TORONTO, ON–(Marketwired – April 14, 2016) – Gaming Nation Inc. (TSX VENTURE: FAN) (“Gaming Nation” or the “Company”), today announced its financial and operational results for the fourth quarter and year ending December 31, 2015. Consolidated audited financial statements and Management Discussion & Analysis for the twelve month period ending December 31, 2015 can be found on SEDAR (www.sedar.com). All amounts are reported in Canadian dollars unless otherwise noted.
Q4 & Fiscal 2015 Financial Highlights
- The December 31, 2015 year to date operating results of Gaming Nation include the operations of 5050 Central, Fantasy Feud, Pick Nation and Fantasy Guru for the period June 9, 2015 – December 31, 2015
- Consolidated revenue for the quarter was $3.85Million and for the year $7.53Million
- Net Loss for the quarter was $5.2Million and for the year $23.0Million.
- Adjusted EBITDA for the quarter was $0.24Million and for the year $0.76Million
- Cash and short term investments as of December 31, 2015 was $21.3Million
- Working Capital as of December 31, 2015 was $17.7Million
Q4 & Fiscal 2015 Operational Highlights
- 5050 Central added over 30 new major clients and continues its expansion into California and Texas after successful legislative changes in those states
- Fantasy Guru achieved growth of approximately 11% in its subscriber base and in its 2015 revenues compared to that of the prior year
- Fantasy Feud and the daily fantasy sports industry in general continue to face regulatory and legislative challenges creating uncertainty within the business sector
- The Company completed several technology-related recertification requirements and has developed new and enhanced platforms across each business segment
Scott Secord, President/CEO, of Gaming Nation, commented as follows: “We are pleased to announce our Q4 and year ending December 31, 2015 results. While 2015 proved to be challenging for our daily fantasy sport business, our three other businesses performed extremely well and continue to show positive growth for the future.”
Gaming Nation would like to announce that it has engaged Joann Head to provide investor relations services to the Company. Ms. Head has deep experience in the financial service industry and has lead investor relations initiatives at both TSX and TSX-Venture listed companies, including DHX Media and NYX Gaming. Ms. Head is based in Toronto, Canada, and will work to increase market awareness for Gaming Nation utilizing a number of financial market communications initiatives. The core of this activity will be facilitating direct introductions with institutional asset managers, retail brokers and other investors in a number of cities across Canada and the US. Ms. Head will also oversee certain other marketing and PR campaigns for Gaming Nation, augmenting Gaming Nation’s current activities. Ms. Head will be compensated at a rate of $6,000/month under an agreement with a term of 6 months, subject to renewal. Ms. Head can be reached via email at email@example.com.
Q4 & Fiscal 2015 Conference Call Details
Gaming Nation will host a conference call on Friday April 15, 2016 at 11:00 a.m. ET to discuss its financial and operational results for the fourth quarter and for the year ending 2015. Scott Secord, CEO, and Blair McGibbon, CFO, will chair the call.
To access the conference call, please dial +1-888-789-9572 or +1-416-340-2217 ten minutes prior to the scheduled start of the call. The Conference ID number is 2333404.
About Gaming Nation Inc.
Gaming Nation Inc. (TSX VENTURE: FAN) provides technology and information platforms to the sports and entertainment industry. The Company’s platforms include 5050 Central, an electronic real-time raffle system, daily fantasy games through Fantasy Feud and sports information website Fantasy Guru and Pick Nation.
For more information visit, www.gamingnationinc.com
This news release contains certain forward-looking statements that reflect current views with respect to future events such as Gaming Nation outlook for future performance. Any such statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected in those forward-looking statements. Forward-looking statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements.
Factors that could cause actual results or events to differ materially from current expectations, among other things, include risks related to market factors, and other factors discussed in materials filed with applicable securities regulatory authorities, including without limitation, matters discussed under Risk Factors and Uncertainties in the Company’s Management’s Discussion and Analysis for Q4 and the period ended December 31, 2015, available on www.sedar.com or that may be filed from time to time in the future. The forward-looking statements contained herein reflect Gaming Nation’s current views with respect to future events, and except as required by law, Gaming Nation does not intend and undertakes no obligation to update any forward-looking statement to reflect, in particular, new information or future events or otherwise.
This release contains some measures that do not conform to IFRS, including Adjusted EBITDA. These measures are defined in the Gaming Nation Inc. Management Discussion & Analysis for Q4 and 2015 earnings results. These financial measures are used by many investors to compare companies, and Management believes that they are important measures in evaluating Gaming Nation. However, they are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Investors are cautioned that such measures should not be construed as alternatives to comparable IFRS measures determined in accordance with IFRS.
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.