Entertainment Gaming Asia (EGT) saw its loss widen to $6.75 million, or $0.30 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.66 million, or $0.09 a share.
Revenue during the quarter plunged 47.19 percent to $0.36 million from $0.68 million in the previous year period. Gross margin for the quarter contracted 2232 basis points over the previous year period to 47.06 percent.
Operating loss for the quarter was $2.37 million, compared with an operating loss of $1.24 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.22 million compared to negative $0.98 million in the prior year second quarter.
Clarence Chung, chairman and chief executive officer of Entertainment Gaming Asia, commented, "During 2016, we disposed of all of our gaming assets in Cambodia, certain gaming assets in the Philippines and the principal assets of the gaming products business. These sales have provided cash proceeds of $10.3 million and the potential for earn-outs on certain gaming chip and plaque sales related to the now discontinued gaming products business. To date, we have received $8.1 million of the sales proceeds and no earn-outs on gaming chip and plaque sales."
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