US – Scientific says higher revenues will narrow Q4 lossBy Phil - 25 January 2018
Scientific Games expects that higher fourth quarter revenue will allow it to narrow its loss.
The company said it expected a net loss of between $40m and $50m in the fourth quarter, with costs of $28m spent on restructuring primarily relating to the purchase of NYX Gaming. This compares to net loss of $111m in the fourth quarter a year ago.
Scientific expects fourth quarter revenue to increase by nine per cent to between $820m to $825m. It added it wants to refinance some of its debt to take advantage of favourable market conditions to lower its cost of debt and extend maturities.
“Our preliminary results for the fourth quarter 2017 reflect our focus on generating top-line growth and ongoing improvements across our gaming, lottery and interactive operations,” said Kevin Sheehan, CEO and President of Scientific Games. “I am proud of the dedication and success achieved by the collaborative efforts of our Scientific Games colleagues around the globe who continue to empower our customers and deliver success for all our stakeholders.”