Video-gaming-terminal provider Accel Entertainment widened its operation and cut its debt in 2023 and posted increases in fourth-quarter earnings and revenue.
In an 8-K filing Wednesday with the Securities and Exchange Commission, Burr Ridge, Illinois-based Accel said its net income was $16 million, up from $13.4 million a year earlier. Earnings per share weren’t listed.
Adjusted earnings before interest, taxes, depreciation, and amortization, a cash-flow measure that excludes one-time costs, rose 2.9% to $44.6 million from $43.3 million.
Fourth-quarter revenue rose 6.8% to $297.1 million from $278.1 million and topped the $285 million consensus forecast of analysts surveyed by Seeking Alpha.
In its home Illinois market, Accel’s revenue was $219.3 million in the quarter, up 6% from $206.9 million. The company’s revenue also increased in its other regions: Montana, Nevada, and Nebraska.
Accel ended 2023 with 3,961 locations, up 6% from 2022, and 25,083 gaming terminals, up 7% year over year. The company had $281 million of net debt on Dec. 31, down 12% from a year earlier, and bought back $30 million in Class A-1 common stock during the year.
“Accel had another record-setting year in 2023,” Accel Chief Executive Officer Andy Rubenstein said in the statement. “Our continued success demonstrates the long-term viability of focusing on the local gaming market. We continue to explore opportunities throughout the country to expand our reach.”
Accel Entertainment’s 12-month earnings were $45.6 million, or 53 cents per diluted share, down from $74.1 million, or 81 cents per diluted share. The filing didn’t explain the decline.
Twelve-month revenue was $1.2 billion, up 23.7% from $969.8 million a year earlier.
Accel shares rose 5 cents, or 0.48%, Wednesday to close at $10.55 on the New York Stock Exchange.
