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Scientific Games’ financial results for the 3rd quarter

Scientific Games Corporation, an iGaming lottery giant revealed a slight increase in total revenues to $222.7 million in their recently released financial results for the 3rd quarter of 2011 when compared to the same period last year.

Barcrest Group Limited, an iGaming content and machine supplier was purchased from International Game Technology, knows as IGT by Scientific Games back in September who also revealed that their operating income for the 3rd quarter of 2011 decreased by 1% to $21.4 million over last year’s figure.

Scientific Games reported another decrease in their net loss from $8.7 million which was last year’s figure, to $4.1 million while their total cash expenditure also dropped by almost 6% to $24.2 million over last year as well as a boost in free cashflow by 112% to $30.8 million.

Lorne Weil, Scientific Games’ Chairman and Chief Executive Officer stated that “our global lottery and gaming operations performed very well this quarter with mid-teens growth in revenue.”

“We believe this reflects the investments we’ve made in the past year in our key growth initiatives. We are especially pleased with these results in the face of a quarter that was marked by significant global economic uncertainty. The strength of our recession-resistant business model is borne out in challenging economic times like these and the pipeline of new opportunities often expands as lotteries and other businesses seek new sources of revenue.”

While Jeffrey S. Lipkin, Scientific Games’ Senior-Vice President and Chief Financial Officer stated that “we have produced free cashflow of over $84 million year-to-date. Our recent credit agreement amendment has strengthened our balance sheet by extending our weighted average maturities to over five years. This positions us well to pursue additional growth opportunities while maintaining a stringent focus on enhancing return on invested capital.”

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