PlayAGS Reports 16% Revenue Increase in Q3 Compared with Last Year Period
According to PlayAGS report, revenue in Q3 this year was $78.2m, this is 16% higher than the figures of the prior-year period.
While revenue from equipment sales totalled $21.6m, gaming operations brought the company a total revenue of $56.6m. EGM revenue represented the majority of total figures at $71.6m while interactive revenue and table products revenue climbed 1% and 30% correspondingly (to $2.6m and $4m) year-on-year.
David Lopez, AGS President and CEO, noted that their third quarter financial results further reflected the people, product and process-driven operating momentum building within their business. Lopez added that given the encouraging initial customer response to the broader and more diverse new product lineup they recently unveiled at the Global Gaming Expo, he was even more excited about what lies ahead for their company and its key stakeholders.
According to the group’s report, this year Q3 showed $476,000 of net income while in the prior-year period it faced a net loss of $1.8m. A strong year-on-year revenue growth contributed to operating income of $9m in the third quarter of 2022 compared to $7m in Q3 last year. Besides, for AGS this year’s Q3 became the second consecutive quarter when positive net income was generated.
Kimo Akiona, AGS CFO, noted that he was extremely pleased with the balance sheet deleveraging progress they had made year-to-date, as they ended the third quarter with net leverage at 4.0 times. He added that supported by the stable operating trends they continued to observe within the business, he remained confident in their ability to deliver on their year-end net leverage target of less than 4.0 times and looked forward to further reducing leverage in the years ahead.
In other news, Boyd Gaming closes $170m Pala Interactive purchase.