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

- financial tables follow -

 

Entertainment Gaming Asia Inc.

Consolidated Statements of Operations

(Unaudited)

 
    Old Basis     Old Basis

Three Months Ended

December 31,

Years Ended

December 31,

(amounts in thousands, except per share data) 2011 2010 2011 2010
Revenues:

 

Gaming $ 4,299 $ 3,830 $ 17,396

$

14,312
Other products 3,385 2,308 9,733 7,893
Total revenues 7,684 6,138 27,129 22,205
Operating costs and expenses:
Cost of electronic gaming machine (EGM) participation:
EGM depreciation 1,249 2,150 4,890 8,020
Casino contract amortization 616 2,457
Other gaming related intangibles amortization 63 63
Other operating costs 360 155 1,169 759
Cost of other products 2,762 1,866 8,346 6,916
Selling, general and administrative expenses 2,020 1,603 5,880 5,880
Stock-based compensation expenses 215 220 1,452 887
Impairment of assets 1,351 3,216 1,351 3,460
Loss on disposition of assets 23 47 175 164
Product development expenses 85 90 386 610
Depreciation and amortization 27 207 113 885
Restructuring charges 310
Total operating costs and expenses 8,771 9,554 26,282 27,891
 
Income/(loss) from operations (1,087) (3,416) 847 (5,686)
 
Other income/(expense):
Interest expense and finance fees (100) (89) (405) (411)
Interest income 32 26 93 92
Foreign currency losses (28) (44) (94) (72)
Other 60 (15) 252 202
Total other income/(expense) (36) (122) (154) (189)
 
Income/(loss) before income tax (1,123) (3,538) 693 (5,875)
 
Income tax benefit/(expense) 118 800 (51) 665
 
Net income/(loss) $ (1,005) $ (2,738) $ 642 $ (5,210)
 
Basic and diluted earnings/(loss) per share

$

(0.01) $ (0.02) $ 0.01 $ (0.05)
 
Weighted average common shares outstanding:
Basic 118,760 116,064 117,953 115,702
Diluted 119,955 119,033 118,902 117,816
 

As a result of the Quasi-Reorganization, the consolidated statements of operations for the three months and fiscal years ended December 31, 2011 and 2010 are not comparable. The consolidated statements of operations for the three months and fiscal year ended December 31, 2011 reflect depreciation and amortization of the assets using the basis from the Quasi-Reorganization, and the consolidated statements of operations for the three months and fiscal year ended December 31, 2010 are prepared on the Company’s historical basis of accounting. As such, operations for the periods ended December 31, 2010 are labeled as being under the “Old Basis,” which is defined as accounting policies and estimates prior to the adoption of the Quasi-Reorganization.

 

Entertainment Gaming Asia Inc.

Consolidated Balance Sheets

 
 

December 31,

2011

 

December 31,

2010

(amounts in thousands, except per share data) (Unaudited)

ASSETS

Current assets:
Cash and cash equivalents $ 12,759 $ 10,217
Trade accounts receivable, net 2,691 2,854
Other receivables 114 101
Inventories 1,894 1,064
Assets held for sale 30 422
Prepaid expenses and other current assets 811 1,051
Total current assets 18,299 15,709
 
Electronic gaming machines and systems, net 8,889 12,360
Casino contracts 10,340 12,790
Property and equipment, net 2,558 1,941
Goodwill 357
Intangible assets, net 1,227 140
Contract amendment fees 450 558
Deferred tax assets 91
Prepaids, deposits and other assets 1,893 561
Total assets $ 44,104 $ 44,059
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable $ 1,316 $ 1,062
Amount due to a related party 14 14
Accrued expenses 2,228 2,225
Income tax payable 68
Notes payable to a related party, current portion 6,211 2,991
Capital lease obligations, current portion 322 164
Customer deposits and other current liabilities 357 251
Total current liabilities 10,516 6,707
 
Notes payable to a related party, net of current portion 6,211
Capital lease obligations, net of current portion 307
Other liabilities 869 441
Deferred tax liability 207 71
Total liabilities 11,592 13,737
 
Stockholders’ equity:
Common stock, $.001 par value, 300,000,000 shares authorized; 118,839,393 and 116,189,394 shares issued and outstanding 119 116
Additional paid-in-capital 31,191 29,638
Accumulated other comprehensive income 559 568
Retained earnings since January 1, 2011 ($386.1 million accumulated deficit eliminated) 642
Total EGT stockholders’ equity 32,511 30,322
Non-controlling interest 1
Total EGT stockholders’ equity 32,512 30,322
Total liabilities and stockholders’ equity $ 44,104 $ 44,059
 
 

Entertainment Gaming Asia Inc.

Adjusted EBITDA

(Unaudited)

 
    Old Basis     Old Basis

Three Months Ended

December 31,

Years Ended

December 31,

(amounts in thousands, except per share data) 2011 2010 2011 2010
Net profit/(loss) – GAAP $ (1,005) $ (2,738) $ 642 $ (5,210)
Interest expense and finance fees 100 89 405 411
Interest income (32) (26) (93) (92)
Income tax (benefit)/expense (118) (800) 51 (665)
Depreciation and amortization 2,016 2,491 7,754 9,395
Stock-based compensation expense 215 220 1,452 887
Impairment of all assets 1,351 3,216 1,351 3,460
Loss on dispositions of assets 23 47 175 164
EBITDA, as adjusted (1) $ 2,550 2,499 $ 11,737 8,350
 

(1) Adjusted EBITDA for the year ended December 31, 2010 was restated to include loss on dispositions.

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