— Achieves Record Revenue and Adjusted EBITDA with Strong Q-o-Q and Y-o-Y Growth —
— Company on Track to Achieve 2016 Adjusted EBITDA Target of $10.0 Million —
— Installed Base Grows 700%+ Over the Prior Year Period, Post Successful Integration —
VANCOUVER, March 17, 2016 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX-V: PYD) ("Poydras," "PGFC," or the "Company") today announces preliminary, unaudited financial results estimates for the fourth quarter and full year ended December 31, 2015 (all amounts stated in U.S. dollars unless otherwise indicated). The figures provided are preliminary management estimates that have not been approved by the Company's Board of Directors or Audit Committee.
Fourth Quarter and Fiscal Year 2015 Highlights & Financial Results Preview
- Q4 15 revenue grew ~ 20% over Q3 15, from $3.1 million to $3.5 – $3.7 million.
- Q4 15 revenue grew ~ 575% from $0.5 million in Q4 14.
- FY 15 revenue grew more than 400% over FY 14, from $1.6 million to $8.2 – $8.4 million.
- In addition to FY 15 revenue of $8.2 - $8.4 million, the Company received ~ $0.75 million in leasing payments which are classified under IFRS on the statement of financial position as a reduction in finance lease receivable.
- Q4 15 adjusted EBITDA grew ~ 40% over Q3 15, from $1.6 million to $2.1 – $2.3 million.
- FY 15 adjusted EBITDA is expected to be $3.6 – $3.8 million, representing the Company's first year of positive adjusted EBITDA.
"2015 marked a transformational year for our Company, as we closed on the acquisition of the Integrity Companies, added a 600 machine placement with the Tonkawa Tribe of Indians of Oklahoma, and grew our overall machine deployments to approximately 2,400, from 287 at the end of 2014" said Peter Macy, CEO of Poydras Gaming. "Our strong growth trajectory built in the last two quarters of the year will continue into 2016, as our results for the first quarter and onwards will fully reflect the 150 machines placed with the Cheyenne & Arapaho Tribes of Oklahoma at their new Lucky Star Hammon facility. We are expecting FY 16 adjusted EBITDA to approach $10.0 million from our existing machine deployments, with further upside potential as we place additional machines."
The Company expects to file its audited FY 15 financial results on or before April 29, 2016, followed by an investor conference call. Details respecting the conference call will be released approximately one week prior to the call.
About Poydras Gaming Finance Corp.:
Poydras Gaming is a regional slot route operator with approximately 2,400 revenue-generating gaming machines across 25 casinos in Oklahoma and Texas. The Company provides slot machines and related capital expenditures under short- and long-term contracts for existing casinos, new casino developments and gaming machine suppliers in the United States. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward‐looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD‐LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Non‐IFRS Measures – Poydras Gaming Finance Corp.:
Adjusted EBITDA is a financial measure that does not have a standardized meaning under IFRS. Adjusted EBITDA is defined as earnings before financing costs, income taxes, depreciation, amortization, stock based compensation, unrealized foreign exchange, impairment of loans receivable, gain/loss on settlement of loans payable, gain/loss on disposal of assets, and non-recurring costs. In addition, to arrive at adjusted EBITDA, the Company is adjusting its earnings for finance lease receivable reduction and its 50% share of the above mentioned income/expense and gain/loss categories that are included in the Company's income from equity accounted investees. The Company believes that to measure the Company's core business performance and liquidity, and to measure its ability to purchase additional machines, it is important to include these adjustments in determination of adjusted EBITDA.
SOURCE Poydras Gaming Finance Corp.
For further information: Keith Richards, Investor Relations | NATIONAL Equicom, T: 416.848.1599, E: [email protected]; James Kim, VP of Corporate Development, Poydras Gaming Finance Corp., T: (604) 683-8393, E: [email protected]