INTRALOT ANNOUNCES SALES AND EARNINGS INCREASE FOR THE FIRST QUARTER 2002
INTRALOT announces consolidated interim results for the first quarter ended March 31, 2002. Revenues reached € 76,3 million compared to € 63 million in the same period last year, a 21% increase compared to the previous period. EBITDA (earnings before interest, tax, depreciation and amortization) increased by 29 % to € 22,5 million, compared to the same period last year.
EBITDA margin reached 29,4 % (last year 27,5%) reflecting operational efficiency.
Income before taxes recorded an increase of 32% by reaching € 19,1 million compared to € 14,5 million, on Q1 2001.
Net cash position reached € 62 million demonstrating the company's ability to generate significant positive cash flows and efficiently utilize its capital employed. The company’s net cash position, at the end of 2001, stood at € 49 million.
INTRALOT' s CEO, Mr. Constantinos Antonopoulos said: The positive financial results of first quarter 2002 were in line with the management's estimations. Furthermore, the new projects that INTRALOT undertaken during 2002, are expected to ensure company' s profitability increase.
It's worth mentioning that the establishment of INTRALOT' s subsidiary, INTRALOT Inc., in Atlanta, USA is expected to play a significant key role in the company’s expansion into the dynamic American market as well as to compose the springboard for further company’ s expansion into new promising markets.
INTRALOT is engaged in the development of integrated gaming systems and provides multiple services related to the design, development, operation and support of games. Based on its extensive know how, advanced product development specifications and substantial experience in organizing and operating lottery games, INTRALOT can offer its clients custom-made integrated solutions, which ensure maximum efficiency and absolute security. Following a highly successful period of rapid growth, INTRALOT is ranked 3rd, based on 2001 financial results, among lottery suppliers worldwide, and maintains a steady course towards the leading position in the global market. Today the company has secured an important position in the European and South American