Japan Cash Machine Co Ltd (JCM), also known as JCM Global, has adjusted downward its forecast for net sales in the current fiscal year, which runs from April 1, 2017 to March 31, 2018. It said a key reason was a greater than expected deterioration in the amusement equipment market in Japan.
JCM, a firm listed on the Tokyo Stock Exchange, is a supplier of cash handling technology and ticket printers, including equipment for the global gaming market.
In its earnings update issued in a press release, JCM estimated its net sales for the current fiscal year would reach JPY30 billion (US$274.5 million), a 5.7-percent decrease from its previous forecast of JPY31.8 billion. But the firm also estimated its net income would reach JPY1.48 billion for the current fiscal year, i.e., 41 percent higher than its previous forecast of JPY1.05 billion.
Accounting for the latest revisions of its forecast results, JCM said it expected to receive JPY2.25-billion in a settlement relating to a lawsuit filed by a group subsidiary in the United States that had demanded “damage recovery”. JCM gave no further details, citing a confidentiality agreement between those involved.
The firm also noted that it had decided to withdraw from the amusement business – namely the operation of amusement arcades – managed by its subsidiary JCM Systems Co Ltd. With the exit from that market, JCM expects to post an approximately JPY330-million “loss on sales and retirement of non-current assets”.
JCM reported net sales of approximately JPY30.23 billion (US$268.5 million) for the previous fiscal year ended March 31, 2017, a figure up by 1.6 percent year-on-year. For that fiscal year, revenue from sales in the gaming segment accounted for 54.1 percent of total revenue in the period, at JPY16.35 billion.
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"If you ask who is controlling [Okada Holdings, the controlling shareholder of conglomerate Universal Entertainment] now, I would say my control was fraudulently taken away from me and I am now doing everything in my power to take it back"
Japanese gaming entrepreneur