Adjusted EBITDA up 29% to $85 million
Net Income per Diluted Share of $0.17; Non-GAAP Adjusted Net Income per
Diluted Share of $0.27
NEW YORK, Feb. 28 /PRNewswire-FirstCall/ -- Scientific Games
Corporation (Nasdaq: SGMS) today reported fourth quarter 2007 revenues of
$268.0 million, up 15 percent from $232.1 million in the fourth quarter of
2006. Net income was $16.4 million or $0.17 per diluted share, up from net
income of $7.9 million or $0.08 per diluted share in the fourth quarter of
2006. Non-GAAP adjusted net income excluding a net loss from the start-up
in Mexico, Peru lottery disposal costs, employee termination costs, the
reversal of purchase accounting reserves and stock compensation expense,
was $25.5 million or $0.27 per non-GAAP diluted share, compared to non-GAAP
adjusted net income of $24.0 million or $0.25 per non-GAAP diluted share in
the fourth quarter of 2006.
EBITDA for the fourth quarter of 2007 was $73.7 million, up 53 percent
from $48.3 million in the fourth quarter of 2006. Adjusted EBITDA increased
29 percent to $84.6 million for the fourth quarter of 2007, compared to
adjusted EBITDA of $65.7 million for the fourth quarter of 2006.
During the quarter ended December 31, 2007, the Company reported a net
loss of $2.8 million from its Mexican operations, a benefit of $3.9 million
from the reversal of purchase accounting reserves and $6.9 million in
charges for stock compensation costs. In addition, following the
rationalization of its global Printed Products Group operations in Germany
and Peru in the third quarter 2007, the Company reported additional
disposal costs and asset impairment charges of $3.0 million in the fourth
quarter, and employee termination costs of $3.6 million.
For the full year ended December 31, 2007, revenues were $1,046.7
million, compared to $897.2 million for the full year ended December 31,
2006, an increase of 17 percent. Net income was $65.4 million or $0.68 per
diluted share, compared to $66.8 million or $0.70 per diluted share in
2006. Non-GAAP adjusted net income, excluding a net loss from the Company's
Mexican operations, Peru lottery disposal costs, employee termination
costs, the reversal of purchase accounting reserves, asset impairment
charges and stock compensation expense, was $111.0 million or $1.17 per
non-GAAP diluted share, compared to non-GAAP adjusted net income of $98.8
million or $1.05 per non-GAAP diluted share for the full year ended
December 31, 2006.
For the full year ended December 31, 2007, EBITDA increased 28 percent
to $307.5 million, compared to $239.5 million in 2006. Adjusted EBITDA
increased 25 percent to $340.6 million, compared to $273.0 million in 2006.
Printed Products
Printed Products Group revenue increased by 17 percent overall to
$137.7 million in the fourth quarter of 2007. Printed Product service
revenue for the quarter of 2007 was $127.5 million, 23 percent ahead of the
fourth quarter of 2006. Excluding the impact of licensed products, the
re-pricing of the Pennsylvania cooperative services program contract and
revenues from Oberthur Gaming Technologies (OGT) of $24.6 million, "same
store" sales growth in the quarter was just under 8%. International instant
ticket sales, especially in the United Kingdom (U.K.) and Italy, were
particularly strong. Licensed product sales, which tend to exhibit far more
quarter-to-quarter volatility than core instant tickets sales, declined by
$5.6 million in the fourth quarter of 2007 due primarily to the seasonality
of some brands in the fourth quarter 2006. Conversely, the Company believes
that 2008 promises to be a very strong year for licensed products in
general with nearly a 50 percent increase in the total number of licensed
games, including Major League Baseball(R), Deal or No Deal(TM) and the
World Poker Tour(R) games in particular.
Overall margins in the Printed Products Group declined from 45 percent
in the fourth quarter of 2006 to 39 percent in the fourth quarter of 2007.
However, if the impact of both OGT and phone cards is eliminated from
revenue and gross margin, then the resulting overall gross margin for the
quarter was 45 percent. As of the end of the fourth quarter of 2007, OGT's
annualized San Antonio production of 4.5 billion tickets had been relocated
to Alpharetta, Georgia, a consolidation that is expected to yield improved
margins throughout 2008.
Rationalization of Printed Products operations in Germany and Peru,
which was initiated in the third quarter of 2007, is expected to further
improve margins in 2008. In the third quarter the Company recorded a
depreciation and amortization charge of $26.1 million related to asset
write-downs in these operations and in the fourth quarter the Company
recorded an additional charge of $6.6 million for associated shutdown and
employee termination expenses. Overall, the rationalization of the German
and Peru operations negatively impacted 2007 earnings per share by
approximately $0.25, most of which was non-cash.
After the close of the fourth quarter, the Company announced two
important agreements involving the China Sports Lottery. Scientific Games
will design, install and operate a national instant ticket network
comprising a central monitoring and control system, a national call center,
and 90,000 validation terminals, for which it will be paid on the basis of
a percentage of retail sales. Sales are expected to begin during the first
quarter of 2008 in four of the wealthiest provinces in China. In one of
these provinces, Shandong, the Company will be providing traditional
"cooperative services" support through a joint-venture partnership. The
Company also is working with China Sports Lottery Printing, Ltd. to
establish a state-of-the-art instant ticket production facility in China
that is expected to supply tickets to all 30 Sports Lottery operations in
China.
Additionally, in connection with the Company's activities in China, the
Company has broadened its relationship with REXCAPITAL Financial Holdings
Limited, its partner in the Guard Libang joint venture that services the
China Welfare Lottery, to include a strategic alliance to pursue other
gaming and lottery related opportunities in China.
Management intends to discuss the range of activities in China in
considerable detail during tomorrow's conference call.
Lottery Systems Group
Lottery Systems revenue and gross margins for the fourth quarter
increased by 21 percent and 31 percent, respectively, year over year, with
the largest increase coming in the international market. Lottery Systems
international revenue increased by 41 percent to $30.5 million in the
fourth quarter of 2007. A sale of terminals to Golden Casket in Australia
was an important contributor to international revenue growth. Overall
Lottery Systems margins improved from 43 percent in 2006 to 47 percent in
2007.
Notwithstanding these improvements, the Televisa Mexican lottery
contract continued to be a significant drag on earnings in 2007. The fourth
quarter and full year impacts on the Company were approximately $0.03 and
$0.10, respectively, in earnings per share, including an allocation of
interest expense. As the Company has previously indicated, it believes that
the launch of instant tickets is the key to the eventual turnaround of this
venture. At the present time, the Company has begun to see meaningful
progress in this regard and is cautiously optimistic that there will be a
launch of instant tickets in the second half of 2008.
Diversified Gaming
As we previously disclosed at the end of the third quarter, the change
in gaming regulations that were introduced in Great Britain in September
2007 continued to have a very positive impact on Global Draw in the fourth
quarter, and this has carried over into the first quarter of 2008. Global
Draw's "same store" sales were up 17% in the fourth quarter of 2007 versus
2006; in January of this year, Global Draw's average gross win per shop and
per terminal were up 40 percent and 20 percent respectively over January
2007. On the strength of this performance, Global Draw was awarded a
contract by William Hill PLC (LSE: WMH) to supply a minimum of 548 betting
shops with approximately 2,100 new state-of-the-art dual screen Nevada(TM)
terminals, which are specifically designed to allow both the legacy B2 and
newly introduced B3 games on all terminals. The terminals are being
installed during the first quarter of 2008 and should be 100% operational
by the beginning of the second quarter. Also during the fourth quarter,
Global Draw expanded importantly outside of the U.K. by signing a contract
to supply 1,500 multi-game server-based gaming terminals to Corporacion
Interamericana de Entretenimiento (BMV: CIE B) in Mexico. Given the very
high fixed cost nature of this business, the Company expects that these
additional 3,600 terminals will have very high levels of marginal
profitability.
Games Media has announced agreements to supply an integrated digital
gaming and entertainment solution for commercial distribution with six of
the largest public house retailers in the U.K. -- Enterprise Inns, Spirit
Group, Orchid Group, Admiral Taverns, Greene King and Marston's -- which
together control approximately 16,000 venues representing approximately 30
percent of the total U.K. pub market. Installations took place during
October and November 2007 in a total of 63 pub retail outlets,
incorporating 275 machines, including gaming and entertainment terminals
and digital juke boxes. Performance from all products was in line with
management's expectations and ahead of comparable competitive offers, and
the Company is confident that as it continues to hit target performance
levels, the base of machines will continue to expand.
Racing-related revenues and gross margin declined slightly in the
fourth quarter, reflecting the continued secular decline in racetrack-based
attendance and wagering handle. Several important developmental
opportunities were completed during the fourth quarter, suggesting that
expansion via non-traditional products, markets and distribution channels
has the potential to reverse the recent revenue trend. During the fourth
quarter the Company was awarded a racebook contract by the Oneida Bingo &
Casino in Wisconsin, a contract to provide an internet wagering platform
and an interactive voice response telephone wagering system for New Jersey
Account Wagering LLC and a tote/keno agreement with Loteria Electronica
Internacional Dominicana, S.A. throughout the Dominican Republic. In
addition, the Company was awarded its first contract in Brazil by Comtech
Telecommunications Corp. calling initially for three upscale off-track
wagering facilities growing potentially to 30 sites by 2009, and
potentially to include sports betting as well.
Information about the use of non-GAAP financial information is provided
under the section "Non-GAAP Disclosure" below. The non-GAAP measures
(adjusted net income, diluted adjusted net income per share, EBITDA and
adjusted EBITDA) are reconciled to the corresponding GAAP measures in the
financial schedules accompanying this release.
Convertible Debentures
A market price event did not occur for the quarter ended December 31,
2007 and, accordingly, the Convertible Debentures are not convertible
during the current quarter ending March 31, 2008. During the fourth quarter
of 2007, the average price of the Company's common stock exceeded the
specified conversion price of $29.10 of the Convertible Debentures. Because
of this, 1,506,960 shares of common stock underlying the Convertible
Debentures have been included in the weighted average number of diluted
shares for the fourth quarter of 2007. For the full year 2007, the Company
has included 1,357,207 shares of common stock in its weighted average
number of diluted shares. Although the Company purchased a hedge in
December 2004 to mitigate the potential dilution from the conversion of the
Convertible Debenture, the Company is precluded from reflecting this hedge
in the GAAP weighted average number of diluted shares because the effect
would be anti-dilutive. However, to the extent the Convertible Debentures
are converted during the term of the hedge, the diluted share amount will
decrease because the hedge will offset the dilution from conversion of the
Convertible Debentures.
Conference Call Details
The company invites you to join its conference call tomorrow at 8:30
a.m. Eastern. To access the call live via webcast please visit
http://www.scientificgames.com and click on the webcast link under the Investors
tab. To access the call by telephone, please dial (800) 901-5231 (US &
Canada) or (617) 786-2961 (International) 15 minutes before the start of
the call. The Conference ID# is 75688974. The call will be archived for
replay on the Company's website for 30 days.
About Scientific Games
Scientific Games Corporation is the leading integrated supplier of
instant tickets, systems and services to lotteries worldwide, a leading
supplier of server-based gaming machines and systems, Amusement and Skill
with Prize betting terminals, interactive sports betting terminals and
systems, and wagering systems and services to pari-mutuel operators. It is
also a licensed pari-mutuel gaming operator in Connecticut, Maine and the
Netherlands and is a leading supplier of prepaid phone cards to telephone
companies. Scientific Games' customers are in the United States and more
than 60 other countries. For more information about Scientific Games,
please visit our web site at http://www.scientificgames.com.
Company Contact:
Investor Relations
Scientific Games
212-754-2233
Forward-Looking Statements
In this press release the Company makes "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements describe future expectations, plans,
results or strategies and can often be identified by the use of terminology
such as "may"," "will," "estimate," "intend," "continue," "believe,"
"expect," "anticipate," "could," "potential," "opportunity," or similar
terminology. These statements are based upon management's current
expectations, assumptions and estimates and are not guarantees of future
results or performance. Actual results may differ materially from those
projected in these statements due to a variety of risks and uncertainties
and other factors, including, among other things: competition; material
adverse changes in economic and industry conditions in the Company's
markets; technological change; retention and renewal of existing contracts
and entry into new contracts; availability and adequacy of cash flow to
satisfy obligations and indebtedness or future needs; protection of
intellectual property; security and integrity of software and systems; laws
and government regulation, including those relating to gaming licenses,
permits and operations; inability to identify, complete and integrate
future acquisitions; seasonality; dependence on suppliers and
manufacturers; factors associated with foreign operations; dependence on
key personnel; failure to perform on contracts; resolution of pending or
future litigation; labor matters; and stock price volatility. Additional
information regarding risks and uncertainties and other factors that could
cause actual results to differ materially from those contemplated in
forward-looking statements is included from time to time in the Company's
filings with the Security and Exchange Commission, including the Company's
most recent Annual Report on Form 10-K. Forward-looking statements speak
only as of the date they are made, and except for the Company's ongoing
obligations under the U.S. federal securities laws, the Company undertakes
no obligation to publicly update any forward-looking statements whether as
a result of new information, future events or otherwise.
Non-GAAP Disclosure
EBITDA, as included herein, represents net income plus income tax
expense, interest expense, and depreciation and amortization expenses, net
of other income. EBITDA is included in this document as it is a basis upon
which the Company assesses its financial performance, and it provides
useful information regarding the Company's ability to service its debt. In
addition, EBITDA is useful to investors in evaluating the Company's
financial performance because it is a commonly used financial analysis tool
for measuring and comparing gaming companies in several areas of liquidity,
operating performance and leverage. EBITDA should not be considered in
isolation or as an alternative to net income, cash flows from operations,
or other consolidated income or cash flow data prepared in accordance with
generally accepted accounting principles (GAAP) as measures of the
Company's profitability or liquidity. EBITDA as defined in this press
release may differ from similarly titled measures presented by other
companies.
EBITDA, Adjusted EBITDA, non-GAAP adjusted net income and diluted
non-GAAP adjusted net income per share are non-GAAP financial measures that
are presented as supplemental disclosures and are reconciled to GAAP net
income and GAAP net income per diluted share in financial schedules
accompanying this release. In calculating the adjusted financial measures,
the Company excludes certain items in order to better facilitate an
understanding of the Company's operating performance.
The Company's management uses these adjusted financial measures in
conjunction with GAAP financial measures to: monitor and evaluate the
performance of the Company's business operations; facilitate management's
internal comparisons of the Company's historical operating performance of
its business operations; facilitate management's external comparisons of
the results of its overall business to the historical operating performance
of other companies that may have different capital structures and debt
levels; review and assess the operating performance of the Company's
management team and as a measure in evaluating employee compensation and
bonuses; analyze and evaluate financial and strategic planning decisions
regarding future operating investments; and plan for and prepare future
annual operating budgets and determine appropriate levels of operating
investments.
The Company's management believes that these adjusted financial
measures are useful to investors to provide them with disclosures of the
Company's operating results on the same basis as that used by the Company's
management. The Company's management also believes that because it has
historically provided such adjusted non-GAAP financial measures in its
earnings releases, continuing to do so provides consistency in its
financial reporting and continuity to investors for comparability purposes.
Accordingly, the Company's management believes that the presentation of the
adjusted non-GAAP financial measures, when used in conjunction with GAAP
financial measures, provides both management and investors with financial
information that can be useful in assessing the Company's financial
condition and operating performance.
The adjusted financial measures should not be considered in isolation
or as a substitute for net income or net income per diluted share prepared
in accordance with GAAP. The adjusted financial measures as defined in this
press release may differ from similarly titled measures presented by other
companies. The adjusted financial measures, as well as other information in
this press release should be read in conjunction with the Company's
financial statements filed with the Securities and Exchange Commission.
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended December 31, 2006 and 2007
(Unaudited, in thousands, except per share amounts)
Three Months Ended
December 31,
2006 2007
Operating revenues:
Services $209,114 232,235
Sales 22,960 35,726
232,074 267,961
Operating expenses:
Cost of services (exclusive of depreciation
and amortization) 116,339 133,053
Cost of sales (exclusive of depreciation and
amortization) 15,602 25,532
Selling, general and administrative expenses 53,313 45,344
Depreciation and amortization 26,765 37,767
Operating income 20,055 26,265
Other (income) deductions:
Interest expense 12,922 15,409
Equity in net income of joint ventures (1,445) (9,629)
Other (income) expense 92 (1,885)
11,569 3,895
Income before income tax expense 8,486 22,370
Income tax expense 599 5,991
Net income $7,887 16,379
Basic and diluted net income per share:
Basic net income $0.09 0.18
Diluted net income $0.08 0.17
Weighted average number of shares
used in per share calculations:
Basic shares 91,532 92,939
Diluted shares 94,599 96,783
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Months Ended December 31, 2006 and 2007
(Unaudited, in thousands, except per share amounts)
Twelve Months Ended
December 31,
2006 2007
Operating revenues:
Services $791,804 922,415
Sales 105,426 124,289
897,230 1,046,704
Operating expenses:
Cost of services (exclusive of depreciation
and amortization) 432,013 521,433
Cost of sales (exclusive of depreciation
and amortization) 77,934 90,347
Selling, general and administrative expenses 155,727 168,722
Depreciation and amortization 106,006 160,366
Operating income 125,550 105,836
Other (income) deductions:
Interest expense 43,393 58,550
Equity in net income of joint ventures (7,900) (41,252)
Other income (767) (2,050)
34,726 15,248
Income before income tax expense 90,824 90,588
Income tax expense 24,063 25,221
Net income $66,761 65,367
Basic and diluted net income per share:
Basic net income $0.73 0.71
Diluted net income $0.70 0.68
Weighted average number of shares
used in per share calculations:
Basic shares 91,066 92,566
Diluted shares 94,979 95,996
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED BALANCE SHEET DATA
December 31, 2006 and December 31, 2007
(Unaudited, in thousands)
December 31, December 31,
2006 2007
Assets:
Cash and cash equivalents $27,791 29,403
Other current assets 316,911 368,474
Property and equipment, net 450,660 561,624
Long-term assets 964,248 1,140,538
Total assets $1,759,610 2,100,039
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,148 4,942
Other current liabilities 190,875 212,572
Long-term debt, excluding current portion 913,253 1,072,625
Other long-term liabilities 124,256 148,685
Stockholders' equity 528,078 661,215
Total liabilities and
stockholders' equity: $1,759,610 2,100,039
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED SEGMENT OPERATING DATA
Three Months Ended December 31, 2006 and 2007
(Unaudited, in thousands)
Three Months Ended December 31, 2006
Printed Lottery Diversified
Products Systems Gaming
Group Group Group Totals
Service revenues $103,512 52,891 52,711 209,114
Sales revenues 14,211 7,987 762 22,960
Total revenues 117,723 60,878 53,473 232,074
Cost of services (1) 53,114 30,531 32,694 116,339
Cost of sales (1) 11,392 4,064 146 15,602
Selling, general and
administrative expenses 18,326 11,759 5,470 35,555
Depreciation and
amortization (2) 7,237 13,619 5,668 26,524
Segment operating income $27,654 905 9,495 38,054
Unallocated corporate expense 17,999
Consolidated operating income $20,055
Three Months Ended December 31, 2007
Printed Lottery Diversified
Products Systems Gaming
Group Group Group Totals
Service revenues $127,465 54,600 50,170 232,235
Sales revenues 10,233 18,803 6,690 35,726
Total revenues 137,698 73,403 56,860 267,961
Cost of services (1) 74,995 27,865 30,193 133,053
Cost of sales (1) 8,740 11,110 5,682 25,532
Selling, general and
administrative expenses 21,923 4,435 4,945 31,303
Depreciation and
amortization (2) 11,430 16,738 9,408 37,576
Segment operating income $20,610 13,255 6,632 40,497
Unallocated corporate expense 14,232
Consolidated operating income $26,265
(1) Exclusive of depreciation and amortization
(2) Includes amortization of service contract software
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED SEGMENT OPERATING DATA
Twelve Months Ended December 31, 2006 and 2007
(Unaudited, in thousands)
Twelve Months Ended December 31, 2006
Printed Lottery Diversified
Products Systems Gaming
Group Group Group Totals
Service revenues $388,841 205,721 197,242 791,804
Sales revenues 50,769 49,723 4,934 105,426
Total revenues 439,610 255,444 202,176 897,230
Cost of services (1) 199,006 114,701 118,306 432,013
Cost of sales (1) 40,027 33,497 4,410 77,934
Selling, general and
administrative expenses 51,425 34,571 17,615 103,611
Depreciation and
amortization (2) 25,203 48,423 31,410 105,036
Segment operating income $123,949 24,252 30,435 178,636
Unallocated corporate expense 53,086
Consolidated operating income $125,550
Twelve Months Ended December 31, 2007
Printed Lottery Diversified
Products Systems Gaming
Group Group Group Totals
Service revenues $498,179 216,326 207,910 922,415
Sales revenues 38,967 48,747 36,575 124,289
Total revenues 537,146 265,073 244,485 1,046,704
Cost of services (1) 283,924 114,200 123,309 521,433
Cost of sales (1) 32,549 27,045 30,753 90,347
Selling, general and
administrative expenses 65,669 28,376 20,353 114,398
Depreciation and
amortization (2) 66,966 62,224 30,302 159,492
Segment operating income $88,038 33,228 39,768 161,034
Unallocated corporate expense 55,198
Consolidated operating income $105,836
(1) Exclusive of depreciation and amortization
(2) Includes amortization of service contract software
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
CALCULATION OF NON-GAAP ADJUSTED NET INCOME
(Unaudited, in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
Income before income tax expense $8,486 22,370 90,824 90,588
Add: Employee termination costs 13,524 3,642 14,860 3,642
Add: Stock compensation charges 3,875 6,904 17,910 25,312
Add: SERP termination charge -- -- 313 --
Add: EssNet acquisition
interest charge -- -- 263 --
Add: Diversified Gaming asset
impairment charges -- -- 10,240 --
Add: Printed Products asset
impairment charges -- 213 -- 26,310
Add: Printed Products Peru
Lottery business unit
disposal costs -- 2,763 -- 2,763
Less: Lottery Systems purchase
accounting reserve reversal -- (3,892) -- (3,892)
Add: Loss on start-up of Mexico
online lottery contract -- 2,782 -- 8,955
Non-GAAP net income before
income tax expense 25,885 34,782 134,410 153,678
Non-GAAP income tax expense 1,838 9,322 35,619 42,722
Non-GAAP adjusted net income $24,047 25,460 98,791 110,956
Diluted non-GAAP net income
per share $0.25 0.27 1.05 1.17
Diluted GAAP net income
per share $0.08 0.17 0.70 0.68
Weighted average number of shares
used in per share calculations 94,599 96,783 94,979 95,996
Less: Diluted shares included in
weighted average number of shares
related to potential conversion
of convertible debt 262 1,507 939 1,357
Non-GAAP weighted average number
of shares used in per share
calculations 94,337 95,276 94,040 94,639
SCIENTIFIC GAMES CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Unaudited, in thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
Net income $7,887 16,379 66,761 65,367
Add: Income tax expense 599 5,991 24,063 25,221
Add: Depreciation and
amortization expense 26,765 37,767 106,006 160,366
Add: Interest expense, net of
other income or loss 13,014 13,524 42,626 56,500
EBITDA $48,265 73,661 239,456 307,454
Add: Lottery Systems employee
termination costs 2,982 -- 4,318 --
Less: Lottery Systems purchase
accounting reserve reversal -- (3,892) -- (3,892)
Add: Printed Products employee
termination costs 3,500 3,642 3,500 3,642
Add: Printed Products Peru
Lottery business unit
disposal costs -- 2,763 -- 2,763
Add: Diversified Gaming employee
termination costs and asset
impairment charge 1,599 -- 2,108 --
Add: Corporate employee
termination costs 5,443 -- 5,443 --
Add: Stock compensation charges 3,875 6,904 17,910 25,312
Add: SERP termination charge -- -- 313 --
Add: Loss on start-up of Mexico
online lottery contract -- 1,482 -- 5,362
Adjusted EBITDA $65,664 84,560 273,048 340,641
SOURCE Scientific Games Corporation
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http://www.scientificgames.com/
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CONTACT:
Investor Relations, Scientific Games,
+1-212-754-2233
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