Entertainment Gaming Asia Inc. (NASDAQ: 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 fourth quarter and fiscal year ended December 31, 2012 and reviewed recent corporate progress.
- Total consolidated revenue of $10.3 million for the fourth quarter of 2012 and $32.8 million for the 2012 fiscal year
- Total revenue from gaming operations of $5.8 million for the fourth quarter of 2012 and $20.4 million for the 2012 fiscal year
- Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of $2.6 million for the fourth quarter of 2012 and $10.9 million for the 2012 fiscal year
- Net income of $268,000 for the fourth quarter of 2012 and $1.8 million for the 2012 fiscal year
- Average consolidated win per unit per day (WUD) for the slot operations (formerly referred to as the participation business) of $145 for both the fourth quarter of 2012 and the 2012 fiscal year
- Dreamworld Pailin, which opened in May 2012, contributed $1.3 million to gaming revenue for the fourth quarter of 2012 and $1.8 million for the 2012 fiscal year
- Gaming chip and plaque sales of $3.2 million for the fourth quarter of 2012 and $6.5 million for the 2012 fiscal year
- Cash balance of $10.4 million as of December 31, 2012
- Zero debt as of December 31, 2012
- New development project, Dreamworld Poipet, scheduled to soft open on March 28, 2013
- Relocation of Dolphin gaming chip and plaque manufacturing plant to Hong Kong is in process and new facilities are on target to be operational in the second quarter of 2013
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “We posted a strong fourth quarter and another year of continued improvement in revenue and net income performance. Revenue was up 34% for the fourth quarter and 21% for the 2012 fiscal year from the prior year respective periods driven by increases in both our gaming operations and other products division, primarily gaming chips and plaques. Gaming operations benefited from incremental revenue from our new casino Dreamworld Pailin and improvements for our slot operations in both Cambodia and the Philippines. Our gaming chip and plaque revenue increased more than three-fold for the year due to our strategic efforts to improve these operations and expand our customer base.