Scientific Games maintains improved results despite costly 2019 closing
Publishing its Q4 2019 results, Nasdaq-listed gambling and lottery technology group Scientific Games Corporation (SGC) records period net losses of $37 million (Q42018: $207m).
In its trading statement, SGC notes that during the period company accounts recorded a $40 million loss on debt transactions related to corporate bonds and a ‘$12 million remeasurement’ of its Euro-denominated debt.
SGC Q4 2019 earnings are further set against a comparative quarter in which the company secured a $183 million reversal payment following the resolution of its Shuffle Tech dispute.
The technology group saw a 2% revenue decline to $863 million (Q42018: $886m), as its Gaming Machines unit cited fewer system launches in Canada and lower machine unit sales within North America.
A breakdown of performance by segment saw SGC Gaming the firm’s biggest operating division report a 5% decline in revenues to $455 million (Q42018: $470m).
Meanwhile, SGC’s lottery unit maintained its performance at $233 million (Q42018: $231m), detailing increased international sales of its hardware solutions.
The Nasdaq firm’s interactive units ‘SciPlay’ and ‘SG Digital’ would record a sustained revenue performance of $113 million and $72 million respectively.
Despite recording tough Q4 2019 metrics, SGC governance cites that it combined operating units increased net-cash contributions to $143 million.
Despite its Q4 declines, SGC maintains an improved full-year corporate performance as a group revenue increased by $37 million to $3.4 billion.
Closing its 2019 accounts, SGC governance declares corporate net losses to $118 million, a significant reduction on 2018’s $352 million.
Barry Cottle, CEO and President of Scientific Games, said, “This past year, we made great strides in developing the best games, attracting industry-leading talent, and improving our capital structure. I’m confident we have the right team in place to reach our goal to be the market leader across land-based gaming, lottery, sports and digital gaming driven by leading content and the platforms that enable play anywhere and anytime. Our recent contract and deal wins across our businesses, and the globe, highlight that we are on the right path.”
Source: SBC News
