Scientific Games reports fourth straight quarterly loss
Las Vegas-based gaming equipment manufacturer Scientific Games Corp. suffered its fourth straight quarterly net loss, but saw revenue climb 9.4 percent for the quarter and 6.9 percent for the year, the company reported Wednesday.
Scientific, which produces technology-based gaming systems, table games, slot machines and sports-betting platforms, reported a loss of $43.1 million, 48 cents a share, on revenue of $823 million for the quarter that ended Dec. 31.
For the same quarter a year ago, the company reported a loss of $110.8 million, $1.26 a share, on revenue of $752.2 million.
The company has scheduled a conference call on earnings results for Thursday.
Scientific reported growth in its three business segments. Gaming was up 7 percent to a quarterly record $492.5 million, thanks to the shipment of 10,249 new slot machines.
The company’s lottery division was up 9 percent to $217.2 million with record quarterly play and the company’s interactive division saw revenue grow 24 percent to $113.3 million.
The exchange of foreign currency had a $10.3 million favorable impact on revenue.
The company recently refinanced its debt which is expected to save $69 million a year in interest costs based on current rates and it extended a portion of its debt maturities.
Scientific shares were down $1.55, 3.4 percent, to $44.45 a share on volume slightly ahead of its daily average. After-hours trading gains retreated after a brief uptick and the issue ended at the closing price.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
Scientific Games Corp.
Fourth-quarter revenue and earnings for Las Vegas-based Scientific Games Corp. (Nasdaq: SGMS).
4Q 2017; 4Q 2016; Change
Revenue: $823 million; $752.2 million; +9.4%
Loss: $43.1 million; $110.8 million; +61.1%
Loss per share: 48 cents; $1.26; +61.9%
