1ST QUARTER 2013 RESULTS. 2013 SOLID START: + 32.1% EBITDA INCREASE
INTRALOT S.A., the leading international gaming company, announces today its financial results for the three-month period ending March 31st 2013, prepared in accordance with IFRS.
Consolidated Revenues for the period increased by 2.5% compared to 1Q12, reaching €355.8m. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 32.1% to €55.1m., while Earnings Before Taxes (EBT) reached €21.2m., posting an increase of 39.7%. ΕΑΤ-am increased by 17.4% to €4.8m. Cash Flow from Operations increased by 23.9% to €18.9m. in 1Q 2013.
Revenues for the parent company for the period decreased by 30.4%, to €28.4m. EBITDA increased by 46.3% to €12.4m. Earnings After Taxes (EAT) increased by 101.8%, to €9.1m.
Commenting on 1Q13 results INTRALOT Group CEO, Mr. Constantinos Antonopoulos, stated: “We are very pleased with INTRALOT’s results in the first quarter of the year, since the Company achieved a significant increase of EBITDA by 32%, net profit by 17% and operating cash flow by 24%, which reflects our strategy to improve the profitability of our existing projects and the contribution of new projects such as the VLT monitoring system in Victoria, Australia and sports betting in Azerbaijan.
Regarding recent developments related to our project portfolio, INTRALOT extended its contract with the South Carolina State lottery for 3 additional years, renewed its betting license in Cyprus, entered the virtual gaming and i-bingo market in Italy and commenced successfully its VLT monitoring system operations in the State of Ohio.
Moreover, INTRALOT became the only international company that had its terminals certified and approved by the China Sports Lottery (CSL), one of the two national gaming organizations in the very important market of China. This means that INTRALOT terminals are approved to be potentially sold in all of the 31 provinces of the country, in which the lottery has operations.
Recently, INTRALOT became the first US lottery technology provider to integrate real-time video interactive play from a central system onto a self-service platform. This system went live in Washington D.C. last month and is expected to go live with the Idaho Lottery in July. Early results for these games have been very positive.
As mentioned during our 12-month 2012 results release, we are working towards the refinancing of our convertible bond that expires at the end of 2013. This is a process that is expected to be completed by the end of Q2 2013.
As a closing remark, I would like to repeat our continuous target to improve the profitability and cash flow generation of our existing projects and to selectively participate in potential new opportunities. Such opportunities in technologies and operations of games include Brazil and Vietnam, as well as Greece, where we are participating in the process for the award of a 20 year concession to operate horse racing games in the country.”
INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content, sports betting management and interactive gaming services to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting, Racing & Video Lottery operations and its leading-edge technology, give INTRALOT a competitive advantage, which contributes directly to customers’ efficiency, profitability and growth. With presence in 56 jurisdictions, more than 5.500 people and revenues of €1.4 billion for 2012, INTRALOT has established its presence on all 5 continents.