Philippines provides relief for Entertainment Gaming Asia

    Entertainment Gaming Asia, a company focused on emerging Asian markets, reported consolidated Q2 revenue of $4.9 million, a 5 percent decrease compared with $5.2 million in the year ago quarter. Gaming operations revenue was $4.4 million for the second quarter of 2014, down 12 percent from $5.0 million in the second quarter of 2013. The decline was primarily due to lower average daily net win per unit from NagaWorld, partially offset by improved revenue from Dreamworld Poipet. Adjusted EBITDA was $2.1 million while net income was $217,000, compared with a net loss of $286,000 in the prior year, though the 2013 figures included a net loss of $378,000 from discontinued operations related to Dreamworld Pailin and the Dolphin Products Pty Limited non-gaming plastic products business sold in March 2013. The increase in net income was the result of higher gross profit from the Company’s Philippines gaming operations primarily due to an increase in fully depreciated gaming assets and lower operating expenses. Chairman Clarence Chung said that the slight improvement in average daily net win in its Philippines operations was mainly due to new marketing initiatives. The company has a cash balance of $4.7 million and zero debt as of June 30, 2014.