Newgioco Group Files 2016 Third Quarter Results on Form 10-Q
(Thomson Reuters ONE) -
NEW YORK, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Newgioco Group, Inc. (OTCQB:EMGL) a
company providing regulated online and offline gaming and wagering through
licensed subsidiaries in Italy, announced today that it has filed its 2016 third
quarter results with the U.S. Securities and Exchange Commission.
For Q3 2016, the company reports income before tax of $267,125 and after tax
income of $36,115, representing a profit of $0.001 per share, compared to losses
reported over each prior period during the 2-year development phase. The net
result for the quarter also includes a non-cash interest charge of $168,890 as
well as an income tax provision of $220,275. A marked improvement in non-GAAP
Gaming Turnover from approximately $50 million to $80 million for the nine
months ended September 30, 2016, compared to the previous year, sets a pace to
exceed $100 million in annual betting turnover for the first time in company
history.
Additional report highlights include:
* Cash in the bank grew substantially from $157,363 to $1.68 million;
* Total Assets doubled from approximately $3.6 million to $7.1 million;
* Non-GAAP gaming turnover reached $24.93 million for the three months ended
September 30, 2016, an increase of 42.58% compared to the same period in
2015;
* GAAP revenue reached $2.6 million for the three months ended September
30, 2016, compared to $1.1 million for the same period in 2015, an increase
of 133%.
The addition of approximately 110 land-based locations during the third quarter
of 2016 validated our business theory by resulting in scaled up profits compared
to similar betting metrics in our online vertical. However, despite significant
improvement in almost all business metrics, market capitalization suffered due
to lack of liquidity in the company's common stock.
"Along with many firsts for our company, the third quarter of 2016 marked the
completion of the first stage of our operations milestones that included the
integration of the proprietary betting platform and large build-out of our land-
based footprint. Earnings reported during this period indicate a key inflection
point by reaching after tax profit for the very first time," stated company
Chairman and CEO, Michele Ciavarella. "Compared to previous quarters, our
stabilizing enterprise-wide economics combined with leveling off corporate
expenses demonstrates that our business strategy was effective and is consistent
with our growth model. Aggregate pre-tax earnings from gaming operations
exceeded $1 million for the first time in our history and the integrated betting
platform now allows us to compete for a significant amount of market share by
capitalising on the Italian license auction and expansion into any regulated
global gaming market."
Mr. Ciavarella further reflected on employees by remarking, "Indeed we don't
want to overlook our highly motivated and committed staff, management and
directors for accomplishing such a superb commercial task on nothing less than a
thin budget, limited internal resources and powerful headwinds from a skeptical
and challenging financial market. Our highly-dedicated team is intensely
focused on seizing on the explosive opportunity in the Italian leisure betting
space to scale-up from a strong foundation and look to drastically improve
profits in 2017."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly owned subsidiaries, is a fully
licensed and integrated online and land-based gaming operator. The company
conducts its business primarily through our internet-based gambling and sports
betting platform under the registered brand Newgioco on our
website www.newgioco.it as well as land-based neighborhood betting shops
situated throughout 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,
interactive games and slots. 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.
Investor Relations Contacts
Renmark Financial Communications Inc.
Bettina Filippone: bfilippone(at)renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Andrew Barwicki
516-662-9461 / andrew(at)barwicki.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Newgioco Group, Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 28.11.2016 - 15:19 Uhr
Sprache: Deutsch
News-ID 509405
Anzahl Zeichen: 5993
contact information:
Town:
Toronto, ONT
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 219 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Newgioco Group Files 2016 Third Quarter Results on Form 10-Q"
steht unter der journalistisch-redaktionellen Verantwortung von
Newgioco Group, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
