INTERTAIN TURN AROUND
Outperforms expectations says CEO.
Intertain Group reported good progress in the first quarter of 2016, delivering strong revenue and a turn around in net income losses.
Key performance indicators for the three month period ending March 31, 2016 include:
– Group revenue of CAD 128.5 million (Q1/2015: CAD 32.8 million).
– Net income amounting to CAD 10 million (Q1/2015: CAD (26.2) million.
– Adjusted EBITDA of CAD 55 million (Q1/2015: 10 million)
– Net income/loss per share CAD 0.14 (Q1/2015: CAD (0.80))
– Jackpot Joy revenue amounted to CAD 87.4 million, delivering 20 percent growth y-o-y.
– Vera&John generated revenues of CAD 25.3 million, up 53 percent y-o-y.
– Mandalay revenues of $11.4 million , 9% growth y-o-y.
– Over 50 percent of Intertain’s proprietary Plain Gaming platform’s current revenue is generated by mobile, a key growth target for Intertain.
"Intertain continues to outperform our expectations," commented John Kennedy FitzGerald, president and chief executive officer of Intertain.
"We remain focused on the execution of our plans in order to continue to deliver great results and value to our shareholders."
Intertain is currently assessing various preliminary offers but believes the company is significantly undervalued and as such has established a special committee to enhance shareholder value.