Gavin Isaacs, president and chief executive of Scientific Games, said that the firm was able to make “significant progress” during the three months through to June 30, 2015, with the company posting growth across key financials.
Revenue for the second quarter amounted to $691.5 million (€631 million), up from the $416.9 million posted in the corresponding period last year and higher than the $658.7 million recorded during the first quarter of this year.
Attributable earnings before interest, tax, depreciation and amortisation also jumped from $132.1 million last year to $266 million in the most recent quarter.
However, Scientific Games did note a year-on-year drop in operating income, which fell from $3.6 million in Q2 of 2014 to a loss of $100,000 in the same three-month period this year.
In addition, net loss increased from a negative of $72.4 million last year to a loss of $102.2 million this year, while cash and cash equivalents slumped from $171.8 million to $129.1 million.
Despite the mixed set of results, Isaacs was upbeat about the firm’s performance in the quarter, stating that its focus is to achieve further revenue growth during the remainder of 2015 and beyond.
“Throughout the second quarter we made further significant progress on implementing our key initiatives targeting revenue growth opportunities, advancing our comprehensive integration efforts and implementing our planned cost savings,” Isaacs said.
“Our focus on accelerating revenue growth is balanced with our commitment to deliver the realisation of anticipated cost savings that will drive expected further enhancement of operating margin and cash flow in the second half of 2015 and beyond.
“We expect the progress from rapidly implementing our integration strategies during the first half of 2015 will be favourably reflected in our performance during the second half of this year.”
Meanwhile, Scientific Games has signed a one-year extension to its instant games partnership with the Massachusetts Lottery.
Under the deal, which runs until October 2016, Scientific Games will continue to provide the Lottery with instant games, game design and marketing services.
Michael Sweeney, interim executive director at the Massachusetts Lottery, said: “This partnership has greatly contributed to our ability to introduce innovative instant products that appeal to our players and generate critical local aid for cities and towns across Massachusetts.”
John Schulz, senior vice-president of instant products at Scientific Games, added: “We look forward to continuing our collaboration and to implementing findings from our recent cross-jurisdictional player segmentation study with the Lottery to provide entertainment for today’s lottery players and help drive revenue for the state.”
