Casino and financial technology company Everi has expects a rise of 344.4% in revenue year-on-year in its second quarter of 2021, as the business saw improvements from the effects of the novel coronavirus (Covid-19) pandemic.
Though the quarter ended 30 June is still ongoing, the provider expects revenue to fall between $167m and $172m, a significant rise from $139.1m in the first quarter of 2021 and $38.7 in the second quarter of 2020, when the business was impacted by the Covid-19 pandemic.
Overall expected operating income amounts to between $50.6m and $54.8m. This is set to be a major increase compared to the second quarter of 2020, where operating the business made an operating loss of $52.7m.
Income tax provision for the second quarter is set to land between $1.6m and $1.8m, and net interest expenses are predicted to be between $18.0m and $19.0m. This brings net income to between $31m and $34m, an increase from $20.5m in the previous quarter and a substantial jump from a loss of $68.5m in the second quarter of 2020.
The predicted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $87.0m to $91.0m for the second quarter is expected to be a rise of 20.6% compared to the previous quarter, while the increase is set to be $87.7m compared to the adjusted EBITDA of $3.3m in the second quarter of 2020.
“Our expected record 2021 second quarter results highlight the ongoing strength of our core recurring revenue businesses and the benefit of our organic growth initiatives,” said Michael Rumbolz, chief executive officer of Everi.
“Our strong performance is driven by the collaborative efforts of the worldwide Everi Team to continuously enhance our product portfolio and innovate new products that help our customers extend the connection with their guests and operate more efficiently, as well as our focus on providing unmatched customer service.”