Game and lottery provider Scientific Games Corp reported a 77.4% increase in revenue to $416.9 million in the second quarter of 2014.
The Nasdaq-listed company said in a statement Tuesday that it still suffered a net loss of $72.4 million, or $0.86 per share, compared with a net loss of $12.4 million, or $0.14 per share, in the year-ago quarter.
“Our Q2 revenue of $416.9 million reflects contributions from the acquisition of WMS, which significantly expanded our gaming business, and a 7% year-over-year increase in lottery revenue,” said Gavin Isaacs, President and Chief Executive Officer of Scientific Games.
Scientific Games acquired WMS Industries, a U.S.-based slot machine manufacturer, in 2013. This move allowed the company, initially specializing in lottery equipment and management, to enter the slot machine sector.
“While our second quarter results continued to reflect challenging gaming industry conditions, we saw the benefits of sequential quarterly revenue growth and ongoing consolidation initiatives across our business,” Mr Isaacs added.
Scientific Games last week announced a $5.1 billion deal to acquire gaming equipment supplier Bali Technologies.
“This transaction will significantly expand Scientific Games’ portfolio to leading casino management systems and table products, including automatic shufflers, proprietary table games, and electronic table systems, and will facilitate further expansion of Scientific Games’ social and incontinence interactive business,” Mr. Isaacs said.
He added: “We believe this combination provides opportunities to cross-exploit the company’s content and technology across lottery, gaming and interactive distribution channels and platforms, further diversifying revenue streams, and increasing cash flow to meaningfully reduce leverage.”
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