Increases in unit sales, average selling price and total installed units helped slot machine maker Everi Holdings post a first-quarter net income, reversing a loss in from the quarter a year prior. Revenue also rose.
In a statement Monday, the Las Vegas-based company said it earned $4.6 million, or 6 cents per share, for the three months ended March 31, reversing a year-earlier loss of $3.5 million, or 5 cents per share.
The latest results topped the forecast of analysts polled by Yahoo Finance, who expected the company to lose 1 cent per share in the quarter.
Revenue also beat forecasts to rise 9.9 percent to $111 million from $101 million. Analysts polled by Yahoo Finance expected $106.9 million.
Adjusted earnings before interest, taxes, depreciation and amortization rose 7 percent to $58 million from $54.2 million.
“Our continued growth reflects year-over-year improvement in all of our key performance indicators, including unit sales, average selling price, total installed units and daily win per unit,” Everi CEO and President Michael Rumbolz said in a statement accompanying the results. “We also processed the highest number of cash access transactions in our payments business in eight years.”
Everi said its units sold rose 4.4 percent to 1,063 from 1,018 and game-sales revenue rose 7.1 percent to $20.2 million from $18.7 million. The company’s total installed games based rose 5.6 percent to 13.805 million from 13.074 million.
During the quarter, Everi expanded operations and displayed new products. In March, shortly after its previous earnings report, Everi said it partnered with bZillions, Inc., a Las Vegas game design studio, to develop new games. Financial terms weren’t disclosed.
At April’s Indian Gaming Tradeshow and Convention at the Las Vegas Convention Center, Everi unveiled new slots based on the 1990s cult-hit television show Buffy the Vampire Slayer and Singin’ in the Rain, based on the classic 1952 song-and-dance movie starring Gene Kelly. Both run on Everi’s E43 cabinet.
Everi also showed slots based on the 1970s situation comedy The Brady Bunch, the 1920s cartoon Felix the Cat and the smartphone game Fruit Ninja along with reel-based slots based on the music of country musician Willie Nelson.
Looking forward, Everi said it expects its full-year 2018 adjusted EBITDA of $225 million to $230 million, reflecting growth of 6 percent to 8 percent. Everi further said it expects full-year game sales to rise 10 percent.
Everi shares rose 23 cents, or 3.35 percent, Monday to close at $7.10 on the New York Stock Exchange. Their shares have fallen 3.5 percent from beginning the year at $7.36.
