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Scientific Games’ financial results for the first six months

Scientific Games, an iGaming Lottery firm revealed their financial results for the first 6 months of 2011 that showed a 7% decrease in revenues to $416.9 million over last year, however, this result was an increase of slightly over 5% when compared to the same period in 2010 excluding its Scientific Games Racing business.

Scientific Games Racing, Scientific Games’ subsidiary was sold by Scientific Games in February 2010 to Sportech, a British iGaming firm for roughly about $83 million. Scientific Games also said that they had cash and equivalents of $127.3 million by the end of June and also availability under a revolving credit facility of $196.6 million.

Scientific Games’ total indebtedness till June decreased by $5.9 million to $1.39 billion when compared to last year. Scientific Games also held free cash at the end of the second quarter of $26.6 million.

The Operating profits for the first 6 months of 2011 also decreased by about 10% to $43.2 million when compared to last year, however their earnings before interest, tax, depreciation and amortisation increased by over 2% to $165.5 million over last year’s figure.

Jeffrey Lipkin, Scientific Games’ Vice-President and Chief Executive Officer stated that “we are very pleased with our results this quarter and believe our growth in revenues and profits during a period of significant global economic uncertainty reaffirms the resilience of our business.”

“In addition, our performance reflects the operating leverage inherent in our business model as operating income growth significantly exceeded revenue growth in our Printed Products Group and Diversified Gaming Group. While our Lottery Systems Group was impacted by depressed jackpot levels in the US, we’re excited that the industry has decided to raise the price of the Powerball game from $1.00 to $2.00. We believe this move will provide players with more exciting jackpots.”

“It’s an exciting time at Scientific Games as we have recently embarked on two equally ambitious and industry precedent-setting endeavors with the commencement of the first US lottery private management agreement in Illinois and the completion of the largest single supplier installation of server-based gaming machines,” said Lorne Weil, Chairman and Chief Executive Officer for Scientific Games.

“While early in their respective operations, we are extremely pleased with their progress to date and remain optimistic regarding their contribution to our future growth. Importantly, we believe their success will help create further opportunities for our company.”

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