Intertain Group reports 80 percent rise in revenues to Cdn$5.2 million
Toronto-based and listed online gambling company Intertain Group Limited has posted its first Q2-2014 report, featuring revenues up sequentially on Q1 by 80 percent to Cdn$ 5.2 million.
Financial highlights of the report include:
* Revenues of Cdn$ 5,227,338;
* EBITDA at Cdn$ 1,483,759;
* Earnings at Cdn$ 4,242,258;
* EPS of 0.29 a share;
* Acquisition spend of Cdn$ 1,424,231;
* Net losses of Cdn$ 836,856.
Operational highlights included:
* The acquisition of Mandalay Media Limited for an initial payment of GBP 45 million in cash, exclusive of working capital adjustments, with up to a further cash payment of GBP15 million, contingent on future profit performance.
Mandalay owns some of the United Kingdom's leading online bingo websites, including Costa Bingo, Sing Bingo, City Bingo, Fancy Bingo and Rio Bingo as well as leading affiliate sites Casino Choice and Ignite.
For the fiscal year ending August 31, 2013, these Bingo-oriented businesses generated approximately GBP 16.1 million in revenue and approximately GBP 7.9 million in net income, the company reported.
For the three months ended June 30, 2014, the Bingo businesses generated approximately GBP 4.7 million in revenue and approximately GBP 2.1 million in net income. However, due to the fact that the acquisition occurred subsequent to Intertain's second quarter, Mandalay Media results are not reflected in Intertain's current financial results.
"We are pleased with the progress that the company has made in the second quarter," said John FitzGerald, president and CEO of Intertain. "Mandalay's bingo product will augment Intertain's existing business as it will help diversify our current Intercasino and InterBingo offerings and provide the company with immediate access to new markets and a robust player base.
"In addition, we were able to secure the business after a successful marketing campaign, paid for by Mandalay's vendors, which gives us a significant and ongoing advantage in terms of player acquisition and retention."
Intertain provides online gambling entertainment to the international market, and offers online casino, bingo and poker games through InterCasino, InterPoker, Costa and other brands. The InterCasino and InterPoker gaming platform is supplied by Amaya Gaming Group Inc., whilst the bingo offering operates off of the Dragonfish platform.
Online Casino News Courtesy of Infopowa