Entertainment Gaming Asia Inc. Reports First Quarter 2017 Results

The Company reported adjusted LBITDA (losses before interest, taxes, depreciation, amortization, stock-based compensation and other non-cash operating income and expenses) from continuing operations of $1.8 million in the first quarter of 2017 compared to LBITDA of $649,000 in the first quarter of 2016.

Net loss from continuing operations was $2.0 million, or $0.14 per share, for the first quarter of 2017 compared to a loss of $1.1 million, or $0.07 per share, for the first quarter of 2016. The weighted average number of share count (basic and diluted) was 14.5 million shares for both periods. The increase in net loss from continuing operations was primarily due to lower gaming operations revenue and higher operating costs and expenses mainly related to the social gaming operations. This was partially offset by lower depreciation and amortization expenses related to the gaming operations.

The Company reported a net loss of $2.0 million for the first quarter of 2017 compared to a loss of $1.5 million for the first quarter of 2016. The first quarter of 2017 results included a net loss of $48,000 from the discontinued gaming products and Cambodia gaming operations compared to a net loss of $411,000 in the prior year period.

The Company's cash position as of March 31, 2017 was $31.7 million, a decline of $1.9 million compared to $33.6 million as of December 31, 2016 principally due to the negative operating cash flow from the social gaming operations and corporate overhead expenses.

Philippines Operations

On May 3, 2017, the Company entered into a non-binding memorandum of understanding to sell its remaining operating assets in the Philippines for cash consideration of approximately $1.9 million, which would provide the Company an estimated pre-tax gain on disposal of approximately $1.3 million. Subject to final contract negotiations and due diligence, the sale is expected to close within the second quarter of 2017. However, there can be no assurance that the Company can conclude the sale for the aforementioned terms, if at all.

About Entertainment Gaming Asia Inc.

Entertainment Gaming Asia Inc. (NASDAQ: EGT), an indirect, majority-owned subsidiary of Melco International Development Limited, is a gaming company engaged in the leasing of electronic gaming machines to the gaming industry in the Philippines.  The Company is also developing a free-to-play online social gaming platform focused on Asian markets.  

Forward Looking Statements

This press release contains forward-looking statements concerning Entertainment Gaming Asia within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Those forward-looking statements include statements regarding the Company's ability to sell its remaining operating assets in the Philippines and to close the potential transaction in the second quarter of 2017. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks related to the Company's ability: to identify and successfully develop new projects; acquire additional capital as and when needed; adapt to potential changes in gaming policies and political stability in the countries in which the Company operates; the ability to successfully commercialize its social gaming platform and operate in the social gaming market; and, those other risks set forth in the Company's annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on April 11, 2017 and subsequently filed quarterly reports on Form 10-Q. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. 

- financial tables follow -

Entertainment Gaming Asia Inc.
Consolidated Statements of Comprehensive Loss
(unaudited)
				Three-Month Period Ended March 31,
(amounts in thousands, except per share data)				2017			2016
Revenues:
Gaming operations			$	379		$	604
Social gaming				37			—
Total revenues				416			604
Operating costs and expenses:
Cost of gaming operations
Gaming property and equipment depreciation				67			104
Casino contract amortization				—			93
Other gaming related intangibles amortization				—			63
Other operating costs				161			162
Cost of social gaming				143			—
Selling, general and administrative expenses				1,805			758
Research and development expenses				215			397
Depreciation and amortization				22			24
Total operating costs and expenses				2,413			1,601
Loss from continuing operations				(1,997)			(997)
Other income/(expenses):
Interest income				61			2
Foreign currency (losses)/gains				(23)			46
Other				3			4
Total other income				41			52
Loss from continuing operations before income tax				(1,956)			(945)
Income tax expenses				(37)			(119)
Net loss from continuing operations				(1,993)			(1,064)
Net loss from discontinued operations, net of tax				(48)			(411)
Net loss attributable to EGT stockholders			$	(2,041) Werbung Mehr Nachrichten zur Entertainment Gaming Asia Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Spirent Communications PLC 26.04.24 - PR Newswire FirstGroup Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59