Gaming company Intralot said on Tuesday that its consolidates revenues for the first quarter of 2011 increased by 32% compared to the corresponding period last year, reaching €300.9m.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 14.6% to €39.0m, compared to €34.0m in 1Q10, according to an announcement.
Earnings Before Taxes (EBT), were €16.2m, 41.6% lower than 1Q10, while Earnings After Taxes and after minorities (EAT-am) decreased by 53.7% to €7.0m impacted by 5.8m of FX losses. EAT (after minorities, prior FX gains/losses) reached €12.8m from €6.7m. in 1Q10, posting a 90.2% increase. The quarter was cash-flow positive as net debt dropped by €2.7m, despite the front-loaded quarter in terms of CAPEX.
Revenues for the parent company were shaped at €26.5m posting an increase of 1.5% compared to 1Q10. EBITDA decreased by 66.2% to €2.4m and Earnings After Taxes (EAT) were €0.1m in 1Q10.
Commenting on 1Q11 results INTRALOT Group CEO, Mr. Constantinos Antonopoulos, stated:
"We are satisfied that we managed to grow our sales and EBITDA during the 1Q of 2011. Moreover, in our FY 2010 results announcement we stressed that from 2011 and onwards we would focus on the improvement of the company΄s cash-flow. I am very pleased to say that we have accomplished this already in our 1Q 2011 results, as net debt decreased marginally despite a front loaded quarter in terms of CAPEX. We believe that in the next three quarters of 2011 the improvement will be even greater.
These results are attributed, among other factors, to the steps that we took last year, in order to improve our operations and better exploit our assets.
In the short- and mid-term we will focus on innovation, the exploitation of our existing projects, the liberalization of selected markets, the privatization of lotteries, and the continued improvement of our cash flow generation, so as to increase our shareholders΄ value."
CAPITAL
