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Fourth quarter report - good news

  1. 420 Posts.
    EBET LIMITED 2002-07-29


    Leading gaming & wagering technology company eBet Limited today released its Appendix 4C for the June Quarter showing positive Operating Cashflow of $328,000 for the three months.

    Receipts from Customers totaled $2.87 million, a 45% increase over the corresponding period last year. The result brings Receipts from Customers for the full year to $10.31 million, an increase of 68% over the prior full year result.

    The Company noted that whilst Operating Cashflow for the full year was negative $323,000, that this was a significant improvement over the prior year's result of $(3.54) million.

    Further it noted that operating Cashflow for the nine months to 30 June was positive $425,600.

    Payments for the Acquisition of Businesses, Intellectual Property and Physical Non-Current Assetts totaled $702,800 for the full year (against $1.56 million for the prior year) reflecting the Company's progress info the commercialisation phase of its core technologies.

    Total Operating and Investing Cashflow for the full year was $(1.02) million, against $(3.54) million for the prior year.

    eBet managing director, Keith Cullen, said, that the Company was very pleased with the result, in particular the performance over the last nine months of the year.

    "We have a strong growth profile and have continued to contain, and in some cases decrease, overheads as we have moved into the commercialisation phase of our core card-based gaming technology in NSW and elsewhere", said Mr Cullen.

    "Our US operations have continued to perform well and we have further enhanced our gaming systems division with key sales at home and the Philippines".

    Mr Cullen said that the Company's Share Purchase Plan, introduced earlier this year, had enabled it to continue with its expansion plans by, among other things, preparing its card-based cashless gaming system and related products for introduction into key US markets.

    "Whilst we are very focused on the roll-out of cashless in NSW, we are also cognisant of the enormous opportunity that exists for us in key international markets", said Mr Cullen.

    Cash at the End of the Quarter was $2.16 million, inline with the $2.2 million on-hand at the end of the prior year.

    More to follow.

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