• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Everi 3Q loss widens on higher revenue

Nov 10, 2016 Newsdesk Latest News, Top of the deck, World  


Everi 3Q loss widens on higher revenue

Everi Holdings Inc, a specialist in cash handling technology and electronic game content for the casino industry, saw its net loss widen in the third quarter of 2016, on higher revenues.

Such loss was US$8.3 million, compared to a net loss of US$6.1 million in the prior-year period. Net loss per diluted share was US$0.12, compared to US$0.09 in the prior reporting period. Operating income was US$11.6 million, compared to US$14.7 million in the third quarter 2015.

All the above figures included US$300,000 of acquisition and other costs related to the merger of Everi and Everi Games Holding Inc, completed in December 2014.

Adjusted margin on earnings before interest, taxation, depreciation and amortisation (EBITDA) – on a non-U.S. GAAP (generally accepted accounting principles) basis – during the reporting period was 52 percent for the games segment and 14 percent for the payments segment.

Group revenues for the reporting period rose 6.5 percent to US$222.2 million, compared to US$208.7 million for the prior reporting period.

In the games segment, revenues increased approximately 4.1 percent to US$56.2 million in the three months to September 30 compared to US$54.0 million in the third quarter of 2015.

Revenue from electronic game sales was US$14.8 million for the third quarter of 2016, driven by the sale of 783 new gaming units. In the prior-year period, the company generated revenue of US$10.8 million from the sale of 587 new gaming units.

Sales of the company’s new Core HDX gaming cabinet represented approximately 78 percent of the unit sales in the third quarter of 2016, inclusive of 200 TournEvent slot tournament units in the Core HDX gaming cabinet, which were shipped to the Alberta Gaming and Liquor Commission in Alberta, Canada.

Michael Rumbolz, president and chief executive of Everi, said in a statement contained in the results: “Solid interest in our Core HDX games combined with our ongoing development of new game content is expected to drive year-over-year unit sales growth and modest improvements in our installed base during the fourth quarter.”

Sales of Everi’s premium-priced TournEvent slot tournament product comprised 29 percent of total units sold in the third quarter of 2016 – inclusive of the units shipped to Alberta – compared to 11 percent of total units sold in the prior-year period.

The company said revenues from gaming operations were US$41.4 million in the third quarter of 2016 compared to US$43.2 million in the prior-year period, which included US$0.2 million in revenue from the company’s electronic table games operations, which were divested in the third quarter of 2015.

In the payments segment, revenues increased approximately 7.2 percent year-on-year to US$166.0 million in the three months to September 30.

Cash advance revenues increased to approximately US$62.6 million in the reporting period, up by 5.4 percent from a year earlier. The firm said same-store revenue growth more than offset the loss of a corporate customer in the fourth quarter of 2015.

Automated teller machine (ATM) revenues increased approximately 12.8 percent year-on-year to US$85.2 million, which the firm said mainly reflected higher transaction volume “as a result of the acquisition of two ATM portfolios” in the third and fourth quarters of 2015, surcharge rate increases by the company’s casino customers and same-store transaction growth.  The increases were partially offset by the loss of a corporate customer in the fourth quarter of 2015.

“The progress we achieved in this quarter includes a year-over-year increase in units sold, growth in our installed base and solid growth in our payments segment in both revenue and adjusted EBITDA,” said Mr Rumbolz

“This continued execution of our strategic priorities is positioning the company to achieve our goal of building operating momentum,” he added.


  • tweet
Related articles
  • Everi repricing debt, says 4Q results show improvement
    Everi repricing debt, says 4Q results...

    Jan 27, 2021  

  • IGT 3Q revenue up 54pct sequentially, narrows net loss
    IGT 3Q revenue up 54pct sequentially,...

    Nov 12, 2020  

More news
  • Macau Jan gaming tax take US$402 mln, down 63 pct
    Macau Jan gaming tax take US$402 mln,...

    Mar 03, 2021  

  • Casino surveillance biz decline leads Synectics to annual loss
    Casino surveillance biz decline leads...

    Mar 03, 2021  


Latest News

Macau Jan gaming tax take US$402 mln, down 63 pct

Macau Jan gaming tax take US$402 mln, down 63 pct

Mar 03, 2021  

The Macau government collected nearly MOP3.21 billion (US$402.1 million) in tax revenue from the city’s gaming industry for the first month in 2021. That figure was down 63.6 percent compared...
Read More
Casino surveillance biz decline leads Synectics to annual loss

Casino surveillance biz decline leads Synectics to annual...

Mar 03, 2021  

Casino op Genting Malaysia pay cuts March-May: reports

Casino op Genting Malaysia pay cuts March-May: reports

Mar 03, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“As a leaner, stronger company, we expect leverage to return to pre-pandemic levels in the next 12-18 months”

Max Chiara

Chief financial officer at gaming product and lottery services provider International Game Technology



Most Popular

  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us