Intralot presented financial results for the first half 2009

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) reached 91.1 milion euros (while it had 126.7 million euros in the first half last year). Earnings Before Taxes (EBT) were 74.6 million euros compared to 112.4 million euros in the first six month period of 2008, while Earnings After Taxes and after minorities (EAT-am) reached 42 million euros from 60.3 million euros in the same period last year.

Revenues for the parent company were 51.4 million euros in the first semester of this year. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the period stood at 9.5 million euros, and Earnings After Taxes (EAT) were 10.6 million euros.

Commenting on  the results for the first half of the year, its CEO, Constantinos Antonopoulos, noted: “As a management team, we are pleased with Intralot’s results in the first six months of the year since the company is on track with our expectations for the full year 2009 profitability. This has been accomplished amidst a global economic recession coupled with adverse FX movements in some of our international operations and increased start-up expenses. It is important to note that the second quarter of 2009 is the first full quarter that the new Turkish betting contract is operational, rendering the comparison with the first semester last year more difficult, but however, providing a much more stable earnings base for the next years.”

“In July, the Ohio Lottery, a very large scale project in the US, commenced operations very successfully on an Intralot system. A second important project, in Europe this time that will begin operations within the next month is in Holland. Finally, an operation that commenced recently, marking Intralot’s entrance in a new era, is Internet poker in Italy. We are very excited about the idea of offering games through the Internet in countries where online gaming is permissible by local legislation and this was the reason for establishing a separate entity, Intralot Interactive, to take advantage of such opportunities. Intralot Interactive is working hard in seeking opportunities in this business in several countries.”

Concerning new developments during the first half of 2009, Intralot has increased its market share in the North American market through the award of two new contracts, in the states of Vermont and Arkansas, reaching 11 contracts in the country, 5 of which have been awarded in 2009. Therefore, there is a backlog of 6 contracts in the US that will commence operations within the next quarters. This is a very significant achievement for the company, indicating its leading-edge technology and competitiveness in a very big market.

“Moreover, we have recently implemented an internal program to streamline our organization and consolidate our operations on a global basis, the positive effects of which should begin to appear in the first quarters of 2010. Finally, Intralot continues to monitor closely upcoming privatization projects, new opportunities arising in the Internet gaming market and seeks strategic acquisition opportunities,” he concluded.