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Amaya returns to profit

Regulated gaming industry entertainment solutions provider’s earnings hurt by recent purchases of Ongame and Cadillac Jack.

Thursday 29th November 2012

Regulated gaming industry entertainment solutions provider Amaya Gaming Group Incorporated has released its financial results for the third quarter of 2012 showing that it experienced a massive 360 percent year-on-year increase in revenues to CAD$18.31 million (US$18.39 million). The Montreal-based server and network-based gaming specialist recently signed a definitive agreement to purchase Ongame Network Limited for $19.3 million in addition to spending $166.4 million to acquire electronic machine and technology supplier Cadillac Jack Incorporated and revealed that revenues for the nine months to the end of September rose by 341.6 percent year-on-year to CAD$39.24 million (US$39.44 million). Amaya stated that adjusted third-quarter earnings before interest, tax, depreciation and amortisation came in at CAD$5.91 million (US$5.93 million), which was considerably better than the deficit of CAD$900,107 (US$904,435) it reported for the same period last year, while the nine-month figure swelled from a shortfall of CAD$3.46 million (US$3.48 million) to an surplus of CAD$6.36 million (US$6.39 million). All of this saw Amaya declare net third-quarter earnings of CAD$881,451 (US$885,623), which is up from a debit of CAD$1.81 million (US$1.82 million) for the same three-month period in 2011, while the nine-month figure dropped by 34.9 percent year-on-year to CAD$6.401 million (US$6.43 million). “We were very pleased with the organic growth of our revenues in the third quarter over the second quarter, which was primarily due to the growth of the licensee bases in Europe of our subsidiaries CryptoLogic and Chartwell,” said David Baazov, President and Chief Executive Officer for Amaya. “We're also extremely excited about our recent acquisitions of Cadillac Jack and Ongame. Cadillac Jack provides Amaya with an important presence in the United States and the ability to offer physical, virtual and mobile gaming solutions to our customer base, which addresses a growing trend toward convergence in our industry. “Additionally, we expect to leverage Amaya's existing customer base in Europe as well as our sales and support staff to place Cadillac Jack's top quality gaming machines in that region. Our acquisition of Ongame provides us with a global online poker network reaching 20 million customers that includes 25 of the iGaming industry's strongest brands. Having a top quality poker engine also positions us to participate in the United States market as the regulation of online poker evolves. We expect to capitalise on revenue and cost synergies from both acquisitions early in the New Year.”

Source: OnlineCasinoNews

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