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Iao Kun Group Holding Company Limited Announces Second Quarter And Six Months 2014 Financial Results

Stocks in this article: IKGH

Iao Kun Group Holding Company Limited (“IKGH”) (NASDAQ:IKGH), which operates through its subsidiaries and related promotion entities that act as VIP room gaming promoters and collaborator, today announced unaudited financial results for the three and six months ended June 30, 2014. All currency amounts are stated in United States dollars.

Second Quarter 2014 and Subsequent Highlights

  • Rolling Chip Turnover (a metric used by casinos to measure the aggregate amount of players’ bets and overall volume of VIP gaming room business transacted, which is further defined below) for the three months ended June 30, 2014 was $4.7 billion, an increase of 5% compared to $4.5 billion for the three months ended June 30, 2013.
  • Net loss, including the change in fair value of contingent consideration of $45.1 million related to the King’s Gaming, Bao Li Gaming and Oriental VIP Room acquisitions, was $56.7 million, or $(0.94) per share, in the second quarter of 2014 compared to net loss of $3.0 million, or $(0.06) per share, in the same period of 2013.
  • Non-GAAP loss, which is operating loss before amortization of intangible assets and the change in fair value of contingent consideration related to the acquisitions of King’s Gaming, Bao Li Gaming and Oriental VIP Room, was $7.5 million, or $(0.12) per share (fully diluted), for the three months ended June 30, 2014 as compared to non-GAAP income of $9.1 million, or $0.20 per share (fully diluted) for the three months ended June 30, 2013.
  • In July 2014, the Hong Kong Stock Exchange completed its initial three-day review of the Company’s Form A1 application and the application was accepted for detailed vetting.

Six Month Dividend Update

IKGH’s Board of Directors had authorized a regular dividend each year after the release of the Company's financial results for the six months ending June 30 (the “Six Month Dividend”). Beginning with the Six Month Dividend payable for 2014, the Board of Directors has changed the Six Month Dividend from $0.08 per share to: (i) 15% of IKGH’s non-GAAP net income for the most recently completed six months ended June 30, divided by (ii) the number of ordinary shares outstanding on the record date for such dividend. For the Six Month Dividend payable for 2014, this is expected to equate to a dividend of approximately $0.026 per share, a reduction from the prior year.

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