Entertainment Gaming Asia reported net income of $1.8 million, or $0.06 per share, on a weighted average diluted share count of approximately 30.8 million shares in the 2012 fiscal year. The 2012 fiscal year net income included $339,000 in non-cash impairment charges primarily associated with the write-down of certain gaming machines and systems as discussed above. Excluding these non-cash charges, net income was $2.1 million, or $0.07 per share, for the 2012 fiscal year. For the 2011 fiscal year, the Company reported net income of $642,000, or $0.02 per share, on a weighted average diluted share count of 29.7 million. Excluding the above-mentioned non-cash impairment charge in the fourth quarter of 2011, the Company reported net income of $2.0 million, or $0.07 per share, for the 2011 fiscal year.The increase in net income for the fourth quarter and 2012 fiscal year was primarily the result of higher consolidated revenues, lower impairment charges, reduced stock-based compensation and interest expenses, and foreign currency gains compared to losses in the same periods of the prior year. This was partially offset by higher gaming division costs related to the new casino operations compared to the same periods of the prior year.
Entertainment Gaming Asia Reports Fourth Quarter And 2012 Fiscal Year Results And Provides Market Update
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