Washington DC’s poker revenue partner has today released its results for the first quarter of 2011. After a year that has so far seen aggressive expansion on their part, Intralot saw their earnings before tax drop by a dramatic 41.6% leaving them with €16.2m. This was the sole blip as EBITDA reached €39m, up by 14.6% on the same period in 2010. Revenues were also up by 32% year-on-year.
Intralot CEO, Constantinos Antonopoulos, commented, “We are satisfied that we managed to grow our sales and EBITDA during the 1Q of 2011. Moreover, in our FY 2010 results announcement we stressed that from 2011 and onwards we would focus on the improvement of the company’s cash-flow. I am very pleased to say that we have accomplished this already in our 1Q 2011 results, as net debt decreased marginally despite a front loaded quarter in terms of CAPEX. We believe that in the next three quarters of 2011 the improvement will be even greater.”
The CEO also added that in the coming months they will focus on “innovation, the exploitation of our existing projects, the liberalization of selected markets, the privatization of lotteries, and the continued improvement of our cash flow generation.” This will all be to “increase their shareholders’ value.”
Intralot has also moved to clarify the situation involving a number of the company’s executives. It was reported over the weekend that several, including Chairman Sokratis Kokkalis, may face prosecution over a contract with OPAP in Greece.
A statement by the company read, “In Greece, the initiation of prosecution doesn’t amount to evidence of guilt in relation to the persons involved but on the contrary it constitutes the initiation of the process for examining on whether or not any evidence of wrongdoing exists.”
It’s in relation to a deal for technical services signed for the period between 2005 and 2007. The Athens Court of First Instance district attorney will investigate the deal.
