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Intralot Raises Funds for Expansion Possibilities - 06-29-09 |
June 29 - Athens-based Intralot, which develops and supplies transaction processing systems and gaming processing systems will be issuing convertible loan bonds. Intralot obtained approval of shareholders for this move. The bond will last up to seven years, depending on the situation in the credit market.
This announcement comes about a month after Intralot founded a new subsidiary, Intralot Interactive. The new subsidiary is a business-to-business venture which will provide technology to state lotteries and other state organizations as well as looking for new products to license. The capital obtained from the bonds will be used to help take advantage of the recent easing in the gaming market as well as to fund acquisitions.
Intralot recently became the manager for Vermont's state lottery, as well as winning the tender for the Ohio state lottery. The Ohio tender gives Intralot management of the Ohio lottery for eight years. They are looking to provide scratch cards for Italy, which has recently approved sales of scratch cards.
Intralot released its Q1 2009 results last week. Earnings have fallen 36% compared to Q1 2008. Consolidated revenues, on the other hand, have remained the same when compared to Q1 2008.
Earnings before tax dropped 35.2% and earnings after taxes and minorities dropped 38.5%. For Q1 2009, that number was just €22.1 million compared to €35.9 million in Q1 2008.
Overall revenues didn't suffer nearly as much. In fact, overall revenues were only 2.5% lower than Q1 2008. The differences are accounted for by interest, tax, amortisation and depreciation.
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