Entertainment Gaming Asia Inc. (NYSE MKT: EGT) (“Entertainment Gaming Asia” or “the Company”), a leading gaming company focused on emerging gaming markets in Pan-Asia, today reported operating results for the third quarter ended September 30, 2012 and reviewed recent corporate progress.
- Total consolidated revenue of $7.9 million for the third quarter of 2012
- Total revenue from gaming operations of $4.5 million for the third quarter of 2012
- Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of $2.3 million for the third quarter of 2012
- Net income of $43,000 for the third quarter of 2012
- Average consolidated win per unit per day (WUD) for the slot operations (formerly referred to as the participation business) of $132 for the third quarter of 2012
- Gaming chip and plaque sales of $1.7 million for the third quarter of 2012, representing 85% of total gaming chip and plaque sales for the full year 2011
- Cash balance of $10.6 million as of September 30, 2012
- Total debt reduced to $1.6 million as of September 30, 2012
- Dreamworld Poipet on target to open in the first quarter of 2013
- Strong pipeline for the Company’s gaming chips and plaques for the fourth quarter of 2012 with announced orders totaling $1.9 million from Crown Perth in Australia and the new Solaire Resort & Casino in the Philippines
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “We posted top-line growth of 21% for the third quarter of 2012 driven principally by increases in our other products division, namely gaming chips and plaques. Our gaming chips and plaques business recorded strong revenue of $1.7 million in the quarter, primarily due to a large order for an existing customer. Gaming operations benefited from incremental revenue from our new casino Dreamworld Pailin and improvement for our slot operations in the Philippines. However, this was partially offset by softness in net wins per machine for our operations at NagaWorld. In addition, we commenced full construction of our gaming development project, Dreamworld Poipet, during the quarter while paying down debt and maintaining a solid cash position of $10.6 million as of September 30, 2012.