Scientific Games Q1 report
Gavin Isaacs boss of Scientific Games
Gaming firm Scientific Games Corp have announced their Q1 results for 2016 showing both profits and revenues up.
For the period ending 31st March Scientific Games recorded a rise of 178% in profits to $50 million compared to $18 million for the quarter in 2015. With currency fluctuations the gaming company still showed a 4% growth in revenues to $682 million with the majority of that rise coming from the online gaming division.
The company also said that their debt stands currently at $8.1 billion following the acquisition of Bally Technologies in 2014, Scientific Games paid $28 million in Q1 in debt repayment leaving $42 million in free cash flow.
Gavin Isaacs, President and CEO of Scientific Games said, “Our focus on strategic priorities – product excellence, profitable growth, and strengthening cash flow – is taking hold, as we have generated positive growth for the past two consecutive quarters. We are building momentum and delivering improved business results, clear evidence of the strength of our comprehensive product portfolio. As we move forward, we are committed to continuous improvement to unlock the power of our brands, leverage our unrivaled innovation and serve our customers to provide meaningful, long-term shareholder value,”
Michael Quartieri, Scientific Games’ Executive Vice President and CFO, added, “Across our global operations, our focus is on fiscal discipline, seeking further process improvements and operating efficiencies, as we continue to prudently invest to sustain our leadership in innovation. By driving profitable growth and increased conversion of AEBITDA into cash flow, we expect to remain on a path to further deleverage in 2016 and beyond.”
