perating income in the period was $71.3 million, the Gibraltar-based company said in a statement. Talks continue with Ladbrokes, a U.K. bookmaker, the company said, after the Mail on Sunday said yesterday Ladbrokes might walk away because a bid was rejected as too low.
“There’s still interest on both sides,” CEO of the company, Gigi Levy said of the Ladbrokes talks in an interview. “Our current numbers only make us more appealing.”
The shares have declined 56 percent over the past 12 months, giving the company a market value of 160 million pounds.
“Poker income rebounded from a slump earlier last year as the company started an advertising campaign in July directed at casual players,” Levy said.
888 said bingo income more than quadrupled to $14.1 million, as Wink Bingo, acquired in December of 2009, exceeded forecasts, the company said. 888 said it expects earnings before interest, tax, depreciation and amortization for the full year to meet analyst’s estimates.
Bingo income rose as the company added six instant games, according to the company. Wink Bingo did so well its “earn out” payments, or an arrangement where the sellers of a business receive extra future payment, will be at the “upper end,” the company said.
888 said it is in “advanced discussions” with Wink Bingo vendors over the timing and structure of the payments.