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Intralot’s first quarter financial results

Intralot, a developer and supplier of transaction processing systems and gaming has revealed their financial results for the first 3 months of 2011 which showed a 32% increase in consolidated revenues to €300.9 million over last year.

Athens based Intralot also released their income before the tax, interest, depreciation and amortisation for this past quarter of 2011 which showed a 14.6% increase to €39 million when compared to last year and for those after minorities but prior to any foreign exchange gains or losses increased by 90.2% to €12.8 million over last year.

Onto the negative part where Intralot revealed that their earnings before tax for the first quarter of 2011 decreased by 41.6% to €16.2 million when compared to last year and it’s income after the tax and minorities dropped by 53.7% to €7 million over the first 3 months last year because of the foreign exchange losses.

The net debit decreased by €2.7 million and revenues from the parent firm rose by 1.5% to €26.5 million over last year. Intralot described the first quarter as ‘cashflow positive’.

Constantinos Antonopoulos, Intralot’s Chief Executive Officer stated that “we are satisfied that we managed to grow our sales and earnings before interest, tax, depreciation and amortisation during the first quarter of 2011.”

He added “Moreover, we stressed in our 2010 fiscal year results announcement that from 2011 and onwards we would focus on the improvement of the company’s cashflow. I am very pleased to say that we have accomplished this already in our first quarter 2011 results as net debt decreased marginally despite a front-loaded quarter in terms of capital expenditure. We believe that in the next three quarters of 2011 the improvement will be even greater.

“These results are attributed, among other factors, to the steps that we took last year in order to improve our operations and better exploit our assets. In the short and mid-term we will focus on innovation, the exploitation of our existing projects, the liberalisation of selected markets, the privatisation of lotteries and the continued improvement of our cashflow generation so as to increase our shareholders’ value.”

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