(Toronto: May 1, 2019) Seven Aces Limited (formerly Quantum International Income Corp.) (the "Corporation" or "Aces") (TSXV: ACES) is pleased to announce the filing of its financial results for the ten month period ending December 31, 2018. For more information, please see the consolidated financial statements of the Corporation for the ten month period ended December 31, 2018 and the related management's discussion and analysis, which are available electronically on SEDAR (www.sedar.com) under Aces' issuer profile at. All figures are in U.S. dollars unless otherwise noted. These financial statements are being filed further to the change in financial year-end from February 28th to December 31st announced by the Corporation on January 14, 2019.
"2018 has been an important year on many strategic fronts" said Manu K. Sekhri, Chief Executive Officer of Aces. "We lowered our cost of debt, increased our credit facility to $100 million, purchased an additional 9% interest in Lucky Bucks, LLC, closed two acquisitions and Jamie Boyden was appointed to the COAM advisory board".
Highlights – Ten Month period Ended December 31, 2018 (1)
• Generated gaming revenues of approximately $59.7 million for 10 month period end, compared to $51.5 million for the 12 months ended February 28, 2018; representing an increase of approximately 16% (approximately 39% on an annualized basis).
• Generated Adjusted EBITDA of $22.7 million for the 10 month period, compared to $19.1 million for the 12 months ended February 28, 2018; representing an increase of approximately 19% (approximately 43% on an annualized basis).
• Generated positive cash flow from operations of approximately $14.0 million for the 10 month period, compared to $8.2 million for the 12 months ended February 28, 2018.
• Basic and diluted loss per share for continuing operations was $0.082 for the 10 month period, compared to a loss per share of $0.12 for the 12 months ended February 28, 2018.
• For the ten months ended December 31, 2018, the Corporation closed two strategic acquisitions for a total purchase price of approximately $9.4 million.
• In April 2018, the Corporation closed a $75 million multi draw credit facility, which resulted in annual interest savings of over US$5 million. In November 2018, the Corporation finalized an amendment to the multi-draw credit facility at Lucky Bucks, LLC to increase the aggregate principal amount available from US$75 million to US$100 million.
• On February 21, 2019, the Corporation was recognized in the 2019 TSX Venture 50TM for the second consecutive year.
Note: (1) These reported figures are based on consolidated results and do not reflect the impact of the non-controlling interest.
About Seven Aces Limited
Seven Aces Limited (formerly known as Quantum International Income Corp.) is a gaming company, with a vision of building a diversified portfolio of world class gaming operations. The Corporation looks to enhance shareholder value by growing organically and through acquisitions. Currently, the Corporation is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.
More information on ACES is available at www.sevenaces.com.
|For further information please contact Seven Aces:
Vice President, Corporate Affairs
Tel. (416) 569-3292
Tel. (416) 477-3411
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This release contains certain information which, as presented, constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses expected future business and financial performance, containing words such as “expect” and “intend”, statements that an action or event “may” or “will” be taken or occur, or other similar expressions. These statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Corporation to control or predict, and which may cause Quantum’s actual results, performance or achievements to be materially different from those expressed or implied thereby, including, but not limited to, risks related to the inability by Quantum to complete the Acquisition, as well as other factors discussed in the Corporation’s annual information form dated July 23, 2015, (the “Annual Information Form”) which is available on SEDAR under Quantum’s profile at www.sedar.com. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, in the Annual Information Form, and as otherwise disclosed from time to time on SEDAR under Quantum’s profile at www.sedar.com.
Unless otherwise specified in this release, information contained in this release is current as of the date of this release. Unless otherwise specified, all dollar amounts herein refer to Canadian dollars. The Corporation undertakes no obligation to update forward-looking statements except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.