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Exterior Architectural Rendering Of Dreamworld Poipet (Photo: Business Wire)

- financial tables follow -

 

Entertainment Gaming Asia Inc.

Consolidated Statements of Comprehensive Income
(Unaudited)
 

Three-Month Periods

Ended June 30,

   

Six-Month Periods

Ended June 30,

(amounts in thousands, except per share data) 2012   2011 2012 2011
Revenues:  
Gaming, gross $ 5,198 $ 4,553 $ 10,154 $ 8,718
Less: Promotional allowances
Gaming, net 5,198 4,553 10,154 8,718
Other products 2,407 2,165 4,533 4,235
Total revenues 7,605 6,718 14,687 12,953
 
Operating costs and expenses:
Cost of gaming:
Gaming equipment depreciation 1,180 1,197 2,289 2,387
Casino contract amortization 615 607 1,230 1,225
Other gaming related intangibles amortization 63 126
Other operating costs 950 287 1,474 569
Cost of other products 2,253 1,898 4,259 3,662
Selling, general and administrative expenses 1,637 1,169 3,222 2,368
Stock-based compensation expenses 287 799 552 1,022
(Gain)/loss on dispositions (17) 152 (29) 152
Impairment of assets 71 71
Product development expenses 86 133 186 213
Depreciation and amortization 59 29 90 60
Total operating costs and expenses 7,184 6,271 13,470 11,658
 
Income from operations 421 447 1,217 1,295
 
Other income/(expense):
Interest expense and finance fees (36) (106) (89) (200)
Interest income 14 18 26 41
Foreign currency gains/(losses) 25 (17) 214 (24)
Other income 95 67 177 127
Total other income/(expenses) 98 (38) 328 (56)
 
Income before income tax 519 409 1,545 1,239
 
Income tax expense (35) (102) (89) (240)
 
Net income $ 484 $ 307 $ 1,456 $ 999
 
Basic and diluted earnings/(loss) per share $ 0.02 $ 0.01 $ 0.05 $ 0.03
 
Weighted average common shares outstanding
Basic 29,918 29,517 29,909 29,284
Diluted 31,329 30,097 30,717 29,935
 

Other comprehensive income, net of tax

Foreign currency translation adjustments 29 48 80 151
Comprehensive income $ 513 $ 355 $ 1,536 $ 1,150

Less: Comprehensive income attributable to non controlling interest

Comprehensive income attributable to EGT stockholders

$

513 $ 355

$

1,536 $ 1,150
 
Entertainment Gaming Asia Inc.
Consolidated Balance Sheets
 
June 30,

2012

   

December 31,

2011

(amounts in thousands, except per share data) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 11,849 $ 12,759
Accounts receivable, net 1,806 2,691
Other receivables 197 114
Inventories 1,789 1,894
Prepaid expenses and other current assets 529 841
Total current assets 16,170 18,299
 
Gaming equipment, net 8,032 8,889
Casino contracts 9,176 10,340
Property and equipment, net 4,611 2,558
Goodwill 357 357
Intangible assets, net 1,343 1,227
Contract amendment fees 396 450
Deferred tax assets 91 91
Prepaids, deposits and other assets 2,753 1,893
Total assets $ 42,929 $ 44,104
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 781 $ 1,316
Amount due to a related party 14
Accrued expenses 1,802 2,228
Income tax payable 22 68
Notes payable to a related party 3,144 6,211
Capital lease obligations 223 322
Customer deposits and other current liabilities 1,086 357
Total current liabilities 7,058 10,516
 
Other liabilities 1,031 869
Deferred tax liability 208 207
Total liabilities 8,297 11,592
 
Stockholders’ equity:

Common stock, $.001 par value, 75,000,000 shares authorized; 29,924,528 and 29,709,848 shares issued and outstanding, respectively

30 30
Additional paid-in-capital 31,865 31,280
Accumulated other comprehensive income 638 559
Retained earnings since January 1, 2011 ($386.1 million accumulated deficit eliminated upon quasi-reorganization) 2,098 642
Total EGT stockholders’ equity 34,631 32,511
Non-controlling interest 1 1
Total EGT stockholders’ equity 34,632 32,512
Total liabilities and stockholders’ equity $ 42,929 $ 44,104
 
 
Entertainment Gaming Asia Inc.
Adjusted EBITDA
(Unaudited)
 
       

Three-Month Periods

Ended June 30,

   

Six-Month Periods

Ended June 30,

(amounts in thousands) 2012   2011 2012   2011
Net income – GAAP basis $ 484 $ 307 $ 1,456 $ 999
Interest expense and finance fees 36 106 89 200
Interest income (14) (18) (26) (41)
Income tax expense 35 102 89 240
Depreciation and amortization 1,967 1,891 3,832 3,780
Stock-based compensation expenses 287 799 552 1,022
Impairment of assets 71 71
(Gain)/Loss on dispositions (17) 152 (29) 152
EBITDA, as adjusted $ 2,849 $ 3,339 $ 6,034 $ 6,352

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-cash operating income and expenses. Adjusted EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its operations with those of its competitors. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to financial measures in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA should not be considered as an alternative to operating income/(loss) as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income/(loss), Adjusted EBITDA does not include depreciation or interest expense and, therefore, does not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income, net income/(loss), cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted EBITDA. Entertainment Gaming Asia’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

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