Canadian Gambling Amaya Performs Strong in Q3 2012

Canadian gambling firm Amaya Gaming Group reported record revenues including a five-fold increase in adjusted EBITDA in its third 2012 fiscal quarter ending on September 30th.

Canadian gambling news reported earlier this month about Amaya's acquisition of the Ongame Network.

Ongame announced its intentions to enter the US online poker market in the first quarter of 2013 following an agreement with the Mohegan Sun casino.

Amaya also acquired the gambling product and technology developer Cadillac Jack earlier in September.

As expected, the Canadian company is willing to capitalize on revenue and cost synergies on both acquisitions in 2013.

Main Key Performance Indicators in the third fiscal quarter as required by the Canadian gambling laws are:

• Amaya revenues amounted to CAD 18.3 million, a 360 percent increase from the CAD 3.97 million over the same period last year.
  
• Gross profit is up to CAD 18.26 million from 3.8 million over the same period last year.
  
• Adjusted EBITDA rose to CAD 5.9 million from CAD 900,107 in 3Q in 2011. Net earnings are up to CAD 881,451 form loss of CAD 1.8 million in 3Q in 2011.
  

Key Performance Indicators for the first nine months of 2012:

• Revenues are up 341 percent to CAD 39.2 million from 2011: CAD 8.8 million over the same period last year.
  
• Adjusted EBITDA is up to CAD 6.3 million from a loss of CAD 3.5 million. Net earnings are a loss of CAD 6.4, compared to a loss of CAD 4.7 million.
  
• Amaya expects to report CAD36 to 40 million revenues over the fourth quarter of 2012, and an adjusted EBITDA around CAD 13.5 to 15 million. 

David Baazov, president and chief executive officer of Amaya Gaming Group was happy to comment the results, saying: "We were very pleased with the organic growth of our revenues in the third quarter over the second quarter, which was primarily due to the growth of the licensee bases in Europe of our subsidiaries CryptoLogic and Chartwell.”