Intralot announces 2013 first quarter results

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 32.1% to 55.1 million euros, while Earnings Before Taxes (EBT) reached 21.2 million euros, posting an increase of 39.7%. ΕΑΤ-am increased by 17.4% to 4.8 million euros.  Cash Flow from Operations increased by 23.9% to 18.9 million euros in 1Q 2013. 

Revenues for the parent company for the period decreased by 30.4%, to 28.4 million euros. EBITDA increased by 46.3% to 12.4 million euros. Earnings After Taxes (EAT) increased by 101.8%, to 9.1 million euros. 

Commenting on 1Q13 results Intralot Group CEO, Constantinos Antonopoulos, stated: “We are very pleased with Intralot’s results in the first quarter of the year, since the Company achieved a significant increase of EBITDA by 32%, net profit by 17% and operating cash flow by 24%, which reflects our strategy to improve the profitability of our existing projects and the contribution of new projects such as the VLT monitoring system in Victoria, Australia and sports betting in Azerbaijan.”

“Regarding recent developments related to our project portfolio, Intralot extended its contract with the South Carolina State lottery for 3 additional years, renewed its betting license in Cyprus, entered the virtual gaming and i-bingo market in Italy and commenced successfully its VLT monitoring system operations in the State of Ohio. 

Moreover, Intralot became the only international company that had its terminals certified and approved by the China Sports Lottery (CSL), one of the two national gaming organizations in the very important market of China. This means that its terminals are approved to be potentially sold in all of the 31 provinces of the country, in which the lottery has operations,” Antonopoulos commented. 

Recently, Intralot became the first US lottery technology provider to integrate real-time video interactive play from a central system onto a self-service platform. This system went live in Washington D.C. last month and is expected to go live with the Idaho Lottery in July. Early results for these games have been very positive. 

“As mentioned during our 12-month 2012 results release, we are working towards the refinancing of our convertible bond that expires at the end of 2013. This is a process that is expected to be completed by the end of Q2 2013,” he added.

“As a closing remark, I would like to repeat our continuous target to improve the profitability and cash flow generation of our existing projects and to selectively participate in potential new opportunities. Such opportunities in technologies and operations of games include Brazil and Vietnam, as well as Greece, where we are participating in the process for the award of a 20 year concession to operate horse racing games in the country,” he concluded.