Net income of $3 million in Q2 of FY2019, Cash flow from operations up 330% in Q2 of FY2019 compared to FY2018
(Toronto: October 30, 2018) Quantum International Income Corp. (the "Corporation" or "Quantum") (TSXV: QIC) is pleased to announce the filing of its Q2 financial results for the 2019 fiscal year. For more information, please see the interim consolidated financial statements of the Corporation for the first quarter ended August 31, 2018 and the related management's discussion and analysis, which are available electronically on SEDAR under Quantum's issuer profile at www.sedar.com. All figures are in U.S. dollars unless otherwise noted. "Inspite of this quarter being seasonally slow historically for the COAM market in Georgia we were able to deliver solid growth and cash flow generation." said Manu K. Sekhri, Chief Executive Officer of Quantum.Highlights – Quarter Ended May 31, 2018
• Generated gaming revenues of $17.0 million; a 40% increase compared to revenues of $12.14 million for the same period in the prior year.
• The Company generated Adjusted EBITDA in the amount of $7.05 million, compared to $5.23 million for Q2 fiscal year 2018; an increase of ~35% over the same period in the prior year.
• Generated positive cash flow from operations of $7.90 million, compared to $1.80 million in the same period last year.
• Net income of $3.1 million compared to a net loss of $0.4 million for the same period in the prior year.
• Basic and diluted earnings per share of $0.021 and $0.018, compared to a basic and diluted loss per share of $(0.025) and $(0.025) in the same period last year.
(1) These reported figures are based on consolidated results and do not reflect the impact of the non-controlling interest.
About Quantum International Income Corp.
Quantum International Income Corp. is a gaming company. Quantum's vision is to build a diversified portfolio of world class gaming operations. The Corporation looks to enhance shareholder value by growing organically and through acquisitions. The Corporation has an active acquisition strategy with a particular focus on cash-flows and high margins. Currently, the Corporation is the largest operator of skill-based gaming machines in the State of Georgia.
More information on Quantum is available at www.quantumincomecorp.com.
|For further information please contact Quantum:
Vice President, Corporate Affairs
Tel. (416) 569-3292
Tel. (416) 477-3411
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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.