Business
Newgioco Group Reports Consecutive Quarterly Profits on 2017 Third Quarter Results
Newgioco Group Reports Consecutive Quarterly Profits on 2017 Third Quarter Results.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / November 8, 2017 / Newgioco Group, Inc. (OTCQB: NWGI) a leisure betting technology company providing regulated lottery and gaming products and services throughout licensed subsidiaries in Europe, announced today that it has filed its 2017 third quarter results with the U.S. Securities and Exchange Commission reflecting consecutive quarterly profits.The Company reports a record income before income tax of $543,629 resulting in a profit of $0.01 per share for the third quarter of 2017. During the three months ended September 30, 2017, transactional sales of Betting Turnover almost doubled from $24.9 million during the same period in 2016 to $48.1 million, while gross profits grew dramatically from $2.6 million to $5.1 million and, despite early challenges and expenses for software certification encountered in the first half of the year, the Company exceeded annual projected gross profits by more than 30% to $13.1 million with one full quarter remaining in the fiscal 2017. These strong results keep the Company on pace to reach its projected 2017 transactional sales target of approximately $200 million.Additional report highlights include: Cash reserves grew substantially from $1.68 million to $3.19 million; Total Assets grew from approximately $7.15 million to $8.85 million; GAAP revenue reached $13.1 million for the nine months ended September 30, 2017, compared to $5.88 million for the same period in 2016, an increase of 122.8%; Non-GAAP transactional sales of betting turnover reached $150.4 million for the nine months ended September 30, 2017, an increase of 88.24% from $79.9 million over the same period in 2016.Further noteworthy developments during the third quarter 2017, saw the Company switch-over bet transaction processing onto our Odissea ELYS betting platform, the launch of our own mobile application also powered by ELYS as well as the opening of our own in-house bet risk management office.\"Strong 2017 third quarter results not only mark the Company's second consecutive quarter of profitability and third over the last five quarters, it also demonstrates that the momentum of our growth trajectory is meeting and exceeding the business blueprint the Company set out in 2014 as well as the dedication of our management and employees,\" stated company Chairman and CEO, Michele Ciavarella. \"With the ...