Income from operations for Q3 2022 was $6.7m, compared to $4.4m in the third quarter of 2021. Adjusted EBITDA for the period was $20.2m, a 4% increase from the third quarter of 2021.
The group noted the several factors which impacted the year-on-year rise in sales, including a higher instant ticket average selling price, which increased sales by $2.7m, with the higher average selling price of charitable games increasing sales by $1.5m.
Also impacting the total, eGaming systems revenue increased sales by $1.3m, primarily due to a higher number of eGaming machines placed at charitable establishments as compared to 2021, with sales from Michigan iLottery increasing revenue by $0.4m as compared to 2021.
“Our third quarter results generated improved numbers compared to the third quarter of 2021 and the previous quarters of 2022, due to strong demand across all of our main product categories,” said Pollard Co-CEO John Pollard.
“Charitable gaming, both printed products and eGaming systems, continues to generate higher revenue and earnings, addressing the significant consumer demand for our product offerings.
“Our instant ticket business attained a quarterly production volume record. This was a nice return to more efficient production following some challenges in the second quarter, which negatively impacted production.
“Fewer mechanical issues and, while still a challenge, our ability to staff and maintain full operations throughout our production facilities improved in the third quarter.”
Pollard also reported its results for the nine months ended September 30 2022, with sales climbing 4% year-on-year to $355.3m.
Pollard Co-CEO Doug Pollard commented: “Our charitable gaming operations, including both paper-based products and eGaming systems, continue to turn out tremendous results.
“The charitable gaming industry is becoming increasingly focused on innovative products to address consumer demand in conjunction with raising funds for important good causes.
“The growth of our eGaming systems, which make gaming in social settings such as bars and fraternal organisations available, is a great example of working in partnership with charities to help them achieve their fundraising goals.”