INNOVA to Announce Q1 2017 Financial Results in May

Publish: 27.04.2017

INNOVA Gaming Group Inc. announced this week that a conference call will be held on 11 may to discuss company’s financial results from the first quarter of 2017.

Chairman and Chief Executive Officer of INNOVA Richard Weill and Stephen Koo, Chief Financial Officer, will chair the call which will be webcast through this link.

2016 Highlights

Amaya-owned company specialized in providing the global gaming industry with unique games and products this week announced its financial results for the three and twelve-month periods closing with 31 December 2016 highlighting operations which yielded in total revenue of $22.7 million.

Compared to results presented in 2015, the company achieved a $1.5 million rise.

“We continued to drive solid revenue and earnings growth in 2016 despite some specific challenges from a new deployment perspective,” said Richard Weil, Chairman and CEO of INNOVA.

Other financial highlights of 2016 included:

  • LT-3 Revenue grew 19.1% in 2016, compared to 2015
  • Average LT-3 Win Per Unit per day of $142
  • Average Revenue Per Unit per day of $29
  • Adjusted EBITDA – $5.8m compared to $4.6m year-on
  • Adjusted EPS – $0.15 compared to $0.09 in 2015

Subsequent highlight of positive operations in 2016 was achieved during 2017 when INNOVA received an unsolicited proposal from Pollard Banknote Limited to acquire all of the outstanding Common Shares of the company.

INNOVA’s parent company – Amaya – signed the Support Agreement containing covenants restricting Amaya’s ability to solicit or in any manner assist with any proposal for a transaction involving INNOVA other than the Pollard Proposal, whereas he board of directors ultimately formed a special committee that will review and evaluate the Pollard proposal which is thought to be undervaluing INNOVA’s worth.

Pollard Banknote formalized their offer earlier in April which will be valid until August 2017.