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AG&E Holdings Inc. Reports
Second Quarter 2017 Financial Results
— Revenues up 132% to $3.3 million —
Hammonton, New Jersey – August 14, 2017 --- AG&E Holdings Inc. (OTCQB - AGNU), whose wholly-owned subsidiary, American Gaming & Electronics, Inc., is one of the largest supply companies in the gaming industry, announced financial results today for the quarter ended June 30, 2017.
Second Quarter Financial Highlights
Revenues were $3.3 million, up $1.9 million from the comparable prior year period
Net loss reduced to $(0.3) million, which is $0.5 million less than the prior year
Net sales for the second quarter of 2017 totaled $3.3 million compared to $1.4 million in the second quarter of 2016. The increase in revenue of $1.8 million is primarily attributed to the acquisition of Advanced Gaming Associates LLC (AGA) in late 2016.
For the second quarter, AG&E reported a net loss of $(0.3) million, or $(0.02) per share which included intangible amortization of $54,000 associated with the acquisition of AGA. For the second quarter of 2016 AG&E reported a net loss of $(0.8) million, or $(0.07) per share which includes transaction related costs of $0.3 million. This represents an increase in net income of $0.5 million compared to the prior year quarter.
For the six-month period ended June 30, 2017, AG&E reported revenue of $6.4 million compared to $3.4 million in the same six-month period of 2016. The increase in revenue of $3.0 million is primarily attributed to the acquisition of Advanced Gaming Associates LLC (AGA) in late 2016.
AG&E reported a net loss of $(0.7) million or $(0.04) per share for the six-months ended June 30, 2017 which included transaction related costs of $50,000 and intangible amortization associated with the acquisition of AGA of $0.1 million. The Company reported a net loss of $(1.6 million), or $(0.13) per share, which included transaction related costs of $(0.4) million for the six-month period of 2016.
"We are pleased to announce that along with our revenue growth of 132% to $3.3 million in the second quarter, we are continuing to show steady improvements in our bottom line,” said Anthony Tomasello, CEO and President. "Although we are showing a net loss of $(0.3) million for the second quarter, this is an improvement of $0.1 million from the first quarter 2017 and an improvement of $0.5 million when compared to second quarter 2016.
Mr. Tomasello continued, “We are also pleased to announce that we will be working with Image Power to supply slot technicians to maintain all technical operations on the casino floor at several Maryland-based casinos. In our opinion this is a step towards the future that allows the operator to control staffing levels and still have a qualified work force for both regular and high volume periods. The economic savings is considerable for the operator and includes other beneficial services such as inventory control, preventative maintenance and a large back up staff for projects.”
We have also focused on enhancing our relationships with equipment manufacturers. To that effect, we have recently entered into a distribution and service agreement with GameCo Inc a leading manufacturer of skill based casino machines geared to the millennial player. The Company is presently in negotiations with several other equipment manufacturers regarding distribution agreements.
The following information was filed by Age Holdings Inc. (AGNU) on Monday, August 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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