INTRALOT ANNOUNCES ITS 1ST QUARTER 2009 RESULTS
INTRALOT S.A., the leading international gaming company, today announces its financial results for the three-month period ending March 31st 2009, prepared in accordance with IFRS.
Consolidated Revenues for the period remained at the levels of 1Q08, by reaching €256.0m. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) decreased by 36.4% to €46.1m compared to €72.5m in 1Q08. Earnings Before Taxes (EBT), were €44.2m, 35.2% lower than 1Q08, while Earnings After Taxes and after minorities (EAT-am) decreased by 38.5% to €22.1m from €35.9m in 1Q08.
Revenues for the parent company were €27.3m in 1Q09, 2.5% lower than 1Q08. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the period stood at €5.1m, and Earnings After Taxes (EAT) were €2.9m.
Commenting on 1Q09 results INTRALOT CEO, Mr. Constantinos Antonopoulos, stated: “INTRALOT in the first quarter of the year managed to deliver satisfactory results, amidst a global economy recession and a negative influence by unfavorable FX movements in countries that the Company operates. Specifically, operations in Turkey, Romania, Poland and South Africa were affected by percentage rates that ranged between high single-digit to the mid-twenties. Moreover, the Group incurred start-up costs in several countries, including the Netherlands, some US states (including Ohio), the Caribbean and Brazil.
INTRALOT has won three new tenders in the US (Louisiana, Ohio and New Hampshire) where the company has established a strong presence with nine contracts. A very important strategic development is the launch of INTRALOT Interactive, which aims to exploit the great potential of the licensed interactive market, focusing on both B2B and B2C opportunities. This move is ahead of the controlled market liberalization wave that started in Italy and Spain and is expected to continue in France, Denmark, Switzerland and other countries. In this direction INTRALOT signed a significant cooperation agreement regarding the Italian market with PartyGaming, the world’s leading online gaming company, for online poker tournaments. Also, INTRALOT entered the Croatian market with a contract for interactive gaming services.
The targets of the Group for 2009 include the improvement of the profitability of existing contracts, the preservation of its leading position in new contract wins and the continuous development of new technologies. Moreover, INTRALOT, through strategic alliances, will explore the upcoming significant privatization projects and will focus on market liberalizations and the new Internet market opportunities. Finally, the Group’s strong financial position and the attractive valuations, as a result of the crisis, create very interesting acquisition opportunities that the Company is evaluating very carefully.”
INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content and sports betting management, to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting & 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 more than 50 countries, with 5,000 people and revenues of €1.1 billion for 2008, INTRALOT has established its presence on all 5 continents