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TheStreet Open House

Entertainment Gaming Asia Reports Third Quarter 2012 Results And Provides Market Update

Stocks in this article: EGT

“With prime location, quality gaming products and superior customer service, and targeted marketing efforts, we are dedicated to maintaining strong performance from our operations at NagaWorld and ramping up our gaming revenue from Dreamworld Pailin. In addition, we are enthusiastic about the potential for our gaming chips and plaques with an attractive order pipeline, including announced orders of $1.9 million in revenue for the fourth quarter. This, combined with measures in place to enhance profitability, position this division to be a meaningful contributor to future earnings.

“With quality recurring cash flow from our slot machine operations, the potential for our casino chips and plaques business and a healthy balance sheet, we remain focused on the execution our new casino development strategy and driving long-term growth for the Company.”

Q3 2012 Financial Review

The Company effected a 1:4 reverse stock split of its common shares on June 12, 2012. All historical share amounts and share information presented have been proportionally adjusted to reflect the impact of this reverse stock split, including basic and diluted weighted-average shares and shares issued and outstanding.

Entertainment Gaming Asia’s third quarter of 2012 consolidated revenue was $7.9 million, an increase of 21% compared to $6.5 million in the third quarter of 2011. The increase was principally due to growth in the Company’s other products division.

Revenue from gaming operations was $4.5 million in the third quarter of 2012, an increase of 2% compared to $4.4 million in the third quarter of 2011. The increase was attributed to incremental revenue of $340,000 from Dreamworld Pailin, which opened in May 2012, and improvement in the Company’s slot operations in the Philippines despite adverse weather conditions. These results were partially offset by a decline in slot revenue from Cambodia due to lower average WUD at its operations in NagaWorld during the quarter.

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