Scientific Games Issues Fourth Quarter and Full Year Report for 2018
Scientific Games has announced their results of the last quarter of the previous year along with the full year report. And the year was a successful one indeed.
Positive Results
The last quarter, which ended on December 31st, brought an 8% increase in revenues in contrast with the last quarter from the previous year. Net income was considerably higher compared to a net loss in the last year. As for EBITDA, it increased 6%, thanks to higher revenue and continual successful operational strategies. Net cash near the end of 2018 was decimated since they had to pay the sum of $151.5 million for the Shuffle Tech legal matter.
Each of the previous quarters had similar results: revenue continually rose throughout the year, there was a steady rise in AEBITDA too, whereas net loss and net income were somewhat volatile from quarter to quarter.
The acquisition of NYX at the beginning of 2018 influenced the rise in revenues considerably.
As for the full year report, here are some highlights:
The revenue increased by 9 per cent. Net loss was generally a bit bigger than the net loss from the previous year since more than $250 million was invested in restructuring and other charges. EBITDA also increased by 9% in comparison with 2017, but net cash experienced a drop of $161 million.
The CEO and President of Scientific Games, Barry Cottle, expressed his joy over the amazing results with which they ended their year of business, attributing the success to efficient operating strategies and steady growth of the company.
Both he and Michael Quartieri, Chief Financial Officer of Scientific Games, believe that 2019 will be another year in which they will further strengthen the balance sheets as well as surpass the results from 2018, with Michael commenting “We have clear momentum across all of our global businesses.”
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