Despite Costly 2019 Closing SGC Maintains Improved Results In Q4

The Nasdaq-listed gaming and lottery technology company Scientific Games Corporation (SGC) reported period net losses of $37 million (Q42018: $207 million) when it released its Q4 2019 results.

SGC stated in its trading statement that a $40 million loss in debt transactions related to corporate bonds and a’ $12 million re-measurement’ of its Euro-denominated debt during the time company accounts were registered.

SGC Q4 2019 results are further set against a comparable quarter in which the firm received a reversal payout of $183 million after its dispute over Shuffle Tech resolved.

The technology division saw a 2 percent decline in revenue to $863 million (Q42018: $886 million), with less product releases in Canada and lower computer unit sales in North America cited by its Gaming Machines segment.

SGC Gaming, the company’s largest operating division, announced a 5 percent decrease in sales to $455 million (Q42018: $470 million).

Meanwhile, SGC’s lottery unit retained its success at $233 million (Q42018: $231 m), describing its hardware solutions expanded international sales.

The digital units ‘SciPlay’ and ‘SG Digital’ of the Nasdaq firm reported a sustained sales performance of $113 million and $72 million, respectively.

Despite tough Q4 2019 metrics reporting, SGC pointed out that its combined operating units raised total corporate cash contributions to $143million. It also retained an enhanced corporate performance over the full year as company sales rose from $37 million to $3.4 billion.

Closing its 2019 accounts, it reported net corporate losses to $118 million, a significant decrease on the $352 million for 2018.

CEO and Chairman of Scientific Games Barry Cottle said: “This past year, we made great strides in developing the best games, attracting industry-leading talent, and improving our capital structure.

“I’m confident we have the right team in place to reach our goal to be the market leader across land-based gaming, lottery, sports and digital gaming driven by leading content and the platforms that enable play anywhere and anytime. Our recent contract and deal wins across our businesses, and the globe, highlight that we are on the right path.”