower than expected sales growth in the 4th
quarter, we are very pleased to report that our net loss, before non-recurring
charges, was on the low end of our previous guidance.
We have succeeded in improving our LCD margins in the fourth quarter by a
combination of moving production to Mainland China, reducing headcount,
reducing our cost of components and increasing our efficiency, which reduced
our airfreight costs. We are working to improve our scheduling,
our production processes, and the purchasing of LCD panels and metal parts. In addition, the Company acquired American Gaming +
Electronics, Inc . 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, our
ability to increase production at our Malaysian joint venture, increased
competition, the regulatory process and regulatory and legislative changes
affecting the gaming industry.15
Diluted net earnings
(loss) per common
share (0.

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8 million, an
increase of 18 percent over sales of $51.15 per share in the prior year.11) per share.
The company expects to return to profitability in the second half 2006.

This press release contains forward-looking statements within the meaning
of the federal securities laws. Those statements include statements regarding
the intent, belief or expectations of the Company and its management.

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4 million the
fourth quarter 2004.0) million or ($0.

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Our LCD sales accounted
for 38 percent of our total revenue in the fourth quarter and 30 percent year
to date. For additional investor information, please contact Jim Brace - Wells
Gardner at (708) 290-2120 or Alan Woinski - Gaming Venture Corp. CHICAGO, Wells -Gardner Electronics
Corporation (Amex: WGA) announced that its Board of Directors has declared a
five percent (5%) stock dividend payable on or about March 25, 2005 to all
Common Stock shareholders of record as of the close of business on March 18,
2005, with an ex-dividend date of March 16, 2005 .

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0 million during the year, our debt to equity remains a
respectable 0.

Outlook
"We have taken a number of steps to return to profitability," Anthony
Spier noted. During 2000, the Company formed a 50/50 joint
venture named Wells-Eastern Asia Displays ("WEA") to manufacture video
monitors in Malaysia.

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08) per share compared to net earnings of $318,000 or $0. The
fiscal 2005 net earnings were a loss of ($3. 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.

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4 million, which were flat with sales of $13.35) per share
compared to net earnings of $1.
The fiscal 2005 earnings included non-recurring charges of ($931,000) or
($0.

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66 to 1." The Company has renegotiated its credit agreement
financial covenants for 2006 with LaSalle Bank NA and will be signing an
amendment to its credit agreement in the next several days.

Founded in 1925, Wells -Gardner Electronics Corporation is a distributor
and manufacturer of color video monitors and other related distribution
products for a variety of markets including, but not limited to, gaming
machine manufacturers, casinos, coin-operated video game manufacturers and
other display integrators.

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We have reduced
our airfreight expenses and our headcount of our Wells Gardner division by
about 16 percent since June, 2005.35) 0.15

Weighted average
common shares
outstanding 8,644,773 8,150,267 8,633,511 7,162,502
Weighted average
common + common
equivalent shares
outstanding 8,644,773 8,345,964 8,633,511 7,339,083

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03) per share relating to a one
time inventory valuation adjustment .0. AGE also sells refurbished gaming machines on a global basis as
well as installs and services some brands of new gaming machines in casinos in
North America.

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The Board and I continue to believe that
actions such as this will continue to enhance liquidity and interest in our
stock and our Company., USA at (201) 599-8484.

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Fourth quarter net earnings were a loss of ($679,000) or
($0. "Our balance sheet remains strong.

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Our receivable days
outstanding were only 35 days and our inventory turns were 3. "We have implemented selective price increases, primarily in the
amusement industry ."
The Company expects 2006 sales to be between $63 million and $66 million. Wells-Gardner 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.08) 0. For additional investor information, please contact Alan
Woinski - Gaming Venture Corp.

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04 per share in
the same period the prior year.

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("AGE"), a leading parts distributor to the gaming markets ,
which sells parts and services to over 700 casinos in North America with
offices in Las Vegas , Nevada, Egg Harbor Township, New Jersey and McCook,
Illinois. In addition, the Company acquired American Gaming +
Electronics, Inc.

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1 million or $0. This helped our margins as those sales
were at a higher gross margin than to manufacturers.08) 0.

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"Our fourth quarter financial performance was in line with our revised
guidance, despite the much discussed sluggish sales growth being encountered
by slot machine manufacturers.6 turns. Our
inventory decreased by $800,000 from year-end 2004 ., USA at (201)
599-8484."
Founded in 1925, Wells-Gardner Electronics Corporation is a distributor
and manufacturer of color video monitors and other related distribution
products for a variety of markets including, but not limited to, gaming
machine manufacturers, casinos, coin-operated video game manufacturers and
other display integrators.

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Wells Gardner sold over 650 LCD replacement monitors direct to
casinos in the fourth quarter 2005. We will start benefiting from the new, improved and less
expensive CRT board sets starting in the second quarter 2006.


Consolidated Condensed Statements of Operations

Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004

Sales 13,363,000 13,376,000 60,774,000 51,535,000
Cost of sales 11,914,000 11,099,000 54,265 ,000 42,296,000
Engineering, selling
+ administrative 1,969,000 2,035,000 9,225,000 8,170,000
Operating earnings
(loss) (520,000) 242,000 (2,716,000) 1,069,000
Other (income) expense
{net} 164,000 (75,000) 232,000 (33,000)
Income tax (6,000) 0 48,000 34,000
Net earnings (loss) (678,000) 317,000 (2,996,000) 1,068,000

Per share data:
Basic net earnings
(loss) per share (0.35) 0.

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Sales for the year ending December 31, 2005 were $60. Although our bank debt
increased $5.04 (0.

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Wells-Gardner Announces 2005 Results

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The fourth quarter, 2005 earnings included
non -recurring charges of ($230,000) or ($0.04 (0. ("AGE"), a leading parts distributor to the gaming markets,
which sells parts and services to over 700 casinos in North America with
offices in Las Vegas, Nevada, Egg Harbor Township, New Jersey and McCook,
Illinois.

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- - kjjkjk

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