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TheStreet Open House

Entertainment Gaming Asia Reports Fourth Quarter And 2011 Fiscal Year Results And Provides Market Update

Stocks in this article: EGT

Entertainment Gaming Asia reported adjusted EBITDA of $2.6 million for the fourth quarter of 2011 compared to $2.5 million for the fourth quarter of 2010. Adjusted EBITDA was $11.7 million for the 2011 fiscal year compared to $8.4 million for the 2010 fiscal year.

Entertainment Gaming Asia reported a net loss of $1.0 million, or $0.01 per share, on a weighted average diluted share count of approximately 118.8 million shares for the fourth quarter of 2011. The fourth quarter of 2011 net loss included a $1.4 million non-cash impairment charge as of December 31, 2011 primarily associated with the write-down of certain gaming machines and systems in inventory as well as infrastructure costs related to the closure of one venue in the Philippines in April 2011. Excluding this non-cash charge, net income was $346,000, or $0.00 per share. This compared to a net loss of $2.7 million, or a $0.02 per share, on a weighted average diluted share count of approximately 116.1 million shares for the fourth quarter of 2010. The fourth quarter of 2010 net loss included a non-cash impairment charge of $3.2 million related to the write-down of certain Dolphin intangible and fixed assets as the current carrying value of the assets was higher than the expected value of the projected future cash flows. Excluding this charge, net income was $478,000, or $0.00 per share, for the fourth quarter of 2010.

For the 2011 fiscal year, the Company reported a record net profit of $642,000, or $0.01 per share, on a weighted average share count of 118.0 million. Excluding the above-mentioned non-cash impairment charge in the fourth quarter of 2011, the Company reported a net profit of $2.0 million, or $0.02 per share, for the 2011 fiscal year. This compared to a net loss of $5.2 million, or $0.05 per share, on a weighted average share count of 115.7 million for the 2010 fiscal year. Excluding the above-mentioned non-cash impairment charge in the fourth quarter of 2010, the net loss was $1.8 million, or $0.02 per share, for the 2010 fiscal year.

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