Everi Holdings Inc (EVRI) saw its loss narrow to $3.51 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $13.15 million, or $0.20 a share. Revenue during the quarter grew 15.44 percent to $237.54 million from $205.77 million in the previous year period. Gross margin for the quarter contracted 80 basis points over the previous year period to 35.49 percent. Total expenses were 90.48 percent of quarterly revenues, down from 98.16 percent for the same period last year. This has led to an improvement of 768 basis points in operating margin to 9.52 percent.
Operating income for the quarter was $22.60 million, compared with $3.78 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $54.17 million compared with $45.74 million in the prior year period. At the same time, adjusted EBITDA margin improved 58 basis points in the quarter to 22.81 percent from 22.23 percent in the last year period.
Michael Rumbolz, President and Chief Executive Officer of Everi, commented, “Our 2017 first quarter financial results, including double-digit year-over-year revenue and Adjusted EBITDA growth, reflect the fourth consecutive quarter of successful execution against our strategic operating priorities. Our Games segment continues to benefit from the introduction of a diverse portfolio of engaging new products, while our Payments segment is extending its market leadership position through continued innovation.
Operating cash flow improves significantly
Everi Holdings Inc has generated cash of $31.36 million from operating activities during the quarter, up 26.93 percent or $6.65 million, when compared with the last year period. The company has spent $20.35 million cash to meet investing activities during the quarter as against cash outgo of $24.56 million in the last year period.
The company has spent $2.50 million cash to carry out financing activities during the quarter as against cash outgo of $2.99 million in the last year period.
Cash and cash equivalents stood at $127.86 million as on Mar. 31, 2017, up 28.72 percent or $28.53 million from $99.33 million on Mar. 31, 2016.
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