Friday, March 4, 2016 : THINGS LOOKING UP FOR ONLINE GAMBLING FIRM
Significant revenue growth in company's fiscal third quarter.
US online gambling platform provider Contagious Gaming had news that was good only in parts for investors this week, reporting that revenues in its fiscal third quarter soared 214 percent quarter-on-quarter to $678,700.
However there was a definite downside to the announcement as well – EBITDA fell again as the company recorded a loss of $272,600, albeit not as bad as the preceding quarter's when losses amounted to $456,363.
Adjusted earnings also remained under pressure, too – again down at $696,300 after the previous quarter's loss of $771,400.
CEO Peter Glancy remains upbeat, observing that the revenue increase was a positive sign, and adding:
"This improvement is primarily due to the closing of the Digitote acquisition in December 2015. We look forward to further expected improvement of our financial metrics as we report a full quarter of consolidated financials including Digitote's results."
Contagious acquired developer and provider of commercial-grade sports betting and horse racing technology Digitote last year in a deal worth $5.2 million