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Swedish gaming giant Cherry has released its fourth quarter and full year 2012 financial results, noting high revenues and a massive increase in EBIT.
Key financial indicators for the fourth quarter ending December 30th, 2012 were:
Group turnover amounting to SEK 177.1 million (Q4/2011: SEK 116.5 million).
EBIT of SEK 7.5 million (Q4/2011: SEK 27.1 million).
Adjusted items re reassessment of the additional purchase price and impairment of goodwill, turnover increased by 12% to SEK 103.7 million (Q4/2011: SEK 92.7 million) and EBIT increased by 127% to SEK 7.5 million (Q4/2011: 3.3 million).
EBIT for Online Gaming increased by 230% to SEK 6.6 million (Q4/2011: SEK 2.0 million).
Restaurant Casino turnover increased by 10% and reached all-time high with SEK 37.6 million (Q4/2011: SEK 34.2 million).
Restaurant Casino EBIT amounted to SEK 3.5 million (Q4/2011: SEK 3.6 million) while market share increased to 58% (55) of the active gaming tables.
After tax amounted to SEK 7.3 million (Q4/2011: SEK 24.2 million) equivalent SEK 0.67 (2.08) per share.
Full year fiscal results were:
Group turnover amounted to SEK 473.1 million (2011: SEK 368.7 million).
EBIT amounted to SEK 36.8 million (2011: SEK 39.3 million).
Adjusted for non-recurring items related to the reassessment of the additional purchase price and impairment of goodwill, turnover increased by 16% to SEK 399.7 million (2011: SEK 344.9 million) and EBIT increased by 137% to SEK 36.8 million (2011: SEK 15.5 million).
Profit after tax amounted to SEK 31.0 million (2011: SEK 36.7 million) equivalent SEK 2.35 (3.08) per share after minority interests.
Restaurant Casino turnover grew by 7% and Online Gaming by 21%.
Commenting on the results Cherry CEO Email Sunvisson said: "Cherry's two remaining business areas, Online Gaming and Restaurant Casino continue to develop positively. The sale of the business area Maritime gaming meant an increased focus on the growth area; online gaming and a greatly improved liquidity".
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