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Amaya, Revenue grows 171 percent over Q3 2010
Wednesday, November 30 ,2011 : AMAYA RESULTS PUBLISHED
Revenue grows 171 percent over Q3 2010, but company records a third quarter and year-to-date loss as it pursues growth goals
Amaya Gaming Group Inc., a Montreal-based online gambling entertainment provider for the regulated gaming industry, has released its financial results for the three and nine month periods ended September 30, 2011, reporting a 171 percent growth in revenues over Q3-2010, largely as a result of its Cdn$ 22.7 million acquisition of software developer Chartwell Technology in July .
Chief executive David Baazov says that the Amaya-Chartwell combination is expected to result in synergies and new growth opportunities for both companies.
Baazov outlined other operational developments, including:
* Inking an exclusive, 20-year contract with the National Lottery of Moldova to provide a full range of gaming solutions including lottery systems, video lottery terminals, sports betting, and digital gaming. The contract has the potential to generate recurring revenues in excess of Cdn$ 20 million annually.
* The launch of the Kwachu 6/48 Lottery in the Republic of Kenya, and the launch of the Kenyan government's official online gambling website, BetKenya.com, powered by Chartwell Technology.
* The deployment of over 1,900 Mosino hospitality entertainment systems during the third quarter, bringing the worldwide total to 2,300, with an order backlog of 500 in progress.
* Licence amendments by Chartwell in its contract with ShuffleMaster, allowing Chartwell the rights to offer Shuffle Master's popular Three Card Poker game to legal regulated online operators in the British Isles, including the United Kingdom , the Republic of Ireland , the Isle of Man, and the Channel Islands.
* The launch of the YoolaObukadde, or "Win Millions", its Short Message Service ("SMS") game in Uganda.
* A 10-year contract with the government of the Republic of Armenia to implement a national lottery program and to provide its central reporting and integrity software solutions.
"Our business has shown very strong momentum in recent months. The long-term agreements we have announced with governments in Moldova and Armenia have the potential to become our two largest contracts to date once the initiatives are fully implemented," said Baazov. "We also launched new recurring revenue gaming solutions in Kenya and Uganda."
Amaya reported revenues of Cdn$ 3.97 million for the third quarter of 2011, an increase of Cdn$ 2.51 million or 171 percent compared to Cdn$ 1.46 million of revenues in the third quarter of 2010. This revenue increase reflects the Corporation's sales of its proprietary Mosino hospitality entertainment system and the inclusion of Chartwell's software licensing revenue for the majority of the quarter.
For the nine-month period ending September 30, 2011 , revenues were Cdn$ 8.89 million, an increase of Cdn$ 4.93 million or 125 percent compared to Cdn$ 3.95 million of revenues in the same period of 2010.
Amaya's gross profit was 96 percent in the third quarter of 2011, compared to 81 percent in the third quarter of 2010. The increase in gross profit percentage was primarily driven by the inclusion of Chartwell's high-margin software licensing revenue.
For the year-to-date period, gross profit was 95 percent for the first nine months of 2011, compared to 81 percent in the same period of 2010.
Amaya recorded a net loss of Cdn$ 1.82 million in the third quarter of 2011, compared to the third quarter of 2010. On a year-to-date basis, a net loss of Cdn$ 4.74 million in 2011 was recorded, despite the significant growth in revenues.
Management blamed this on increased operational expenses related to its international growth objectives.
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