PartyCasino.com PartyPoker.com PartyBingo.com PartyBets.com World Poker Tour WPT Casino
4th March 2010
Audited results for the year ended 31 December 2009
Total revenue of $446.2m (2008: $472.9m) with a softer performance in poker mitigated by growth in all other verticals
Continuing Clean EBITDA* of $135.0m (2008: $144.2m); slightly ahead of market expectations
Continuing Clean EPS* of 21.5 cents (2008: 24.9 cents); total Clean EPS of 21.3 cents (2008: 22.2 cents)
Non-Prosecution Agreement reached with the US authorities with associated costs of $105.0m of which $15.0m was paid in 2009, resulting in a loss after tax of $26.5m
Acquisition of Cashcade and World Poker Tour completed
Net cashflow from Continuing operations of $120.5m (2008: $125.2m) with net cash at the year end of $164.7m (2008: $201.4m)
Commenting on today’s results announcement, Jim Ryan, Chief Executive Officer, said:
“We delivered a solid performance during 2009 which demonstrated the resilience of our business model that continues to generate strong cashflow, even in the most challenging of circumstances. Leading brands and market position, supported by a strong balance sheet underpin our business strategy. With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.”
Regarding current trading he added:
“The Group has continued to perform in-line with the Board’s expectations. In the two month period ended 28 February 2010, average gross daily revenue was $2,074,000 (Q409: $2,090,800) reflecting a 1% reduction from the fourth quarter of 2009 that included an exceptionally strong performance in casino. All other verticals increased average gross daily revenue from the previous quarter. In poker, new player sign-ups increased to an average of 1,700 per day (Q409: 1,400), and there were on average 55,900 active players per day (Q409: 51,700) generating average gross daily poker revenue of $709,000 (Q409: $690,000). In casino, average gross daily revenue was $775,600 (Q409: $854,800). In bingo, average gross daily revenue was $493,800 (Q409: $452,600) and in sports betting, average gross daily revenue was $95,600 (Q409: $93,400).
“Whilst the macroeconomic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the Group’s prospects.”
About PartyGaming Plc
PartyGaming Plc is the world’s leading listed online gaming company. It is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2009, PartyGaming’s Continuing operations generated revenues of $446.2m and Clean EBITDA of $135.0m. PartyGaming’s principal brands are PartyPoker.com, one of the world’s largest online poker rooms, EmpirePoker.com, PartyCasino.com, PartyBingo.com, PartyGammon.com, PartyBets.com, Intertrader.com, FoxyBingo.com, ThinkBingo.com, BingoScotland.com, CheekyBingo.com, GetMinted.com, WorldPokerTour.com and Gamebookers.com. None of the Group’s sites accept real money customers located in the US.
PartyGaming Group companies are regulated and licensed by the Governments of Gibraltar and Italy and by the Alderney Gambling Control Commission. The Group is also certified as a responsible gaming operator by GamCare, the leading UK authority on the provision of advice, practical help, support and counseling in addressing the social impact of gambling. PartyGaming’s shares are also a constituent member of the FTSE4Good Index Series, which enables investors to identify companies that meet globally recognised corporate responsibility standards.