Seven Aces Limited (the “Company” or “Aces”) (TSXV: ACES, OTC: ACEXF) is pleased to announce the filing of its financial results for the year ending December 31, 2019. For more information, please see the consolidated financial statements of the Corporation for the year ended December 31, 2019 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.
“2019 was a year of growth through acquisition,” said Manu K. Sekhri, Chief Executive Officer of Aces. “We continued with our acquisition strategy in Georgia and we purchased over 4.6 million shares as part of our NCIB at attractive prices, which is accretive to all shareholders”.
Highlights – Year Ended December 31, 2019(1)
• Generated gaming revenues of approximately $79.3 million for year ended December 31, 2019, compared to approximately $59.7 million for the 10-month period ended December 31, 2018(2), representing an increase of approximately 33% (approximately 11% on an annualized basis).
• Generated Adjusted EBITDA of approximately $26.9 million for the year ended December 31, 2019, compared to approximately $22.7 million for the 10-month period ended December 31, 2018.
• Generated positive cash flow from operations of approximately $15.3 million for the year ended December 31, 2019, compared to approximately $14.0 million for the 10-month period ended December 31, 2018.
• Repurchased over 4.6 million shares through the Company’s normal course issuer bid at an average price of $0.91 per share.
• Closed nine acquisitions for a total purchase price of approximately $13.2 million during the year ended December 31, 2019.
Note: (1) (2) These reported figures are based on consolidated results and do not reflect the impact of the non-controlling interest.
The Company changed its financial year-end from February 28th to December 31st, as announced by the Corporation on January 14, 2019.