Full year results 2020

AGS revenue down 48.6% in 2020

| By Conor Mulheir
Gaming technology supplier AGS has released its financial results for the fourth quarter and full year 2020, showing total revenues of $167.0m (£121.0m/€139.9m), down 48.6% from $304.7m in 2019.

The supplier said the closures of its customers’ businesses caused by the novel coronavirus (Covid-19) pandemic were the main driver of the lower figures in 2020.

The majority of the year’s revenue came from the supplier’s electronic gaming machines (EGM) sales, which brought in $151.2m of the $167.0m total.

The supplier then paid $211.2m in expenses, down 24.9% year-on-year. Depreciation and amortization costs were the largest expense at $85.7m while selling, general and administrative costs were down 24.8% to $46.5m.

This led to an operating loss of $44.2m, compared to an operating profit of $23.7m in 2019.

After interest expenses and a $5.9m income tax benefit, total net loss attributable to PlayAGS was $85.4m, down from a net loss of $11.8m in in the previous year.

Including a foreign currency translation adjustment, the company’s total comprehensive loss was $88.1m in 2020, compared to $10.4m in 2019.

Read the full story on iGB North America.

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