Home > Finance > Quarterly results > AGS reduces losses after cutting costs in first quarter

AGS reduces losses after cutting costs in first quarter

| By Robert Fletcher
Gaming technology supplier AGS posted a narrower net loss of $8.6m (£6.2m/€7.1m) in the first quarter of its financial year after reducing operating costs and other spending during the period.

Total revenue for the three months to March 31 amounted to $55.4m, which was 2.0% up on $54.3m in the corresponding period last year.

AGS put this primarily down to growth within recurring revenue channels of its electronic gaming machine (EGM), table products and interactive businesses, which offset a slowdown in the North American slot replacement market.

EGM revenue edged up 0.3% to $50.5m, despite a 4.8% decline in revenue from equipment sales. This drop was offset by a 1.8% rise in gaming operations revenue to $39.6m.

Revenue from table products climbed 11.0% year-on-year to $2.8m, driven by a 17.3% to $2.7m. Just $29,000 was generated from equipment sales, with revenue here dropping 81.6%.

Read the full story on iGB North America.

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