Business
Empire Global Corp. Announces 2016 First Quarter Financial Results
Empire Global Corp. Announces 2016 First Quarter Financial Results.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"\n\n NEW YORK, May 11, 2016 (GLOBE NEWSWIRE) -- Empire Global Corp. (OTCQB:EMGL) a company providing regulated online and offline gaming and wagering through its wholly owned ADM licensed subsidiary Multigioco Srl, announced today it has filed its financial results for the first quarter ended March 31, 2016.\n Highlights of First Quarter 2016 compared to 2015: Land-based Non-GAAP Betting Turnover increased 131.9% to $1,472,198 from $634,810.Online Non-GAAP Betting Turnover increased 57.9% to $26,463,158 from $16,754,954.Aggregate Net Gaming Revenues increased 42.3% to $1,747,186 from $1,227,131. Consolidated corporate results recorded a net loss of $482,839, which included a provision for income taxes of $32,223 due to profits of gaming operations.  The net loss of $0.02 per share, the same as Q1 2015, is indicative of amortized non-cash charges and allowances for bad debt as well as front-loaded non-recurring corporate expenses incurred for investment in new locations, payment of loans, interest, commissions and professional fees.  We expect these corporate overhead items to fade through 2016 having a much lower impact on overall consolidated results going forward. Summary and outlook: Results of segregated gaming operations in the first quarter of fiscal 2016 again recorded impressive performance growth compared to the first quarter of fiscal 2015 as well as the previous quarter in Q4 2015.  We are now operating gaming functions on a stable and profitable run rate and are projecting 2016 GAAP revenues to exceed $6 million based on these positive trends.  Significantly, our Land-based division performed 26.7% better than expected with an average net income of approximately $3,800 compared to internal forecasts of $3,000 on a per location basis.  With administration and operational infrastructure now stabilized, our priorities now focus on scaling up the high margin Land-based division to over 100 locations with the imminent Italian gaming licence renewal in June 2016. Mr. Michele Ciavarella, Chairman and CEO of Empire Global Corp. commented, “Empire Global Corp continues to show strong revenue growth and practical stewardship.  Our segregated Land-based division revenue results were most dramatic in Q1 2016 with an increase of over 100% compared to Q1 2015.”  Mr. Ciavarella also st...