Elixir Gaming Technologies Inc (EGT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Elixir Gaming Technologies Inc has a market cap of $30.5 million; its shares were traded at around $0.2649 with a P/E ratio of 0.2 and P/S ratio of 1.9. EGT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Gross profit increased approximately $2.8 million to a profit of $0.6 million for the three-month period ended March 31, 2010 compared to a gross loss of $2.2 million in the same period of the prior year primarily as a result of higher gross margin for our gaming machine participation as average net win per machine and number of machines in operation increased substantially and gaming machine depreciation expense decreased as a result of impairment charges at year end 2009.
Operating loss from continuing operations declined $4.4 million to $1.4 million for the three-month period ended March 31, 2010 compared to an operating loss of $5.8 million in the same period of the prior year. Net loss from continuing operations declined $4.4 million to $1.6 million compared to a net loss of $6.0 million for the same period in the prior year. The decline in operating and net loss from continuing operations was primarily the result of higher gaming participation revenue and significantly reduced operating expenses.
In September 2007, we began our electronic gaming machine participation operations in Asia as part of our primary focus on placing gaming machines on a revenue sharing basis. Revenue from our gaming machine participation operations during the three months ended March 31, 2010 increased $1.9 million to $2.8 million compared to revenue of $0.9 million for the same period in the prior year. The increase in revenue was primarily the result of a higher number of machines in operation and higher average net win per machine compared to the prior year when our gaming machine participation operations were less mature.
Gross profit from gaming machine participation operations increased $2.8 million to $0.6 million for the three months ended March 31, 2010 compared to a gross loss of $2.2 million for the same period in the prior year as revenue from our gaming machine participation operations increased significantly and the related depreciation expenses were reduced as a result of recent impairment charges. Cost of goods sold for the three months ended March 31, 2010 included $1.9 million depreciation of electronic gaming machines and $0.3 million of other expenses, which include approximately $0.1 million for the write-down of infrastructure costs due to the closure of one under-performing venue in the Philippines.
While we and NagaWorld will share the win per unit per day from the 640 machines at a 25% / 75% split, respectively, we will be entitled to 100% of the win per unit per day from the 200 existing machines placed under the July 09 Agreement until we have received a total accumulated win per unit per day of $7.3 million from the said 200 machines and 100% of the win per unit per day from the additional machines until we have received a total accumulated win per unit per day of $5.47 million from the additional machines under the December 30, 2009 contract (representing the $4.1 million commitment fee plus our 25% share of the win per unit per day from the additional machines).
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Elixir Gaming Technologies Inc has a market cap of $30.5 million; its shares were traded at around $0.2649 with a P/E ratio of 0.2 and P/S ratio of 1.9. EGT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Total revenues for the three-month period ended March 31, 2010 increased approximately $2.7 million to $4.4 million from $1.7 million in the corresponding period in the prior year due to revenue increases in all segments, i.e. gaming machine participation, table game products, and non-gaming product. Revenue from gaming machine participation increased as a result of an increase in the number of machines in operation and higher average net win per machine. Table game product sales increased as a result of higher gaming chip sales to existing customers. Non-gaming product sales increased as a result of increased orders from major customers as compared with same period last year.Gross profit increased approximately $2.8 million to a profit of $0.6 million for the three-month period ended March 31, 2010 compared to a gross loss of $2.2 million in the same period of the prior year primarily as a result of higher gross margin for our gaming machine participation as average net win per machine and number of machines in operation increased substantially and gaming machine depreciation expense decreased as a result of impairment charges at year end 2009.
Operating loss from continuing operations declined $4.4 million to $1.4 million for the three-month period ended March 31, 2010 compared to an operating loss of $5.8 million in the same period of the prior year. Net loss from continuing operations declined $4.4 million to $1.6 million compared to a net loss of $6.0 million for the same period in the prior year. The decline in operating and net loss from continuing operations was primarily the result of higher gaming participation revenue and significantly reduced operating expenses.
In September 2007, we began our electronic gaming machine participation operations in Asia as part of our primary focus on placing gaming machines on a revenue sharing basis. Revenue from our gaming machine participation operations during the three months ended March 31, 2010 increased $1.9 million to $2.8 million compared to revenue of $0.9 million for the same period in the prior year. The increase in revenue was primarily the result of a higher number of machines in operation and higher average net win per machine compared to the prior year when our gaming machine participation operations were less mature.
Gross profit from gaming machine participation operations increased $2.8 million to $0.6 million for the three months ended March 31, 2010 compared to a gross loss of $2.2 million for the same period in the prior year as revenue from our gaming machine participation operations increased significantly and the related depreciation expenses were reduced as a result of recent impairment charges. Cost of goods sold for the three months ended March 31, 2010 included $1.9 million depreciation of electronic gaming machines and $0.3 million of other expenses, which include approximately $0.1 million for the write-down of infrastructure costs due to the closure of one under-performing venue in the Philippines.
While we and NagaWorld will share the win per unit per day from the 640 machines at a 25% / 75% split, respectively, we will be entitled to 100% of the win per unit per day from the 200 existing machines placed under the July 09 Agreement until we have received a total accumulated win per unit per day of $7.3 million from the said 200 machines and 100% of the win per unit per day from the additional machines until we have received a total accumulated win per unit per day of $5.47 million from the additional machines under the December 30, 2009 contract (representing the $4.1 million commitment fee plus our 25% share of the win per unit per day from the additional machines).
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