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Online wagering software developer Amaya Gaming has released its first quarter 2012 financial results, highlighting an increase in revenue of 461% over the same period last year.
Key financial indicators for the period ending March 31st, 2012 were:
Revenues of $6.38 million (Q1/2011: $1.14 million), up 461%, broken down as:
Africa - 153% revenue growth (SMS lotteries in Uganda and Kenya );
Europe - 190% revenue growth;
Caribbean - new market generated $3.23 million
Gross profit of $6.13 million, representing 96% of revenues (Q1/2011: $1.13 million or 99%)
Selling expenses decreased 7% after reductions were made in marketing expenditure on African SMS lottery ventures
General and administrative expenses were $7.70 million (Q1/2011: $1.68 million) following an expansion in employee bases in Kenya , Uganda , Moldova , Armenia and Dominican Republic .
Acquisition-related costs amounted to $2.27 million associated with the acquisition of CryptoLogic.
EBITDA was $0.72 million on revenue of $6.4 million (Q4/2011: $3.4 million on revenue of 9.5 million), attributable to the launch of the mobile lottery in Moldova and online gaming in the Dominican Republic.
Commenting on his company's performance, Amaya President and CEO David Baazov said: "In the first quarter we continued our pattern of strong year-over-year revenue growth, driven primarily by the ongoing deployment of our Mosino gaming terminals."
"The completion of the CryptoLogic acquisition was a major strategic accomplishment. While the transaction suppressed first quarter earnings, it will open up new opportunities for us around the world and position us for accelerated growth beginning in the second quarter."