Integrity Gaming Corp. V.IGAM

RE:RE:RE:Seems like a small amount of machines in a new casino.

[Art35]

Well ??? Where is Your loss ???   Phew....

 

Poydras Gaming Finance earns $341,262 (U.S.) in Q1 2016

 

2016-05-30 08:21 ET - News Release

 

Mr. Peter Macy reports

POYDRAS GAMING FINANCE CORP. ANNOUNCES 2016 FIRST QUARTER RESULTS

Poydras Gaming Finance Corp. has released its financial results for the first quarter ended March 31, 2016 (all amounts stated in U.S. dollars unless otherwise indicated).

First Quarter 2016 Highlights

-Revenue grew to $3,690,423, representing an increase of 5% from $3,525,411 in Q4 2015 and an increase of 462% compared to $656,088 in Q1 2015. -Adjusted EBITDA of $2,575,873, a 24% increase from $2,080,520 in Q4 2015 and a 46 times increase from $54,421 in Q1 2015. -Net income of $341,262 compared with a net loss of $981,101 in Q4 2015 and a net loss of $1,504,323 in Q1 2015. -Revenue generating machines in operation at quarter end were approximately 2,491, compared to 2,428 at the end of Q4 2015.

Highlights Subsequent to Quarter End

-On May 2, 2016, the Company completed a 10 for 1 share capital consolidation with the intent of attracting a broader range of investors and increasing liquidity. -On May 24, 2016, the Company announced that it has entered into a long-term contract for the placement of approximately 230 gaming machines in a new Native American-owned casino in Oklahoma. All machines are expected to be deployed and revenue generating by the end of Q3 2016, and the revenue sharing agreement is expected to add at least $2.0 million dollars in annual run-rate revenue.

"We are off to a strong start in 2016, on track to meet or exceed our FY 2016 goal of $10.0 million in Adjusted EBITDA," said Peter Macy, CEO of Poydras Gaming. "Organic growth during the quarter over Q4 2015 was driven by a full quarter of deployments for an additional 150 machines with our long-standing customer the Cheyenne & Arapaho Tribes of Oklahoma. As we look towards the rest of 2016, we will continue to expand our machine base with new and existing customers in our core market of Oklahoma and Texas, as well as exploring opportunities in new markets."

First Quarter 2016 Financial Results

For the three months ended March 31, 2016, the Company's revenue increased to $3,690,423, representing growth of 5% compared to Q4 2015 and 462% compared to Q1 2015. The Company's leasing revenue grew to $3,020,919 in Q1 2016, a 10% increase over the prior quarter and a 360% increase over the same period of 2015. The increase in revenue was mainly due to generating leasing revenue from an average of 2,471 gaming machines in Q1 2016 as compared to an average of 2,388 gaming machines in Q4 2015 and 341 gaming machines in Q1 2015.

The Company's Adjusted EBITDA increased 24% to $2,575,873 in Q1 2016 from $2,080,520 in Q4 2015. The increase in Adjusted EBITDA was driven by higher lease revenue in Q1 2016 as a result of the deployment of additional revenue generating machines during the quarter.

Quarterly Adjusted EBITDA

Adjusted EBITDA and reconciliation to net income (loss) is as follows:

 

  Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 ($) ($) ($) ($) ($) Net Income (loss) 341,262 (981,101) 1,103,411 (1,530,182) (1,504,323) Adjustments: Depreciation of equipment 888,132 805,699 646,155 217,264 217,262 Amortization of placement fees 443,148 489,094 335,878 190,661 72,355 Amortization of intangible assets 216,061 166,509 227,384 73,533 73,533 Income tax expense (recovery) 131,960 287,400 (2,302,033) - - Finance lease receivable reduction 448,599 338,603 170,572 185,350 49,624 Financing costs 748,145 399,945 771,334 444,342 386,643 Foreign exchange (gain) loss (411,798) 276,851 504,594 (84,444) 660,554 Impairment of loan receivable - 120,714 - 250,000 - Loss (gain) on settlement of debt - - (261,407) - - Loss (gain) on disposal of assets 38,947 (214,338) - - - Revaluation of earn-out liability (599,000) - - - - Stock based compensation 104,720 121,816 169,711 110,646 98,773 A&W JV EBITDA adjustments at 50% interest Depreciation of equipment 184,124 234,576 180,317 - - Amortization of placement fees 10,416 10,416 8,417 - - Interest expense 26,531 25,437 16,292 - - Loss (gain) on disposal of assets 4,626 (1,101) - - - Adjusted EBITDA 2,575,873 2,080,520 1,570,625 (142,830) 54,421 Adjusted EBITDA includes: Integrity acquisition costs - - 96,000 30,000 161,000 Total normalization adjustments - - 96,000 30,000 161,000 2,575,873 2,080,520 1,666,625 (112,830) 215,421 

 

As there is no standardized method of calculating Adjusted EBITDA, it may not be directly comparable with similarly titled measures used by other companies. The Company considers Adjusted EBITDA to be a relevant indicator for measuring trends in performance and its ability to generate funds to service its debt and to meet its future working capital and capital expenditure requirements. Adjusted EBITDA is not a generally accepted earnings measure and should not be considered in isolation or as an alternative to net income (loss), cash flows or other measures of performance prepared in accordance with IFRS. For additional information please refer to the last page of this news release.

Conference Call

The Company will hold a conference call to discuss the results for its first quarter ended March 31, 2016. The call will be hosted by Peter Macy, CEO, and Adam Kniec, CFO on Tuesday, May 31, 2016 at 7:00 a.m. PDT (10:00 a.m. EDT), and followed by a question and answer period. All interested parties are invited to participate.

Conference Call Details:

Date: Tuesday, May 31, 2016 Time: 7:00 a.m. Pacific Time / 10:00 a.m. Eastern Time Dial-In Numbers: North America Toll-Free Dial-In Number: 1 [phone] For Toronto: [phone] For Vancouver: [phone] Conference ID: 10143337 Taped Replay: 1 [phone], available until 12:00 midnight (EDT) Tuesday, June 7, 2016 Reference number: 10143337

We seek Safe Harbor.

© 2016 Canjex Publishing Ltd. All rights reserved.