Gaming Nation forecasts profitable future
Scott Secord, president and chief executive of Gaming Nation, said he is “pleased” with the company’s performance in the three months to September 30, saying the firm took the “necessary steps” to focus on its profitable businesses.
Consolidated revenue totalled $2.9 million (€2.7 million) in the third quarter, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $970,000.
The company also reported that net profit in the three-month period amounted to $50,000.
As a result of its third-quarter performance, consolidated revenue for the nine months to the end of September totalled $7.4 million, while adjusted EBITDA stood at just under $1.1 million.
Gaming Nation incurred a net loss of $4.1 million in the nine-month period, while working capital as of September 30 was $10.6 million.
“We are pleased with the results in the quarter and believe we have taken the necessary steps to continue to focus on the profitable businesses within Gaming Nation,” Secord said.
“The sale of certain assets of our Fantasy Feud business eliminated any further cash burn allowing the company to operate with three cash flow positive entities.
“The growth in our new service, Fantasy Guru Elite has been outstanding as revenues have dramatically exceeded expectations and our 5050 Central business doubled its EBITDA during Q3 compared to the same period last year.”
Related article: Gaming Nation offloads assets in Fantasy Feud