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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aya Gold & Silver Inc | TSX:AYA | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.64 | 4.42% | 15.12 | 15.07 | 15.12 | 15.15 | 14.56 | 14.61 | 401,384 | 21:12:17 |
Annual revenue more than doubles on a year-over-year basis
MONTREAL, March 31, 2014 /CNW/ - Amaya Gaming Group Inc. ("Amaya" or the "Corporation") (TSX: AYA), an entertainment solutions provider for the regulated gaming industry, today announced its financial results for the year ended December 31, 2013. All amounts are stated in Canadian dollars unless otherwise noted.
Financial Highlights
FOR THE THREE AND TWELVE MONTH PERIODS ENDED DECEMBER 31 |
Q4 2013 $ |
Q4 2012 $ |
2013 $ |
2012 $ |
||||
Revenues | 39,008,593 | 37,194,312 | 154,529,443 | 76,435,009 | ||||
Adjusted EBITDA1 | 15,369,604 | 16,132,104 | 57,857,871 | 18,870,426 | ||||
Adjusted EBITDA1 margin (as % of revenue) | 39% | 43% | 37% | 43% | ||||
Adjusted net earnings (loss)2 | 3,709,609 | 11,916,425 | 15,228,609 | 10,595,061 | ||||
Basic and diluted adjusted net earnings (loss)2 per share | 0.04 | 0.18 | 0.17 | 0.16 | ||||
1 | Adjusted EBITDA as defined by the Corporation means earnings before interest and financing costs (net of interest income), income taxes, depreciation and amortization, stock-based compensation, restructuring and other non-recurring costs, and non-controlling interests. Adjusted EBITDA is a non-IFRS measure. Reconciliation to Net Income is included in this release. |
2 | Adjusted Net Earnings (loss) as defined by the Corporation means Net earnings (loss) before interest accretion, amortization of Intangible assets resulting from purchase price allocation following acquisitions, stock-based compensation, foreign exchange, and other non-recurring costs. Adjusted Net Earnings (loss) is a non-IFRS measure. Reconciliation to Net Income is included in this release. |
Recent Highlights
"We're pleased with the development of our business in 2013, specifically the growth of our land-based gaming solutions, the launch of our interactive gaming solutions into the emerging U.S. market, and the bolstering of our lottery solutions through the acquisition of Diamond Game," said David Baazov, President and CEO of Amaya.
"Specific to land-based solutions, we were already a leader in the provision of gaming machines to the Class II Tribal and Mexican gaming markets and we maintained that strong position," continued Mr. Baazov. "During the year, we also began executing on our strategy to expand into the much larger Class III gaming market and placed machines in various jurisdictions. Looking ahead, we intend to expand our addressable Class III market by securing licenses in more jurisdictions, and we will continue to invest in technology to enhance the competitiveness of our Class III solutions."
"Regarding our interactive gaming solutions, we increased the number of licensing agreements we have to supply online gaming operators in 2013," Mr. Baazov said. "In 2014, we will continue to look to expand the reach of customers using our Casino Gaming System as well as increase revenues from existing licensees through a strong focus on providing operators with new and innovative gaming content, mobile versions of popular games from our extensive library, and online and mobile versions of top performing games already on our land-based gaming machines. We will also examine potential transactions that will improve our solutions offering and position us to be a leader in the growing global iGaming market."
"Finally, we anticipate our lottery solutions will be a more significant revenue generator for us following the acquisition of Diamond Game, which is a leader in providing lotteries with innovative products that enhance the entertainment value of traditional games. The company already has agreements in place to supply four jurisdictions with its instant ticket vending machines, notably Maryland and Ontario, and we intend to market these solutions to lottery operators in other jurisdictions," concluded Mr. Baazov.
Financial Results
Revenue for the three month period ended December 31, 2013 was $39.01 million compared to $37.19 million for the three month period ended December 31, 2012, representing an increase of 5%. The increase is primarily attributable to consolidating a full period of revenue from Cadillac Jack, which was acquired in November, 2012. Revenue for the year ended December 31, 2013 was $154.53 million compared to $76.44 million for 2012, representing an increase of 102%. The increase is primarily attributable to consolidating a full period of revenues from CryptoLogic Limited ("CryptoLogic"), Ongame Network Limited ("Ongame"), and Cadillac Jack, which were acquired in 2012. On a regional basis, revenue in 2013 was primarily concentrated in North America, Europe, and Latin America and the Caribbean.
Total expenses, comprised of cost of goods sold, sales and marketing, general and administrative, and financial expenses as well as acquisition-related costs, were $45.97 million for the three month period ended December 31, 2013, compared to $40.77 million for the three month period ended December 31, 2012, an increase of 13%. The percentage increase was driven by higher cost of goods related primarily to increased sales of gaming machines in Q4 2013 vs Q4 2012; increased interest and bank charges; consolidating a full period of expenses related to Ongame and Cadillac Jack; as well as investments to prepare the Corporation for entry into the newly regulated real money online gaming market in the United States in the fourth quarter of 2013. Total expenses for the year ended December 31, 2013 were $176.04 million compared to $87.43 million for 2012, an increase of 101%. The percentage increase was driven by higher expenses primarily due to consolidating a full period of expenses related to CryptoLogic, Ongame and Cadillac Jack as well as investments to prepare the Corporation for entry into the newly regulated real money online gaming market in the United States.
Net loss was $7.28 million, or $(0.08) per basic and diluted common share, in the fourth quarter of 2013 versus net loss of $0.71 million, or $(0.00) per basic and diluted common share, in the same quarter of 2012. The increased loss in the fourth quarter of 2013 is primarily due to the provision recorded in income taxes. Net loss for the year ended December 31, 2013 was $29.62 million, or $(0.33) per basic and diluted common share, compared to $7.11 million, or $ (0.11) per basic and diluted common share, in 2012. The increased loss was driven by the provision recorded in income taxes along with general and administrative expenses growing at a faster pace than revenues.
Adjusted EBITDA Reconciliation $
Q4 2013 | Q4 2012 | FY 2013 | FY 2012 | |||||
Net Income | (6,824,428) | (711,309) | (29,172,857) | (7,112,352) | ||||
Financial expenses | 6,043,961 | 3,639,516 | 21,071,523 | 6,816,527 | ||||
Current income taxes | (1,097,098) | 194,220 | 10,198,947 | 807,336 | ||||
Deferred income taxes | 3,119,247 | (3,058,590) | (552,890) | (3,776,730) | ||||
Depreciation of property and equipment | 3,283,046 | 1,985,518 | 12,733,851 | 3,486,934 | ||||
Amortization of deferred development costs | 909,980 | 85,189 | 1,724,816 | 314,967 | ||||
Amortization of intangible assets | 5,350,019 | 2,954,221 | 19,360,784 | 6,156,877 | ||||
Stock-based compensation | 594,124 | 353,438 | 2,029,835 | 880,825 | ||||
EBITDA | 11,378,846 | 5,442,203 | 37,394,009 | 7,574,384 | ||||
Termination of employment agreements | 91,157 | 1,804,959 | 2,810,389 | 3,367,001 | ||||
Termination of Lease Agreement | - | 442,000 | - | 442,000 | ||||
Termination of agency agreements | - | - | 100,834 | 749,000 | ||||
Non-recurring gain | (1,502,292) | - | (1,502,292) | (913,352) | ||||
Office shut down costs | 1,224,911 | - | 1,224,911 | - | ||||
Loss on settlement of finance lease receivable | 361,321 | - | 2,492,716 | - | ||||
Acquisition-related costs | 155,028 | 3,196,856 | 1,332,047 | 6,028,339 | ||||
Receivables related to terminated operations | 716 | - | 79,145 | - | ||||
Retention Bonuses | - | 5,367,280 | - | 5,367,280 | ||||
Net Adjusted EBITDA loss (gain) from assets & liabilities classified as held for sale | 2,833,388 | (613,194) | 9,551,586 | (4,236,226) | ||||
Other one-time costs | 826,529 | 492,000 | 4,374,526 | 492,000 | ||||
Adjusted EBITDA | 15,369,604 | 16,132,104 | 57,857,871 | 18,870,426 |
Adjusted Net Income Reconciliation $ | Q4 2013 | Q4 2012 | 2013 | 2012 | ||||
Net Income | (7,276,374) | (711,308) | (29,624,803) | (7,112,352) | ||||
One-time costs | 102,702 | 12,216,447 | 9,857,609 | 16,445,620 | ||||
Foreign exchange | (1,996,766) | (1,039,276) | (1,691,994) | (979,195) | ||||
Net adjusted income (loss) of assets & liabilities classified as held for sale | 3,482,130 | (190,344) | 11,413,815 | (3,632,225) | ||||
Amortization of purchase price allocation Intangibles | 4,260,793 | 1,987,035 | 14,957,377 | 3,532,232 | ||||
Interest accretion | 4,543,000 | (699,567) | 8,286,770 | 1,460,156 | ||||
Stock-based compensation | 594,124 | 353,438 | 2,029,835 | 880,825 | ||||
Adjusted net income | 3,709,609 | 11,916,425 | 15,228,609 | 10,595,061 |
2013 FULL YEAR FINANCIAL GUIDANCE
Below is a review of how the Corporation performed relative to its full year 2013 guidance, which was first provided in its Q1 2013 quarterly results press release on May 28, 2013 and subsequently reaffirmed, most recently in the Q3 2013 quarterly results press release on November 28, 2013:
2013 Full Year Guidance
Actual | Guidance | |
Revenue | $154.5 million | $156-167 million |
Adjusted EBITDA | $58.0 million | $55-64 million |
"The Corporation's revenue was slightly below guidance primarily due to the decline in our hosted casino revenues from WagerLogic, which we sold subsequent to year end. Adjusted EBITDA from our current business, excluding assets and liabilities held for sale, was in line with our expectations," commented Mr. Baazov.
The Corporation intends to provide its 2014 full year financial guidance in its Q1 2014 quarterly results release, consistent with the timeline it used for 2013.
2013 FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS
The financial statements, notes to financial statements and Management's Discussion and Analysis for the year ended December 31, 2013, will be available on the SEDAR website at www.sedar.com.
CONFERENCE CALL
Amaya will host a conference call on Tuesday, April 1, 2014 at 9:00 a.m. ET to discuss its 2013 financial results. David Baazov, CEO of Amaya Gaming Group Inc., will chair the call. To participate in the call, please dial 647-427-7450 or 1-888-231-8191 ten minutes prior to the scheduled start of the call. A replay of the conference call will be available until Tuesday, April 8, 2014 by calling 1-416-849-0833 or 1-855-859-2056, reference number 19707175. The conference call will be webcast live at http://bit.ly/1ivgqJD.
ABOUT AMAYA
Amaya provides a full suite of gaming products and services including casino, poker, sportsbook, platform, lotteries and slot machines. Some of the world's largest gaming operators and casinos are powered by Amaya's online, mobile, and land-based products. Amaya is present in all major gaming markets in the world with offices in North America, Latin America and Europe.
DISCLAIMER IN REGARDS TO FORWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE Amaya Gaming Group Inc.
Copyright 2014 Canada NewsWire
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