NEW YORK, NY / ACCESSWIRE / August 16, 2017 / Newgioco Group, Inc. (OTCQB: NWGI), a leisure betting technology company providing regulated lottery and gaming products and services through licensed subsidiaries based in Europe, announced today that it has filed its 2017 second quarter results with the U.S. Securities and Exchange Commission.
The company reports income before interest and income tax of $326,616, representing a profit of $0.01 per share for the second quarter of 2017. Net income for the period of $213,405 includes a non-cash interest expense of $83,540, as well as an amortization expense of $117,823 and income tax provision of $14,345, while non-GAAP Gaming Turnover also saw a marked improvement exceeding $102 million for the six months ended June 30, 2017, compared to $54.9 million in the previous year. This result projects annual betting turnover in 2017 to exceed $200 million for the first time in company history and double that of the previous year in 2016. The company also saw a rebound in net gaming revenue in the second quarter which grew our cash position after a challenging first quarter drew down on payout reserves.
Additional report highlights include:
- Cash reserves grew substantially from $121,130 to $2.125 million;
- Total Assets more than doubled from approximately $3.4 million to $7.25 million;
- GAAP revenue reached $7.97 million for the six months ended June 30, 2017, compared to $3.27 million for the same period in 2016, an increase of 143.5%;
- Non-GAAP gaming turnover reached $102 million for the six months ended June 30, 2017, an increase of 85.99% compared to the same period in 2016.
During the second quarter, the Company also obtained certification from the Italian regulator for its Betting Technology Platform, "ELYS," and expects to see improved operating margins, as well as gains in market share from the launch of our market leading betting software.
"Earnings reported during the second quarter of 2017 reflect the first phase of stabilization as Newgioco exits a long period of high initial development costs, including our self-funding of the certification of our betting technology platform," stated company Chairman and CEO, Michele Ciavarella. "Initial feedback from the market participants indicates that ELYS is a welcome, cutting-edge betting software with several innovative features that have immediate appeal to retail operators. We see our betting software as fast becoming a popular industry benchmark and strong asset on which Newgioco can deliver improved shareholder value."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly owned subsidiaries, is a fully integrated and licensed gaming technology company. The company conducts its business primarily through retail neighborhood betting shops and internet-based betting software platform under the registered brand Newgioco through our licensed website, www.newgioco.it, situated in Italy. The company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, lottery, interactive games and slots, as well as an innovative betting platform (www.odissea.at) providing both B2B and B2C bet processing. Additional information is available on our corporate website at www.newgiocogroup.com.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "forecast," "plans," "intends," "potential," and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance, or achievements to differ materially from those expressed in or implied by such statements.
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SOURCE: Newgioco Group, Inc.