A positive sign from Scientific Games as their revenue rose by 5% in Quarter 2 when you compare the figures to last years quarter. This brings their total revenue to $766.3million a big improvement on the $29.2million that the firm posted in 2016. Their operating income nearly doubled from $59.1million in Q2 of 2016 to $117.3million in the same time period this year. As did its net cash flow from operating activities which grew from $90.8 million to $168.5 million!
Scientific Games net loss was also an area which they wanted to improve, and managed to. It went from a high of $51.7 million which they managed to significantly decreased to $39.1million!There were a couple of main factors that contributed to this number falling; a $26million increase in income from tax provision as well as a $25.2million saving from early extinguishment of pre-existing company debts.
Kevin Sheehan who is the Chief Executive of scientific games released a statement along with these figures, he said; “Second quarter results represent our seventh quarter of consecutive year-over-year growth, including $169m of cash flow from operating activities, as a result of ongoing improvements in our gaming, lottery and interactive operations.
“We achieved year-over-year revenue growth in global gaming machine sales, gaming systems, table products and interactive; as well as in US instant games revenue.”
Because of these results the company is feeling much more positive whilst looking into the future! They are capitalizing on this opportunity and have recently announced plans to amend their existing term loans. Although this is a long term process it is something that needs to be done and it’s good to see Scientific Games taking steps in the right direction. New plans will extend the maturity periods of these loans out to 2024.
Sheeenan added a couple more words on what the company plans for the future; “Across the company, we are maintaining a laser focus on executing our strategies and capitalizing on our many opportunities.” This sounds very hopeful and we wish Scientific Games the best in their future endeavors!
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