Operating income almost doubled from US$ 59.1m in Q2 of 2016 to US$ 117.3m in the most recent three-month period. In addition, net cash flow from operating activities increased from US$ 90.8m to US$ 168.5m.
As a result, revenue for the first six months of the current year stands at US$ 1.49 billion, up from US$ 1.41 billion at the same point in 2016. Operating income for the first half amounted to US$ 205.3m compared to US$ 109.4m in the previous year, while net loss improved from US$ 144m to US$ 139.9m.
Kevin Sheehan, chief executive of Scientific Games, said: "Second quarter results represent our seventh quarter of consecutive year-over-year growth, including US $169m of cash flow from operating activities, as a result of ongoing improvements in our gaming, lottery and interactive operations.”
"We achieved year-over-year revenue growth in global gaming machine sales, gaming systems, table products and interactive; as well as in US instant games revenue. Across the company, we are maintaining a laser focus on executing our strategies and capitalising on our many opportunities,” Sheehan added.
Meanwhile, Scientific Games has announced plans to take advantage of what it has described as "favourable market conditions” to refinance a portion of its debt to lower cash interest costs, extend debt maturities and generally lower its cost of capital.
Michael Quartieri, chief financial officer of Scientific Games, commented: "With our strengthened performance, we are well positioned to further improve our capital structure and lower our cost of capital.”
Source: GMB / iGaming Business
