Scientific Games net loss increases
Provider Scientific Games made a net loss of $86.4m in the first quarter of 2015.
The net loss is in comparison with a $45m loss in the same three-month period last year, while a net loss per share of $1.01 was also reported.
Q1 2015 was Scientific Games’ first full quarter of operation since finalising its $5.1bn acquisition of fellow provider Bally Technologies in November, though the results did not include the results of Bally.
The net loss has been posted despite a 41% revenue increase year-on-year to $658.7m.
Operating income went up 33% to $18.1m, while attributable EBITDA climbed 105% to $252.1m and net cash provided by operating activities descended 7% to $77.8m.
Total debt dropped to $8.5bn from the $8.52bn reported for 31 December 2014.
Scientific Games president and CEO Gavin Isaacs said in a press release: “In our first full quarter following our merger with Bally, we made significant progress in our strategies to integrate Bally operations and unify our organisation.
“Having already implemented actions to achieve approximately $90m in Bally-related annualised savings through 31 March 2015, we expect to achieve our goal to implement initiatives to generate approximately 80% of the anticipated $235m of annual cost savings and another $30m of WMS-related annual cost savings by the end of 2015.
“We expect our debt reduction to accelerate in the second half of 2015 and beyond.”
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