Entertainment Gaming Asia ‘pleased’ with positive Q1
Asian gaming operator Entertainment Gaming Asia has cited the impact of year-on-year growth across product sales, gross margin and operations revenue as the primary drivers behind its impressive performance in the three months to March 31.
Revenue in the first quarter amounted to $8.3 million (€7.3 million), up 76% on the $4.7 million posted in the corresponding period last year.
The firm’s gaming products business performed particularly well in the period, with revenue from this operation up from just $811,000 last year to $4.3 million in Q1 of this year.
Adjusted earnings from continuing operations before interest, tax, depreciation and tax jumped from $960,000 in the opening period of last year to $2.4 million in the first quarter of 2015.
Net income increased from a loss of $873,000 to a positive figure of $570,000, while cash balance at the end of the quarter came in at $20.8 million, up from $17.3 million at the same point last year.
Clarence Chung, chairman and chief executive officer of Entertainment Gaming Asia, said: “The primary drivers of our performance were the significant improvements in gaming products sales and gross margin as well as the growth in gaming operations revenue.
“We are focused on continuing to improve our operating performance and securing new projects that will drive long-term growth and earnings visibility for the company.
“We are actively seeking new projects that would further enhance our existing business lines and provide the opportunity to add new ones.”