Scientific Games revenue up 5% in Q2 2017
Global gaming giant Scientific Games has reported a 5% year-on-year increase in its revenue figures for the second quarter of 2017.
Its Q2 2017 revenue grew to $766.3m improving on the $729.2m it posted at the end of the corresponding period in 2016.
The company’s operating income almost doubled in size from $59.1m in the second quarter of 2016 to $117.3m in the same three month period of 2017, while its net cash flow from operating activities grew from $90.8m to $168.5m.
Scientific Games net loss reduced from a high of $51.7m in Q2 2016 to just over $39.1m. This decrease in loss figures was partially attributed to an increase in operating income and a $14.1m decrease in net interest expense which in turn was partially offset by a $26.0m increase in its income tax provision. In addition, the figures for 2016 included a $25.2m gain on early extinguishment of existing company debts.
In a statement accompanying the released figures, Kevin Sheehan, Chief Executive of Scientific Games, said: “Second quarter results represent our seventh quarter of consecutive year-over-year growth, including $169m of cash flow from operating activities, as a result of ongoing improvements in our gaming, lottery and interactive operations.
“We achieved year-over-year revenue growth in global gaming machine sales, gaming systems, table products and interactive; as well as in US instant games revenue.”
Using these results as a catalyst, the company announced plans to capitalise on these improved financials and favourable market conditions by initiating a process to amend and extend its existing term loans; with the stated purpose of reducing its cash interest cost and extending the maturity periods of these loans out to 2024.
Sheehan added: “Across the company, we are maintaining a laser focus on executing our strategies and capitalising on our many opportunities.”
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