Entertainment Gaming Asia Inc. reports 41 percent increase in revenue in 2015

Pan-Asia focused Entertainment Gaming Asia Inc. has reported a 41 percent increase in consolidated revenue for the 2015 fiscal year, at $31.5 million, due to increases in gaming operations and gaming product business divisions, according to a recent release.

Gaming operations revenue was up 11 percent to 18.1 million for the year, and average consolidated daily net win per unit increased 16 percent to $122. The increases were due to improvements in the Cambodian operations, said the Melco International Development Limited subsidiary.

Revenue from gaming products was $13.4 million for in 2015 compared to $6.0 million in the 2014 fiscal year. New casino opening and existing customer reorders were cited as the reasons of the high performance.

Adjusted EBITDA was reported at $11.2 million in the 2015 fiscal year compared to $5.1 million in the previous year.

The company also reported net income of $820,000, which compares to a net loss of $2.8 million in the 2014 fiscal year. The increase in net income was as a result of “significant improvement in gaming products sales and gross margin, an increase in gaming operations revenue and a reduction in SG&A expenses.”

Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “We are pleased to report a profitable 2015 fiscal year driven by strong gaming operations revenue, record gaming products performance and cost controls.  We accomplished this despite incurring approximately $3.0 million in non-cash charges associated with both impairments of certain gaming operations assets and the loss on disposal of obsolete equipment for the gaming products division in the fourth quarter.

As a result of this solid performance, we have increased our cash position by nearly $13.4 million in the 2015 fiscal year to $30.7 million as of December 31, 2015. We are focused on utilizing these resources to secure projects in new and existing markets with the goal of fueling long-term growth for the Company.”