Scientific Games Reports Q4 Earnings; Shares Skyrocket
Scientific Games (NASDAQ: SGMS) reported its fourth quarter 2013 financial results on March 12, 2014.
The company had a number of remarkable improvements which included revenue rising to $402 million. Shares of the gamer are up about 15 percent or $2.15 per share to $16.00.
During the fourth quarter, Scientific Games completed its acquisition of WMS Industries Inc. This creates a leading diversified supplier to the gaming and lottery industries and innovative content.
President and Chief Executive Officer David L. Kennedy commented on the financial results, “"Fourth quarter revenues reflect solid growth in our lottery business and a partial quarter of WMS results." He also continued, “We are focused on growing our customers' revenues and capturing new growth opportunities by accelerating development of innovative content and technology and continuously improving our core competencies. At the same time, we are focused on achieving the targeted cost synergies related to the acquisition of WMS and driving profit margin and cash flow improvements across all of our businesses."
For Scientific Games' gaming segment revenue increased $138.2 million and services revenue increased $75.8 million.
Kennedy continued, “Let me say that I am highly confident we have a sound organization structure along with strong leadership to drive improved performance over time. I am also confident that we have highly experienced and knowledgeable people throughout the organization dedicated to build the value of the company.”
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