Intralot announced its first quarter 2011 results

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 14.6% to 39 million euros, compared to 34 million euros in the first quarter 2010.

Earnings Before Taxes (EBT), were 16.2 million euros, 41.6% lower than the first quarter last year, while Earnings After Taxes and after minorities (EAT-am) decreased by 53.7% to 7 million euros impacted by 5.8m of FX losses. EAT (after minorities, prior FX gains/losses) reached 12.8 million euros from 6.7 million euros in the first quarter 2010, posting a 90.2% increase. The quarter was cash-flow positive as net debt dropped by 2.7 million euros, despite the front-loaded quarter in terms of CAPEX.

Revenues for the parent company were shaped at 26.5 million euros posting an increase of 1.5% compared to first quarter 2010. EBITDA decreased by 66.2% to 2.4 million euros and Earnings After Taxes (EAT) were 0.1 million euros in first quarter 2010.

Commenting on first quarter 2011 results, Intralot Group CEO, Constantinos Antonopoulos, stated: “We are satisfied that we managed to grow our sales and EBITDA during the 1Q of 2011. Moreover, in our FY 2010 results announcement we stressed that from 2011 and onwards we would focus on the improvement of the company’s cash-flow. I am very pleased to say that we have accomplished this already in our 1Q 2011 results, as net debt decreased marginally despite a front loaded quarter in terms of CAPEX. We believe that in the next three quarters of 2011 the improvement will be even greater.”

“These results are attributed, among other factors, to the steps that we took last year, in order to improve our operations and better exploit our assets. In the short- and mid-term we will focus on innovation, the exploitation of our existing projects, the liberalization of selected markets, the privatization of lotteries, and the continued improvement of our cash flow generation, so as to increase our shareholders’ value,” he concluded.