Ontario Gaming Company INNOVA Announces Q1 2017 Financial Results
The last couple of months have been quite turbulent for INNOVA as the Canadian lottery and alternative gaming leader has seen a purchase offer from Pollard Banknote Ltd. Formalized and ultimately rejected by the special committee that found the offer to be undervaluing and depreciating for current shareholders.
It definitely has been a rocky start to 2017, but the company has announced its financial results from the period of the first three months which reveal that company has gone through a financial increase in the first quarter.
Numbers rise in 2017
ANNOVA recorded a revenue of $5.7 million compared to year-on-year $5.4 million.
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $1.9 million, compared to $1.1 million during the corresponding period last year. The company also recognized more than $385,000 of EBITDA support compensation as part of other non-operating income.
The positive numbers resulted in operation advances and INNOVA was pleased to extend its agreements with Atlantic Bingo Supply covering 403 LT-3 dispensers installed in three bingo halls in the State of Maryland through its wholly-owned subsidiary Diamoing Game Enterprises.
INNOVA chairman and CEO, Richard Weil, was happy to see company’s initiatives to maximize efficiency and drive profitability result in ramped up numbers and clearly visible indicators of success.
“Our business is on track to reach an inflection point in 2017, where recurring revenue will generate more than enough cash to fund maintenance capital expenditures and drive positive free cash flow. We are currently engaged in several late stage discussions with both existing and new customers to drive LT-3 deployments over the next 12 months. We are in a solid competitive position, with unique and innovative products that face limited competition, a solid base of recurring revenue and a strong balance sheet.”, Richard Weil said.