US gambling firm Scientific Games Corporation has released its first quarter 2015 financial results, noting higher revenues and operating income.
Key financial indicators for the quarter ending March 31st, 2015 were:
Revenue up at $658.7 million (Q1-2014: $388.1 million);
Operating income up at $18.1 million - a major turnaround from Q1-2014's $12.1 million loss;
Net loss of $86.4 million (Q1-2014: $45 million;
Capex at $72.1 million (Q1-2014: $59.6 million;
EBITDA up at $252.1 million (Q1-2014: $122.8 million;
Cash on hand of $152.2 million (Q1-2014: $171.8 million);
Total debt slightly down at $8.49 billion (Q1-2014: $8.51 billion).
Commenting on the company's results company CEO Gavin Isaacs said, "In our first full quarter following our merger with Bally, we made significant progress in our strategies to integrate Bally operations and unify our organization."
"The process of integrating Bally and Scientific Games is ahead of schedule. Having already implemented actions to achieve approximately $90 million in Bally-related annualized savings through March 31, 2015, we expect to achieve our goal to implement initiatives to generate approximately 80 percent of the anticipated $235 million of annual cost savings and another $30 million of WMS-related annual cost savings by the end of 2015."
"We expect our debt reduction to accelerate in the second half of 2015 and beyond."