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SCIENTIFIC GAMES REDUCES NET LOSS IN Q4:2013
Thursday March 13,2014 : SCIENTIFIC GAMES REDUCES NET LOSS IN Q4:2013
WMS acquisition and Lottery division help growth.
In its Q4:2013 results just posted, Scientific Games reduced its net loss from $12.4 million in Q4:2012 to just $500,000 in the current quarter, and from $43.9 million in Q4:2012 to $25.6 million in 2013, thanks mainly to its acquisition of WMS and a good performance from its lottery division.
Overall group financial highlights included:
* Revenues in Q4:2013 at $401.9 million (Q4:2012 $246.8 million);
* FY revenues 2013 at $1090.9 million (FY 2012: $928.6 million);
* Operating loss of $67.5 million in Q4:2013 vs. a positive $10.1 million in same quarter 2012;
* Full year operating loss of $18.3 million vs. a positive $62.9 million in 2012;
* Net loss of $500,000 vs. loss of $12.4 million in the same quarter in 2012;
* Full year net loss of $25.6 million vs. net loss of $43.9 million in 2012.
* EBITDA for the quarter at $130.5 million and for the year $382.5 million vs. 2012 Q4 of $89.9 million and FY 2012 of $337.8 million.
President and Chief Executive Officer David L. Kennedy reported:
"Fourth quarter revenues reflect solid growth in our lottery business and a partial quarter of WMS results. We are focused on growing our customers' revenues and capturing new growth opportunities by accelerating development of innovative content and technology and continuously improving our core competencies.
"At the same time, we are focused on achieving the targeted cost synergies related to the acquisition of WMS and driving profit margin and cash flow improvements across all of our businesses."
Gaming segment financial highlights included:
* Interactive products and services revenue increased $27 million principally reflecting $25.6 million from WMS following the acquisition;
* Social gaming revenue is reported on a gross revenue basis before platform fees reflecting a change in the payment settlement process by Facebook, and this change to gross reporting represented $8.4 million of the revenue in the 2013 full-quarter period.
* Interactive gaming products and services generated revenues of $28.4 million in Q4 2013 (Q4 2012: $1.4 million)
* Average daily users climbed to 1.2 million, and MAUs were up at 4.2 million, with average revenue per day per user of 26 cents.
Gaming segment business highlights over the year included:
* Launched the Gold Fish social casino in the 2014 first quarter, a second interactive social gaming site;
* Signed new online gaming content agreements for real-money gaming services with Gamesys Group, which will enable the company's interactive gaming content to be available on several New Jersey online casino sites;
* Agreements with Ladbrokes, William Hill and Gala Coral that further expanded Scientific Games' interactive real-money B2B online gaming business.
Scientific Games expects the synergies generated by its acquisition of WMS to achieve at least $60 million of cost synergies on an annualised run-rate basis by the end of 2014 - an improvement on the previous estimate of $50 million.
Reflected in this amount is at least $45 million of cost synergies on an annualised run-rate basis from actions already initiated or completed:
* Approximately $37 million in savings in selling, general and administrative expense from reductions in headcount; lower stock-based compensation; the elimination of duplicative corporate and public company costs; and procurement savings.
* Approximately $6 million in reductions in cost of sales primarily from manufacturing procurement and component sourcing initiatives;
* Approximately $2 million in savings in research and development expenses from initiatives to rationalise hardware and software platforms and reduce duplicative functions, which is net of increased investment in projects to support longer-term revenue synergy initiatives;
* The company also has taken actions to further streamline operations by divesting non-core assets, divesting itself of an equity stake in Sportech plc for net cash proceeds of approximately $45 million, and has sold its online real-money U.K. B2C gaming operation.
It is in the process of exiting its Belgium managed services online gaming business to focus on its social gaming and B2B online real-money gaming opportunities
* Up to and including 2015, the company expects to incur integration and restructuring costs and capital totalling up to $40 million in 2014 and up to $15 million in 2015.
Jeffrey S. Lipkin, Senior Vice President and Chief Financial Officer, said, "We continue to expect to realise $100 million of annualised cost savings on a run-rate basis and $20 million of annualised capital expenditure savings by the end of December 2015."
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