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 2013 fiscal year ended December 31, 2013 and reviewed recent corporate progress.
- Total consolidated revenue of $6.1 million for the fourth quarter of 2013 and $24.3 million for the 2013 fiscal year
- Total revenue from gaming operations of $5.4 million for the fourth quarter of 2013 and $20.9 million for the 2013 fiscal year
- Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of $704,000 for the fourth quarter of 2013 and $6.2 million for the 2013 fiscal year
- Net loss from continuing operations, excluding non-cash impairment charge of $2.6 million primarily related to Dreamworld Pailin, of $1.6 million for the fourth quarter of 2013 and $2.6 million for the 2013 fiscal year
- Gaming products sales of $729,000 for the fourth quarter of 2013 and $3.4 million for the 2013 fiscal year
- Cash balance of $5.3 million as of December 31, 2013
- Zero debt as of December 31, 2013
- Dolphin subsidiary is in final negotiations to supply gaming chips and plaques to a new casino resort in the Philippines
Q4 and 2013 Fiscal Year Financial Review
On March 28, 2013, the Company sold the portion of its subsidiary Dolphin Products Pty Limited business dedicated to the manufacture and sale of non-gaming plastic products, mainly automotive parts. All historical revenues and expenses associated with non-gaming plastic products operations for the periods presented have been reclassified as discontinued operations. Revenues of these non-gaming products and gaming chips and plaques were previously consolidated under the reporting segment “Other Products.” After the sale, the Company renamed “Other Products” as “Gaming Products,” which comprises its gaming chips and plaques operations.Entertainment Gaming Asia’s fourth quarter of 2013 consolidated revenue was $6.1 million, a decrease of 32% compared to $9.0 million in the fourth quarter of 2012. The decrease was due to declines in both the Company’s gaming operations and gaming products divisions. Consolidated revenue was $24.3 million for the 2013 fiscal year, a decrease of 9% compared to $26.8 million in the 2012 fiscal year. The decrease was due primarily to a decline in the Company’s gaming products division.