Scientific Games cites revenue growth despite increasing losses
Scientific Games has announced that it was able to achieve year-on-year growth in regards to revenue and net income during the three months through to March 31, 2016, despite suffering an increase in net loss.
Revenue in the first quarter amounted to $682 million (€598.2 million), which represents an increase of 4% on the $659 million posted in the corresponding period last year.
Gaming revenue was slightly down to $421.7 million, although revenue from the firm’s lottery segment increased 0.9% to $187.7 million, while interactive revenue hiked 54.8% to $72.6 million.
Elsewhere, operating income rocketed 178% year-on-year to $50.3 million, with total debt cut slightly to $8.18 billion.
Although net loss before income taxes improved from $148.7 million to $111.5 million, the firm saw net loss increase from $86.4 million in the first quarter of 2015 to $92.3 million this year, with net loss per share also up to $1.07.
Gavin Isaacs, president and chief executive of Scientific Games, was keen to focus on growth figures from the period and paid tribute to the impact of the firm’s ongoing business strategy.
“Our focus on strategic priorities – product excellence, profitable growth, and strengthening cash flow – is taking hold, as we have generated positive growth for the past two consecutive quarters,” Isaacs said.
“We are building momentum and delivering improved business results, clear evidence of the strength of our comprehensive product portfolio.
“As we move forward, we are committed to continuous improvement to unlock the power of our brands, leverage our unrivalled innovation and serve our customers to provide meaningful, long-term shareholder value.”
Michael Quartieri, executive vice-president and chief financial officer, added: “Across our global operations, our focus is on fiscal discipline, seeking further process improvements and operating efficiencies, as we continue to prudently invest to sustain our leadership in innovation.”
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