Gaming Nation earns $1.15-million in Q3 2015
2015-11-17 14:34 MT - News Release
Mr. Scott Secord reports
GAMING NATION INC. ANNOUNCES Q3 2015 FINANCIAL RESULTS
Gaming Nation Inc. has released its financial and operational results for the third quarter ended Sept. 30, 2015. Consolidated unaudited financial statements and management discussion and analysis for the nine-month period ended Sept. 30, 2015, can be found on SEDAR. All amounts are reported in Canadian dollars unless otherwise noted.
Third quarter 2015 financial highlights
The Sept. 30, 2015, year-to-date operating results of Gaming Nation include the operations of 5050 Central, Fantasy Feud, Pick Nation and Fantasy Guru for the period from June 9, 2015, to Sept. 30, 2015.
Consolidated revenue for the quarter was $3,279,443.
Net income for the quarter was $1,150,687.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $582,885.
Cash and short-term investments as of Sept. 30, 2015, was $20,896,069.
Working capital as of Sept. 30, 2015, was $16,164,390.
Third quarter 2015 operational highlights
5050 Central successfully facilitated legislative change in the states of Texas and California.
5050 Central added key major professional sports teams as clients, including the Washington Redskins, Denver Broncos, Sporting KC and Vancouver Whitecaps.
Fantasy Feud grew its total registered players by 32 per cent from the second quarter while increasing total depositors by 53 per cent during the same period.
Fantasy Feud's 2015 third quarter revenues increased by 392 per cent from the third quarter of 2014.
Fantasy Guru and Pick Nation realized overall growth in both their subscriber bases.
Scott Secord, chief executive officer of Gaming Nation, commented: "We are pleased to announce our first full-quarter results, which demonstrate the continued growth of our businesses. 5050 Central and Fantasy Feud both realized substantial increases in new revenues from onboarding of new 5050 Central clients and increases in both the number of participants and depositors in Fantasy Feud. Our sports information portals, Fantasy Guru and Pick Nation, are also realizing net growth in their subscriber base. These results are a reflection of our continued commitment to execute our business and operation strategies."
Third quarter conference call details
Gaming Nation will host a conference call on Wednesday, Nov. 18, 2015, at 11 a.m. ET, to discuss its financial and operational results for the third quarter of 2015. Scott Secord, chief executive officer, and Blair McGibbon, chief financial officer, will chair the call.
To access the conference call, please dial 1-888-789-9572 or 1-416-340-2217 10 minutes prior to the scheduled start of the call. The conference ID number is 2333404.
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