Asian Games and Entertainment Reports Second Quarter 2011 Results ...

Entertainment Tags: Gaming Asia Inc (NYSE Amex: EGT) (?Games and Entertainment Asia? or the ?Company?), a leading provider of electronic gambling (EGMs) based on participation in industry and the Pan- Asian Games today reported operating results for the second quarter to June 30, 2011 and reviewed recent corporate progress.

Highlights:

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net profit was $ 307,000 for the second quarter of 2011 compared to net loss of $ 1.5 million for the second quarter of 2010.

Consolidated adjusted EBITDA (earnings before interest, tax, depreciation, amortization and non-cash) was $ 3,300,000 for the second quarter of 2011 compared with 1400. $ 000 for the second quarter of 2010.

Total net revenue from EGMs to participate in the second quarter of 2011 was a record $ 4.6 million, an increase of 29% from second quarter 2010.

consolidated average profit per unit per day (WUD) for the second quarter of 2011 reached a record high of $ 147, an increase of 28% from second quarter 2010.

On June 30, 2011, total installed EGM locations operating in seven countries were 1502, consisting of five places in the Philippines with a total of 784 seats and two seats in Cambodia total of 718 seats.

Cash

based selling, general and administrative expenses (SG & A) expenses were $ 1,200,000 for the second quarter of 2011, down 20% from second quarter 2010.

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company is making progress in the development of projects in Kampot provinces and Pailin in Cambodia casino is expected to begin construction in autumn 2011 and gaming licenses provided for two projects .

company continues to pursue new projects possible games in Indochina region.

tags Tags: Clarence Chung, chairman and CEO of games and entertainment in Asia, commented: ?I am pleased to announce that games and entertainment in Asia reported quarter of solid operating results . For the second quarter of 2011, we achieved record revenue for our participation EGM and consolidated net income among the operations of our participation games. This, coupled with tight cost control led to adjusted EBITDA generation of a meaningful average over $ 1.0 million per month positive earnings and GAAP. with multiple cash flows and solid cash position increased, reaching approximately $ 14 million as of June 30, 2011, we believe we are well positioned to expand our business and implement our plans development within the casino in emerging markets in Indochina region. ? Tags Q2 2011 Financial Review Tags starting in fiscal 2011, the Company reclassified the reporting segments include:? Game ? , which consists of its participation in the gaming machine and casino operations, future, and ?other products?, which is reported consolidated segment of ?products table game? and ?non-gaming products,? company wholly owned by Dolphin. New ways of reporting segment is applied retrospectively for all periods presented. second quarter of Entertainment Tags: Gaming Asia 2011 consolidated revenue was $ 6.7 million, an increase of 33% compared to $ 5.1 million in the second quarter of 2010 due to strong improvement of participation gaming company operations and increase sales in the company?s other products division. revenues Tags EGMs for participation is $ 4.6 million in the second quarter of 2011, an increase of 29% compared with $ 3.5 million for the second quarter of 2010. The increase reflects higher average record consolidated WUD mainly caused by targeted marketing to customers and improvements in vehicle mix operations NagaWorld company. class = ?bwtablemarginb?> cellspacing = ?0?
WUD * class = ?bwsinglebottom?> class = ?bwpadl0 bwvertalignt bwsinglebottom?> Cambodia
class =? bwpadl0 bwsinglebottom ?> bwvertalignt Consolidated
class = ?bwsinglebottom?> class = ?bwpadl0 bwvertalignt bwsinglebottom?> Cambodia class = ?bwpadl0 bwvertalignt bwsinglebottom?> Philippines class =? bwpadl0 bwsinglebottom ?> bwvertalignt Consolidated

		Q2: 11		Q2: 10		Y / Y?
		bwalignr 250 $		bwalignr $ 196		28%
Philippines			bwalignr $ 61		bwalignr $ 59		3%
		bwalignr 147 $		115 $		28%
EGM -States in Operation
		06.30.11		6 / 30 / 10		Y / Y?
		718		624		15%
		784		878		-11%
		1502		1502		0%

Tags: Data exclude EGMs work under WUD soft launch of a new place or country where the income is collected in cash rather than accrual. As a result, 156 sites were excluded from EGMS over the second quarter of 2011 WUD calculation. These countries were included in the second quarter of 2011 calculated WUD, WUD this period will be $ 230 for Cambodia, the Philippines $ 60 and $ 139 for the average consolidated.

cash Tags: SG & A expense was $ 1.2 million for the second quarter of 2011 decreased by 20% compared with $ 1.5 million in the second quarter of 2010. Tags: Based on stable performance of the company?s revenues and strict cost control, gaming and entertainment Asia reported adjusted EBITDA of $ 3300000 for the second quarter of 2011, up 142 percent from $ 1.4 million for second quarter of 2010. Entertainment Tags: Gaming Asia reported net revenues of $ 307,000, or $ 0.00 per share, the number of weighted average diluted share of approximately 120.4 million shares for the second quarter of 2011. This includes approximately $ 520,000 at a time, non-performance stock awards to directors and key management of the company?s high during the reporting period. This compared to net loss of $ 1.5 million, or $ 0.01 loss per share or diluted weighted average shares of approximately 115.9 million shares per share for the second quarter of 2010. Tags: Casino Development Update Tags: Company has received the necessary licenses and government approvals games to begin the process of disposal for the development of casino projects in the province of Kampot Cambodia near the border of Vietnam. However, due to heavy rains as a result of an early monsoon season, is expected to begin construction in autumn 2011. The initial phase of the casino, which aims to include up to 14 table games and 25 countries EGM is expected to be completed by the end of the first quarter of 2012. Tags: company obtained the necessary license for the project of developing a gaming casino in Pailin province near the Cambodian border in Thailand. Initial phase casino is intended to include up to 23 table games and 40 countries EGM. The company has completed and launched a study of land for the design process. Upon receipt at the time of building permits and required approvals, the company expects to start developing the project in autumn 2011 with the initial phase of the casino in the summer of 2012. Tags: Clarence Chung, chairman and CEO of Asia Entertainment Games, concluded: ?We remain focused on implementing our strategic initiatives to enhance and develop regional casinos work in our brand? dream world ?in the Indochina region. We believe that this region presents attractive opportunities for the development of our plans for growth and Kampot casino and our projects are strategically located in these markets Pailin. We expect these regional projects-style casino, which early stages expected to be financed from internal resources will opportunity to expand and grow in these markets and the potential for significant short-and long-term revenue growth Tags:. ?With strong cash generation and the basis for cash flow and cash position, we believe we are positioned to benefit from opportunities in our target markets. With two projects in early stages of development and active discussions on possible new projects in the region, we are working to selectively build a solid pipeline project to achieve our goal of becoming the leading regional operator emerging markets casino in Indo-China. ? Entertainment Tags: Asian Gaming is hosting a conference and simultaneously broadcast at 08:30 ET today, August 9, 2011, which are open to the public conference call number is 800/747-0365. Or 212/231- 2932. Questions and answers will be reserved for conversations with analysts and investors. Interested parties may also access the live Internet call-Group.com www.EGT. Please wait for 15 minutes register and download and install all necessary software after completion Repeat the call can be accessed for thirty days on the Internet www.EGT-Group.com Tags:. For Asia Entertainment Inc bets Entertainment Tags: Gaming Asia Inc ( NYSE Amex: EGT) is a leading provider of electronic gaming to participate in the production of pan-Asian gaming company offers long-term contract for the provision of electronic gaming machines. and systems related to hotels and other well-established premier games in Asia. The Company reserves the right to ownership of gaming machines and systems and receives recurring daily or monthly payments based on an agreed percentage of the support network to win games machine and provides instead. Asian Games and Entertainment Ltd. is engaged in the development of casinos in Indo China, which aims To owns and operates casino resorts under the brand ?World of Dreams.? For more information, please visit www.EGT-group. MS. Forward Looking Statements Tags This release Tags contains forward-looking statements with respect to Asian games and entertainment within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are statements about expected to increase the participation of the company?s business model, terms and working capital of Pailin Kampot and casino projects, short-term income Pailin Kampot and projects, casino gaming growth in the region of Indochina and the company?s ability to provide new casino projects and funding these projects. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those set out in such forward-looking statements. Factors that could cause or contribute to differences include but not limited to, risks associated with the ability to Asia Entertainment Gaming machines out games at significant levels and generate estimated net profit from gaming machines can, get gaming licenses and permits for casino projects in a timely manner or at all to identify and successfully develop a casino and other projects in the Indochina region to obtain additional capital as and when needed, adverse weather conditions that cause delays in the casino project deadlines and other risks identified in Asian Games and Entertainment Annual Report Form 10-K for the year ended December 31, 2010 submitted to the SEC on March 30, 2011 and subsequently filed quarterly reports on Form 10-Q. Entertainment Gaming Asia warns readers not to unlawful trust in any statements. Entertainment Gaming Asia does not undertake, and specifically rejects any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur

-. financial statements follow ?

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class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom?> 2011 class =? bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom ?> 2010 class = ?bwpadl0 bwvertalignb bwalignl?> Income: colspan = ?2? /> class = ?bwpadl3 bwvertalignb bwalignl?> Gaming class = ?bwpadl0 bwnowrap bwpadr0 bwalignr?> bwvertalignb $ class =? bwpadl0 bwnowrap bwpadr0 bwalignr ?> bwvertalignb $ class = ?bwpadl3 bwpadb1 bwvertalignb bwalignl?> Other Products class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom?> 2165 class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom?> 3058
class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 6718 class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 12,953 colspan = ?2? />
colspan = ?2? /> class = ?bwpadl3 bwvertalignb bwalignl?> price of games: colspan = ?2? />
class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 1197 class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 2387
class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> ?
class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 287 class = ?bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr?> 569

Asian Games and Entertainment Ltd.
consolidated financial statements of operations
( unaudited)
					Basics Old
	three months ended							period Six months ended
	June 30							June 30
(in thousands, excluding data)						2011			2010
bwvertalignb $	4553			$	3539		8718		6374
			1526			4235
Total revenues					5065					9432
electronic gaming machine amortization					1970					3857
Casino bwvertalignb contract amortization		607				?			1225
Other operating expenses					206					432 Related Posts: Art & Entertainment2011, Asian, Entertainment, Games, Market, provides, quarter, Reports, Results, Second, Update

Source: http://worldnews365online.com/art-entertainment/2011/08/11/asian-games-and-entertainment-reports-second-quarter-2011-results-and-market-update-provides.html

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