U.S.-based Global Cash Access Holdings Inc posted a drop in net income of 30.3 percent for the second quarter of 2014 compared with one year ago.
The New York-listed firm – also known as GCA and which supplies cash access products and related services to the gaming industry – recorded profit of US$4.7 million for the three months ended June 30.
Cash earnings per share decreased by US$0.01, or 5 percent, to US$0.20. The company’s total revenues dropped by 2.8 percent to US$144.9 million.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) and non-cash compensation decreased by 7 percent to US$17.7 million for the second quarter as compared to the same period last year.
Global Cash Access, which has a subsidiary in Macau, completed the acquisition of U.S.-based NEWave Inc in April. NEWave is a supplier of compliance, audit and data efficiency software to the gaming industry.
Global Cash Access’s 2014 guidance remains unchanged in that cash earnings per share will be between US$0.87 and US$0.91 (on approximately 67.1 million diluted shares) and adjusted EBITDA will be between US$76.0 million and US$79.0 million, the company stated.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau