NEWS!
Poydras Gaming loses $6.5-million (U.S.) in fiscal 2016
2017-04-24 08:18 ET - News Release
Mr. Peter Macy reports
POYDRAS GAMING FINANCE CORP. ANNOUNCES 2016 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
Poydras Gaming Finance Corp. has released its financial results for the fourth quarter and full year ended Dec. 31, 2016 (all amounts stated in U.S. dollars unless otherwise indicated).
Fourth Quarter 2016 Highlights & Financial Results
- 14% increase in revenue to $4.0 million, over $3.5 million in Q4 2015;
- 11% increase in Adjusted EBITDA to $2.3 million over $2.1 million in Q4 2015;
- Net loss of $2.9 million for Q4 2016, compared to $1.0 million in Q4 2015;
- On October 15, 2016, the Company's common shares began trading on the OTCQX Best Market under the symbol PYDGF, in addition to its current listing on the TSX Venture Exchange;
- Approximately 2,618 gaming machines in operation at the end of Q4 2016, compared to 2,581 at the end of Q3 2016.
2016 Full-year Highlights & Financial Results
- 84% growth in revenue, to $15.0 million in 2016 compared to $8.2 million in 2015;
- 159% growth in Adjusted EBITDA, to $9.3 million in 2016, compared to $3.6 million in 2015;
- Net loss of $6.5 million, or $0.19 per share, for 2016, compared to $2.9 million, or $0.12 per share, for 2015;
- On May 2, 2016, the Company completed a 10-for-1 share capital consolidation;
- On July 29, 2016, the Company completed a financing arrangement with MGG Investment Group LP, consisting of a 5-year term loan facility for $30.5 million at an initial rate of LIBOR plus 11.5%, which steps down as the Company deleverages;
- On August 11, 2016, the Company completed its acquisition of the remaining 50% interest in A&W JV for $1.8 million, and repaid $1.5 million of A&W JV's debt;
- On September 5, 2016, the Company completed the early redemption and cancellation of its 11.0% Convertible Debentures with a face value of $7,732,000;
- On August 31, 2016, the Company entered into an exclusive agreement with Gamblit Gaming, a leading innovator of real money and skill-based gaming, to distribute Gamblit's products in Oklahoma and Texas;
- Approximately 2,618 gaming machines in operation as of December 31, 2016, compared to 2,428 as at December 31, 2015.
"The strong growth in revenue and Adjusted EBITDA we generated in 2016 is a reflection of the successful execution of our strategy to expand our deployed-machine base and optimize placements to support improved financial performance," said Peter Macy, CEO of Poydras Gaming. "In 2016 we took steps to strengthen our balance sheet and access to capital to support an array of growth initiatives including: increasing machine deployments with a focus on reducing customer concentration and expanding geographic reach; accessing new, in-demand gaming technologies to enhance the end-customer entertainment experience; and consolidating our interest in a high performing joint venture. Going forward, we are well positioned to drive further increases in deployments as well as placements in new Western U.S. markets."
Conference Call
The Company will hold a conference call to discuss the results for its fourth quarter and year-end ended December 31, 2016. The call will be hosted by Peter Macy, CEO, and Adam Kniec, CFO on Tuesday, April 25, 2017 at 8:00 a.m. PDT (11:00 a.m. EDT), and followed by a question and answer period. All interested parties are invited to participate.
Conference Call Details:
Date: Tuesday, April 25, 2017
Time: 8 a.m. PT/11 a.m. ET
North America toll-free dial-in number: 1-888-231-8191
For Toronto: 647-427-7450
For Vancouver: 778-371-9827
Conference ID: 7492431
Taped replay: 1-855-859-2056, available until 12 a.m. ET, Tuesday, May 2, 2017 Reference No.: 7492431