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INNOVA Posts Q1 2017 Results
The Ontario-based developer of lottery and gaming products INNOVA Gaming Group has just released their financial results for the first quarter of this year.
The start of the year has been a bit rough for the company. In March it seemed INNOVA would get a new owner after Pollard Banknote made an offer to purchase a large number of unpaid shares.
Eventually, the deal didn’t go through, since the special committee rejected the offer, which was described as “undervaluing and depreciating”.
All that aside, the company has to be satisfied with the first three months of 2017, since the results show a year-on-year increase in revenue.
Numbers on the Rise
INNOVA recorded a revenue of $5.7 million, which is 5.6% more than in the same period of last year.
The earnings before interest, taxes, depreciation and amortization (EBITDA) went up by a staggering 72% to $1.9 million, while $385,000 of EBITDA originated as a part of other income. During the same period of 2016, the company’s EBITDA was $1.1 million.
Things Are Already Looking Better
The positive results have already influenced INNOVA’s operations since the company announced it had extended the agreements with Atlantic Bingo Supply.
The deal with the Maryland-based company, which is one of the largest distributors in the gaming industry, covers 403 LT-3 dispenser installed in three bingo halls in Atlantic Bingo Supply home state.
Richard Weil, Chairman and CEO of INNOVA, said he was extremely joyous that company’s initiative to maximize efficiency and profitability resulted in such a successful manner.
He added the company would soon generate more than enough cash to drive positive free cash flow.
Weil also stated the talks with both existing and new clients were in progress and that company was in a solid competitive position, with a strong balance sheet.