Business
CORRECTING and REPLACING Allied Esports Entertainment Announces Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019 Revenue of $6.5 Million, Up 19% Year-Over-Year Full Year 2019 Revenue of $26.1 Million, Up 27% Year-Over Year IRVINE, Calif.--(BUSINESS
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":"\nFourth Quarter 2019 Revenue of $6.5 Million, Up 19% Year-Over-Year\n\n\nFull Year 2019 Revenue of $26.1 Million, Up 27% Year-Over Year\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nPlease replace the release dated March 16, 2020 with the following corrected version due to multiple revisions. Note changes made in body of the release for net loss in addition to the Statements of Operations - Basic and Diluted Net Loss per Common Share and Weighted Average Number of Common Shares Outstanding.\n\n\nThe corrected release reads:\n\n\nALLIED ESPORTS ENTERTAINMENT ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS\n\n\nFourth Quarter 2019 Revenue of $6.5 Million, Up 19% Year-Over-Year\n\n\nFull Year 2019 Revenue of $26.1 Million, Up 27% Year-Over Year\n\n\nAllied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, today announced its financial results for the fourth quarter and full year ended December 31, 2019, as well as an update on several key business initiatives.\n\n\nCommenting on the Company’s fourth quarter results, the Company’s CEO, Frank Ng, said, “Allied Esports Entertainment wrapped-up a transformational year ending with a strong fourth quarter highlighted by robust topline growth and continued execution of our strategic initiatives. Fourth quarter total revenues of $6.5 million increased 19.5% compared to the fourth quarter last year, driven by growth in both our Esports and Poker businesses. In addition to our strong financial performance, we also made significant progress in the fourth quarter with our strategic partnerships announced earlier in the year with Simon Property Group (NYSE: SPG) and TV Azteca and with this momentum, we announced a new relationship with Brookfield Properties. Our excellent fourth quarter results culminated in an impressive performance for the full year, which included a 26.5% increase in total revenue along with a 38% improvement in adjusted EBITDA from a year ago.”\n\n\nMr. Ng concluded, “Overall, 2019 was a very productive and foundational year for Allied Esports Entertainment. I want to thank everyone at the Company for their hard work and dedication during a year of significant change. Momentum is gathering and we are all looking forward to building on this success in 2020.”\n\n\nFourth Quarter 2019 Financial Results\n\n\nRevenues: To...