Thursday 11th March 2010 PartyGaming reports overall loss for 2009
Leading listed online gaming operator PartyGaming has released its financial results for 2009 showing a five percent year-on-year decrease in revenues to $446.2 million with an overall loss after tax from continuing operations of $26.5 million.
The Gibraltar-based firm operates popular online poker domain PartyPoker.com alongside leading bingo sites FoxyBingo.com, MirrorBingo.com, ThinkBingo.com and CheekyBingo.com and revealed earnings before interest, tax, depreciation and amortisation for the twelve-month period of $135 million, which was down from 2008’s $144.2 million but ‘slightly ahead of market expectations’.
The past year saw PartyGaming purchase online bingo operator CashCade Limited for up to $158.82 million to give it a 23 percent stake in the UK market in addition to the World Poker Tour land-based tournament series. It also signed a non-prosecution agreement with US authorities that will cost it a total of $105 million and paid $15 million of this over 2009.
It reported total cashflow from continuing operations of $120.5 million compared with $125.2 million in 2008 while net year-end cash decreased $36.7 million to $164.7 million.
“We delivered a solid performance during 2009, which demonstrated the resilience of our business model that continues to generate strong cashflow even in the most challenging of circumstances,” said Jim Ryan, Chief Executive Officer for PartyGaming.
“Leading brands and market position, supported by a strong balance sheet, underpin our business strategy. With some acquisitions and major business-to-business deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.”
PartyGaming reported revenues of $196.7 million from poker over 2009, which was a decrease of 28 percent year-on-year, while revenues from its casino operations improved over ten percent compared to 2008 to $196.2 million. The firm’s bingo operations were responsible for $32.8 million in revenues over 2009, which was over five times higher than 2008’s $5.9 million, while sportsbetting improved by one million dollars to $19 million.
“While the macro-economic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the group’s prospects,” said Ryan.
Source: OnlineCasinoNews
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