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TheStreet Open House

Entertainment Gaming Asia Reports Fourth Quarter And 2012 Fiscal Year Results And Provides Market Update

Stocks in this article: EGT

Revenue from other products was $4.5 million in the fourth quarter of 2012, an increase of 34% compared to $3.4 million in the fourth quarter of 2011. The increase was a result of higher sales of gaming chips and plaques, which were $3.2 million in the fourth quarter of 2012 compared to $1.3 million in the prior year period. The fourth quarter of 2012 gaming chip and plaque revenue included approximately $1.3 million for a new customer in the Philippines and $600,000 to complete a large order for a prominent existing customer in Australia. Revenue from other products was $12.4 million in the 2012 fiscal year, an increase of 28% compared to $9.7 million in the 2011 fiscal year driven by substantially higher sales of gaming chips and plaques, which reached $6.5 million in the 2012 fiscal year compared to $2.0 million in the 2011 fiscal year. The increase was due to higher reorders from existing customers and the addition of new customers as the Company benefited from increased marketing and product development efforts. This division’s gains for both the fourth quarter and 2012 fiscal year were partially offset by weakness in the non-gaming products segment due to a softening in the Australian automotive industry, which resulted in reduced orders during 2012.

Entertainment Gaming Asia reported adjusted EBITDA of $2.6 million in the fourth quarter of 2012 compared to $2.5 million in the prior year period. Adjusted EBITDA was $10.9 million in the 2012 fiscal year compared to $11.7 million in the 2011 fiscal year.

The Company reported net income of $268,000, or $0.01 per share, on a weighted average diluted share count of approximately 31.0 million shares in the fourth quarter of 2012. The fourth quarter of 2012 net income included a $226,000 non-cash impairment charge associated with the write-down of certain gaming machines and systems related to the closure of under-performing slot venues during the year. Excluding the non-cash charge, net income was $494,000, or $0.02 per share, for the fourth quarter of 2012. This compared to a net loss of $1.0 million, or $0.03 per share, on a weighted average diluted share count of approximately 30.0 million shares in the fourth quarter of 2011. The fourth quarter of 2011 net loss included a $1.4 million non-cash impairment charge primarily associated with the write-down of certain gaming machines and systems in inventory as well as infrastructure costs related to a venue closure in the Philippines. Excluding this non-cash charge, net income was $346,000, or $0.01 per share, in the fourth quarter of 2011.

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