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Scientific Games reveals revenue rise but larger loss

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ScientificStand2016
ider Scientific Games has reported increased revenue and loss for both Q4 2015 and the full year.

Revenue for the three months ended 31 December rose 30% year-on-year to $737m, driven by 8,990 gaming units shipped globally, including 5,366 units to North America customers, and an increase in Interactive revenue to $60m.

Gaming segment revenue increased 56% to $469m, while a gaming loss of $142.9m for the previous year was turned into $53.6m operating income for 2015.

Lottery segment revenue fell 6.1% to $207.7m, while $42.9m operating income the previous year became a $63.4m loss.

Interactive segment revenue rose 40% to $60.3m, while operating income was $9.6m, up from $0.1m the previous year.

Scientific Games' Q4 net loss worsened from $47.1m to $127.5m, although operating loss did however reduce from $156.4m to $54.4m.

According to the firm, the net loss figure includes "the impact from $137m of unusual pre-tax charges ($86m after-tax) composed of a $68m non-cash goodwill impairment charge, $62m of non-cash long-term asset and other asset impairment charges, and $7m of restructuring, integration and legal contingencies and settlements costs, partially offset by the favourable effect of integration cost synergies".

Fourth quarter AEBITDA improved from $173.3m in 2014 to $292.9m in 2015, while fourth quarter AEBITDA rose to 39.7%, driven by higher revenue and lower costs due to "integration actions implemented earlier in the year".

Revenue for the corporation and its subsidiaries increased 54% to $2.76bn for the 12 months ended 31 December, although net loss rose from $234.3m to $1.39bn.

Operating loss worsened from $172.7m to $1.02bn.

Total debt as of 31 December 2015 was $8.21bn.

Scientific Games chief executive officer Gavin Isaacs said: "2015 was a transformational year for Scientific Games, culminating in a strong finish for our fourth quarter operating results.

"We completed the heavy lifting of integration, benefited from $231m of implemented annualised cost synergies, and built a strong foundation for our future."
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