“We’ll come out of the crisis even stronger than before,” said Barry Cottle, president and CEO of Scientific Games as the group announced first quarter revenue down 13 per cent to $725 and a net loss of $155 compared with $24m last year.
Cottle said that the measures taken by the group now would permit it to take advantage of opportunities to strengthen the business. Michael Quartieri, CFO, added: “We have made swift and meaningful reductions to our cost structure in response to the current environment. We believe that these changes in conjunction with our available liquidity provide us with the tools to withstand the impact from Covid-19.”
The net loss reported included a $54m goodwill impairment charge related to SG’s legacy UK gaming reporting unit and a negative impact of $37m relating to gaming business segment receivable credit allowances and inventory write-down charges.
The company expects the coronavirus impact that accelerated in the latter half of March to reach its peak in the second quarter.