International gaming corporation Scientific Games has today announced the release of its third quarter results for the period July through to September 2020.
The company has been heavily impacted by the recent and ongoing Covid-19 pandemic and this has undoubtedly skewed figures in comparison with the same period last year.
Disruptions in the gaming sector throughout the third quarter of this year and the firm was sympathetic towards how businesses and consumers have been affected during the pandemic.
The primary focus of the business during this time period has been to diversify the portfolio and enact measures that would deliver strong cash flow whilst understand the need for cost management on the whole.
President and Chief Executive Officer of Scientific Games Barry Cottle commented on the report:
“As a result of our team’s focus on our strategy, our diverse portfolio and our commitment to cost management, we delivered strong cash flow in the third quarter.
I really am excited around all the great games, products and solutions we have to help our partners navigate the current environment and provide innovative solutions for the future.
I’d also like to welcome the proven industry leaders to our board who will augment our focus on de-levering our balance sheet and will help the company prudently and thoughtfully shape our corporate strategy.”
Scientific Games has continued to help its partner companies navigate the unprecedented times that businesses are facing and will continue to provide innovative solutions for the near and distant future.
In addition, the evidence is clear that the team behind the Scientific Games brand has successful driven cash flow for this quarter and commit to further operational efficiencies to bolster liquidity.
The financial figures for the third quarter have been released just one week after the firm appointed a new senior vice president in Cathryn Lai and less than one month since the firm extended its partnership with BetMGM for its OpenGaming and Open Gaming System products.
Executive Vice President and Chief Financial Officer of Scientific Games Michael Eklund concluded with comments on the third quarter results:
“The team did a great job driving cash flow improvements this quarter, and we will continue to diligently evaluate additional opportunities to increase cash flow and de-lever.
Looking ahead, our team will remain highly focused on driving operational efficiencies, further bolstering our liquidity and strengthening our balance sheet.
My overarching focus is to improve the balance sheet through operational and business process improvements.”
- Third quarter revenue was $698 million compared to $855 million in the prior year period and an increase from $539 million in the second quarter.
- Net loss was $111 million compared to net income of $18 million in the prior year period, due to lower revenue and the effects of COVID-19.