Casino equipment maker and financial technology (fintech) supplier Everi Holdings Inc posted first-quarter net income of just over US$20.5 million, compared to a net loss of nearly US$13.5 million in the prior-year quarter. The figure was also an improvement compared with business performance prior to the Covid-19 pandemic: the company had net income of US$5.9 million in the first three months of 2019.
The results for the January to March 2021 period “are a quarterly sequential improvement from the 2020 fourth quarter, and reflect the ongoing but reduced impact from the Covid-19 pandemic, as well as strong casino patron demand,” the firm stated in a Wednesday release.
Walter Bugno, executive vice president of new business and strategic initiatives at International Game Technology Plc (IGT), has resigned from the firm “to pursue a new professional opportunity”. The announcement was made by the casino and lottery technology provider in a press release published on Monday.
Mr Bugno (pictured in a file photo) will continue in his current position until May 14, the announcement added.
IGT had announced in mid-2020 that Mr Bugno was taking on a new role, leading the firm’s “new business and strategic initiatives” group. Prior to the organisational reshuffle, Mr Bugno was chief executive, International, at IGT.
Net income at Crane Co, a provider of products and services to sectors including cash handling in the casino industry, rose 72.6 percent year-on-year in the first quarter, on net sales that increased 4.5 percent for the period.
Such net income was US$108.4 million versus US$62.8 million in the first three months of 2020. Net income per share for the first quarter this year was US$1.84, versus US$1.05 per share a year earlier.
First-quarter net sales amounted to US$833.5 million, compared to US$797.9 million a year earlier.
First-quarter 2021 operating profit was US$146.4 million, compared to US$88.6 million in the first quarter of 2020. Operating profit margin was 17.6 percent, compared to 11.1 percent last year, with the improvement “driven primarily by benefits of 2020 cost actions, productivity, and continued strong performance at Crane Currency,” said the firm.
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SuzoHapp Group, a supplier of cash-handling systems to casinos and other businesses, says logistics hurdles and commodity shortages are among the reasons for higher prices of some of the group’s products. The explanation was included in a Thursday statement from the company.
“Over the past few months, you may have noticed price increases on some of our core products,” stated the firm, adding that it wished to clarify the reasons the “price increases were necessary”.
“Shipping costs and lead times have increased due to higher fuel prices, higher demand for, and limited supply of, shipping materials,” said the company.