US gaming finance and service company Poydras saw revenues and EBITDA rise significantly quarter-on-quarter despite expenses related to the acquisition of Integrity Companies.
During the third quarter ended September 30, Poydras said it had focused on the development of a future growth plan, including the proposed $17 million (€13.7 million) purchase of Integrity Companies, a third-party provider of slot machines to Native American casinos, which will add revenue from approximately 1,550 machines.
Total Q3 revenue increased 40% quarter-on-quarter to $550,045 thanks to a higher number of deployed gaming due to the acquisition of Windy Hill’s operations.
Adjusted EBITDA for the quarter increased to $29,804 from a loss of $52,588 due to the increased revenue and despite approximately $160,000 in additional legal and consulting expenses related to the acquisition of the Integrity Companies.
Peter Macy, chief executive of Poydras said: “We are pleased to be able to show significant continued growth in our business as we deploy machines across our target markets and despite typical seasonal weakness in the Oklahoma market in the late summer quarter.
“We look forward to greatly enhancing that growth and profitability through the completion of our acquisition of Integrity in early 2015 as well additional new machine deployments.”
Poydras was formed last year as Great Northern and began trading on the Toronto stock exchange in May 2014.
The company is focused on leasing and financing gaming machines and related capital expenditures for existing casinos, new casino developments and gaming machine manufacturers and distributors in the US, specifically Oklahoma and California.
source : www.igamingbusiness.com
